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Innkeepers JV Buys 49% Interest in Raleigh Hotel

RALEIGH, NC-The Palm Beach, FL-based REIT and Gencom Group pay $42 million for the 355-room, Starwood-branded Sheraton Capital Center Hotel in the center of the city.

By Alex Finkelstein | Updated on November 29, 2006

RALEIGH, NC-In its first joint venture, Palm Beach, FL-based Innkeepers USA Trust has acquired a 49% interest in the 355-room, Starwood-branded Sheraton Capital Center Hotel in the center of the city. Innkeepers and Miami-based Gencom Group paid $42 million for the property which is attached to the Hanover office building. Gencom is the majority owner at 51%.

Innkeepers has managed the hotel at 421 Salisbury St. since 2003 and will continue to operate the property under a revised long-term contract. Innkeepers CEO and president Jeffrey H. Fisher calls the deal “a very attractive opportunity with compelling economics and the potential to generate positive long-term shareholder returns.”

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