Loews Hotels & Resorts on Monday said that it has closed its purchase of the Renaissance Hotel and Spa at Hollywood & Highland Center. The 632-room facility has been rebranded Loews Hollywood Hotel.

The New York hotel owner and operator did not disclose details of its deal with Hollywood & Highland owner CIM Group, though media reports estimate the value of the deal at about $165 million.

The hotel will undergo a $26 million renovation that is expected to be completed next summer. The renovation will be done in phases to minimize guest disruptions, Loews said.

“This acquisition represents the start of our program to double the size of our branded hotel portfolio over the next three to five years,” said Loews Chief Executive Paul Whetsell in a statement.

Announcement of the rebranding comes a week after the former Kodak Theatre unveiled new signage for what is now known as Dolby Theatre. Sound technology company Dolby Laboratories Inc. signed a 20-year naming rights deal for theater last month.