Los Angeles-based private equity firm Platinum Equity was revealed Friday as the buyer of the 564-room Sheraton Bloomington Hotel Minneapolis South and announced that it is planning a complete overhaul, including rebranding the hotel as a DoubleTree.

The hotel's previous owner, Maryland-based LaSalle Hotel Properties, announced earlier this month that it sold the hotel for $20 million. The buyer was not disclosed at that time.

Platinum Equity, which has chosen Denver-based Richfield Hospitality to manage the hotel, will launch a $12.5 million renovation of the hotel's public and event spaces, as well as all guest rooms. The renovation is expected to be finished by mid-2012.

In addition, the hotel will be rebranded as a DoubleTree hotel later this year.

“We are thrilled to kick off the year by entering the Twin Cities market alongside Platinum Equity with such an outstanding institutional quality asset,” Greg Mount, president of Richfield Hospitality, said in a statement. “The plan is to reposition this hotel as the premier business and events destination in the Twin Cities.”

The hotel was originally built by Minnetonka-based Carlson founder Curt Carlson in 1970, and operated under the Radisson name-a Carlson brand-until its rebranding in 2004. The hotel has since been managed as a Sheraton by Starwood Hotels and Resorts Worldwide.

LaSalle Hotel Properties spent $13.5 million for the hotel's renovation in 2006.

The Sheraton Bloomington-which is among the five-largest hotels in Minnesota based on the number of rooms-was LaSalle's only hotel property in Minnesota.