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Marriott obtains $500M of commitments to renovate its Sheraton-branded hotels

Marriott International Inc. secured approximately $500 million of capital commitments from owners of Sheraton hotels to revamp properties across the U.S. under its Sheraton Hotels and Resorts brand.

The brand, which in terms of room count is the third largest among Marriott's properties and largest outside of North America, was added to the U.S. hotelier's portfolio when Sheraton Hotels & Resorts Worldwide Inc. was acquired as part of the takeover of its parent, Starwood Hotels & Resorts Worldwide LLC, in September 2016.

Marriott noted that 25% of Sheraton hotels owners agreed to refurbishments around the globe, with construction at some hotels already in progress. The company's transformation strategy entails collaborative venues and technology enabled designs, according to a release.

Marriott has 80 additional Sheraton projects in the pipeline across 72 countries and territories, as part of its plan to expand the brand's presence to 90 countries by 2020.