"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.