Marriott International (MAR) just announced plans to revamp it's iconic Sheraton brand.

"We are relaunching Sheraton in many respects," said Marriott International CEO Arne Sorenson. "When we bought Starwood, Sheraton was a big part of Starwood's business - about 45% - the biggest brand that they have - it's now the third biggest brand in the Marriott portfolio."

Sorenson said Sheraton didn't get the attention it deserved.

Some $500 million will be committed to Sheraton renovations in the coming years. 

Marriott shares are up 2.2% since the start of the year.