May 04–RALEIGH — An investor group that includes North Hills developer Kane Realty has acquired the North Raleigh Hilton for $41.9 million.
Kane Realty announced the purchase Wednesday. The investor group includes Fortress Investment Group, a New York-based institutional investor, according to property records.
The new owners plan to upgrade the hotel's main entrance, registration areas and restaurants. The hotel, across from Duke Raleigh Hospital at Wake Forest Road and St. Albans Road, was built in 1982.
The property is to be managed by Pyramid Hotel Group.
Kane Realty and its partners have already developed two hotels in North Hills, and a third is now under construction on the east side of Six Forks Road near the Captrust office tower.
That project, which will be the state's first AC Hotel, will have 133 rooms.
David Bracken: 919-829-4548, @brackendavid
