Marriott International (MAR - Get Report) 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.