Starwood Hotels & Resorts Worldwide will launch Sheraton Grand,

a premier tier of the Sheraton brand, as part of a five-year Sheraton 2020 initiative, the company announced on Monday. Additional goals include opening more than 150 Sheraton hotels and rebuilding Sheraton’s reputation as a premier meetings brand. Starwood made similar moves to revitalize Sheraton in 2007, embarking on a $4 billion makeover that included $2 billion to expand the brand’s 406-property portfolio. In the first quarter of 2015, the Sheraton portfolio counts 438 properties.