It had been sold for 28 million dollars: The famous Sheraton hotel is in bankruptcy proceedings.
The company operating the Sheraton Raleigh Hotel in North Carolina, United States, applied for Chapter 11 bankruptcy protection after the 28 million dollar sale.
The Raleigh Hotel XXIX Owner, which operates the 17‑story Sheraton Raleigh Hotel in downtown Raleigh since 1982, entered a restructuring process by reporting debts and obligations ranging from $1 million to $10 million.
It was stated that Phoenix Ltd. Partnership, the hotel’s largest creditor, holds a receivable of approximately $1.2 million.
The hotel had been sold to Indiana‑based White Lodging for $27.78 million in March 2026. That figure was well below the property’s $47.85 million sale price in 2015.
The Sheraton brand was to be changed.
White Lodging had announced that a comprehensive renovation would be carried out at the hotel during the purchase and that the Sheraton brand would be replaced with Westin. However, the brand change has not yet taken place.
The company also faced a payment order exceeding $107 000 due to unpaid state taxes. The hotel’s commercial mortgage loan also fell into default.
A Chapter 11 filing means the company intends to restructure its debts while continuing its operations. Whether the filing will affect the hotel’s closure or the stay of existing guests is still unclear.
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