Oaktree Capital Management and affiliates of Northview Hotel Group have acquired Sheraton Raleigh Hotel. The Sheraton Raleigh features 353 guestrooms, a 4,600 square foot restaurant with outdoor dining and frontage on Fayetteville St., the primary thoroughfare in downtown Raleigh, and 18,000 square feet of flexible meeting space.
A subsidiary of a fund managed by Oaktree Capital Management, L.P. and affiliates of Northview Hotel Group are pleased to announce the acquisition of the Sheraton Raleigh Hotel at 421 South Salisbury St. in downtown Raleigh, NC.
The Sheraton Raleigh features 353 guestrooms, a 4,600 square foot restaurant with outdoor dining and frontage on Fayetteville St., the primary thoroughfare in downtown Raleigh, and 18,000 square feet of flexible meeting space.
“The continued development of Raleigh as a business and tourist destination makes us optimistic for the future. We are looking forward to being part of the renaissance in downtown Raleigh,” said John Brady, global head of real estate for Oaktree Capital Management, L.P.
NVHG Management, Northview Hotel Group’s management arm, will operate the hotel and will oversee a strategic repositioning plan, focused on upgrading the hotel’s lobby, meeting space, restaurant, façade, guestrooms, concierge lounge, and fitness center. The acquisition of the Sheraton Raleigh Hotel marks Northview’s second acquisition in the last four months. In May, Northview acquired the Sanderling Resort & Spa, a picturesque oceanfront resort in Duck, North Carolina in the Outer Banks.
“We are starting to see a number of extremely attractive risk-adjusted acquisition opportunities. Our current deal pipeline is deep, and we plan to be very active in the next 24 months. The acquisition of the Sheraton Raleigh fits well within Northview’s core growth strategy,” said Northview Partner Matt Trevenen.
The acquisition is the fourth hotel purchased by joint ventures between subsidiaries of funds managed by Oaktree Capital Management, L.P. and the Northview Hotel Group.
Oaktree is a leading global investment management firm focused on alternative markets with $78.7 billion in assets under management as of June 30, 2012. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 650 employees and offices in 13 cities worldwide.
About Northview Hotel Group
Northview Hotel Group, founded by Mark Mance and Simon Hallgarten, was formed to make opportunistic hotel investments and to provide hotel management, asset management, and construction management services for owners and co-investors.
Since forming in 2004, Northview has purchased $600MM of lodging acquisitions. Northview Hotel Group has a portfolio of nine unique properties ranging from small independent resorts to large urban branded hotels. The acquisition of the Sheraton Raleigh marks Northview’s second acquisition in the last four months.