Sheraton Hotels and Resorts, Marriott International’s third-largest brand and the largest outside of North America by room count, is slated for a makeover. Twenty-five percent of property owners committed approximately $500 million dollars to renovations.

“From the moment we closed the Starwood merger in late 2016, the revitalization of Sheraton has been a top priority for our company,” said Arne Sorenson, president and CEO, Marriott International. “We knew that the way to restore this incredible brand was focus and collaboration with our hotel owners. We wanted to build on Sheraton’s rich legacy of sitting at the heart of communities across the globe, but also to create a differentiated positioning and compelling proposition for our owners. With our Sheraton transformation plan, we’ve put together all of the pieces of the equation to work cooperatively with our owners to set this iconic brand on a new, disciplined and successful path. We are ready, our vision is clear and the energy is robust for Sheraton.”

The plans include new concepts for public spaces and collaborative venues with tech-friendly designs focused on socialization, productivity and personalization.

“Marriott International is well positioned to deliver a comprehensive strategy for Sheraton’s brand transformation and we already have great momentum. This is the first time in years that the brand has been above competitive benchmark in both rate and occupancy,” said Tina Edmundson, global brand officer, Marriott International. “We have improved brand standards, increased group bookings, and have ramped up our business engine over the last year as a first step in a multi-phase, multi-year plan, leveraging our experience in revitalizing lodging brands.”