The Crowne Plaza Cleveland City Centre will close in November and reopen as the four-star Westin Cleveland in July 2013.
Miami-based Optima Ventures and Denver based Sage Hospitality partnered to acquire the hotel and plan to invest a further $64 million for an upgrade after the property closes next month.
Following the upgrade, the 481-room Westin will include a complete remodel of all guest rooms, more than 25,000 square feet of meeting space and all public spaces, the installation of energy-efficient windows, a new roof and extensive exterior improvements.
It will feature a new grand two-story staircase, a signature Sage Restaurant Group concept with outdoor dining space, a business center, a fitness center and a spa.
The hotel will be the first Westin in Cleveland.