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White Lodging Acquires Sheraton Raleigh Hotel In Raleigh For $27.75M From PM Hotel Group

Property Image
SOLD
$27,750,000

North Carolina

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Hotel
Sold 04/01/2026
the dealdetailscomps
Property Image
SOLD

White Lodging Acquires Sheraton Raleigh Hotel In Raleigh For $27.75M From PM Hotel Group

421 South Salisbury Street

See Similar Deals
Hotel
Sold 04/01/2026
the dealdetailscomps

Summary

NORTH CAROLINA
Asset Type:Hotel
Transaction Type:Sale

The property asset involved in this transaction is the Sheraton Raleigh Hotel located at 421 South Salisbury Street in Raleigh, NC. This hotel comprises 353 rooms and was sold for $27,750,000, translating to a price per key of $78,612. The sale occurred at a significant discount compared to its purchase price in 2015 and is linked to a $30.9 million CMBS loan currently in special servicing.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $27,750,000
  • Address: 421 South Salisbury Street
  • Market: Raleigh, NC
  • Buyer: White Lodging
  • Keys: 353
  • Price Per Key: $78,612
  • Loan Amount: $30.9 million

White Lodging acquired the hotel from a PM Hotel Group affiliate, indicating the involvement of both companies in the real estate transaction. The deal highlights the dynamic nature of hotel ownership and financial restructuring in response to market conditions.

Players

WL
White Lodging
BUYER

Details

SOLD
IMAGE: 04/01/2026 ADDRESS: 421 South Salisbury Street MARKET: Raleigh, NC ASSET TYPE: Hotel BUYER: White Lodging SALE PRICE: $27,750,000 KEYS: 353 ~ PPK: $78,612 NOTE: White Lodging acquired the 353-room Sheraton Raleigh Hotel for $27.75M ($78,612/key) from a PM Hotel Group affiliate, a steep discount from its 2015 purchase price, with the asset tied to a $30.9M CMBS loan in special servicing.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,480,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$98,589.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$131,549.16
Annual Debt Service$1,578,589.89