Image courtesy of Stepstone Hospitality

The new owners of the Sheraton Boston Needham hotel have selected a Providence company as the new property manager and plan a series of property renovations beginning this year.

Paceline Equity Partners, a Dallas-based private equity firm, acquired the 247-room property at 100 Cabot St. in May for $40.5 million from WCP Needham Cabot LLC, an affiliate of Chicago-based real estate investor Waterton.

Watertown paid $54 million for the property in 2015.

StepStone Hospitality will manage the property, which reopened in May and contains 18,751 square feet of meeting space including two ballrooms. The new owners plan a significant renovation later this year of all guest rooms, along with the lobby, restaurant and meeting space.

The renovations, scheduled for completion in spring 2022, include new concepts for the hotel’s food and beverage areas.

Stepstone manages a national portfolio of hotels including the Holiday Inn-Cape Cod Falmouth and the Hotel Boston in Brighton.