Columbia-based Costello Construction has purchased the Sheraton Columbia Downtown Hotel and will soon proceed with a $10 million renovation of the property, which is nestled amid the major redevelopment of the Lakefront area.

Costello recently purchased the 290-room hotel from New York-based Brookfield Asset Management for an undisclosed price. Brookfield acquired the 197,194-square-foot property in 2007 for $34.4 million, according to state property records.

As part of the renovations, David Costello, president of Costello Construction, said the property will no longer bear the Sheraton brand and will take on a luxury hotel moniker under the management of Bethesda-based Marriott International, which owns the Sheraton name.

In addition to room upgrades, Costello plans to build a 33-room addition to the South end of the hotel. The developer is also completely gutting the HVAC setup in the building to bring every room onto the same system; currently, each room has an individual unit. In addition, renovations to the lobby and the amenities areas will bring the hotel up to the level of a four-star property.

The upgrade will begin by summer 2018, with minimal disruption of the hotel’s service. Buying the hotel was a natural move for Costello, a co-owner of Little Patuxent Square, a recently opened mixed-use building along the Lakefront. The company also owns the office building at 10211 Wincopin Circle, which houses its headquarters.