DEARBORN (WWJ/AP) – A well-known Detroit-area hotel is getting a new name and a multimillion-dollar renovation.

Carlson Rezidor Hotel Group earlier this week announced the signing of a long-term management agreement for the Radisson Hotel & Conference Center in Dearborn.

READ MORE: Ribs RnB Music Festival Kicks Off This Weekend In Downtown Detroit

The hotel currently is known as Hyatt Regency Hotel. The change is effective later this year.

Royal Realties LLC bought the 14-story, 772-room hotel last year. Hyatt announced in May that it would no longer manage the hotel after its current contract expires Oct. 31.

READ MORE: Judge Says Michigan Gov. Whitmer Won't Have To Testify In Abortion Lawsuit

The Radisson Hotel & Conference Center Dearborn will feature 62,000 square feet of meeting facilities highlighted by a rooftop ballroom with 360 degree views. Highlights of the hotel also include a day spa, an indoor pool, a whirlpool and a fitness center. The hotel’s restaurant will offer breakfast, lunch and dinner daily.

The only other Radisson hotel in metro Detroit is in Bloomfield Hills.

MORE NEWS: MDHHS Lifts No-Contact Recommendation In Huron River Chemical Spill

TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.