Business Briefs

Downtown Raleigh Sheraton sold

Posted October 4, 2012 11:48 a.m. EDT

— Two investment groups have purchased the Sheraton Raleigh Hotel, located on Fayetteville Street near the downtown convention center, for an undisclosed sum.

A subsidiary of a fund managed by Oaktree Capital Management and affiliates of Northview Hotel Group said in a statement that they plan to upgrade the hotel’s lobby, meeting space, restaurant, façade, guestrooms, concierge lounge, and fitness center.

The Sheraton has 353 guestrooms, a 4,600-square-foot restaurant with outdoor dining and 18,000 square feet of flexible meeting space.