The Waikiki Parc Hotel closed Monday to undergo an overhaul that had been pushed back two years and now will include moving the midpriced property into the market’s upscale tier with a new name.

Around a year from now, the 297-room hotel is expected to reopen as the Halepuna Waikiki by Halekulani with 288 rooms including many new suites, a new restaurant, a redone pool and other upgraded features.

Bonnie Bise, a spokeswoman for the property, said, “It’s going to be a dramatic change.”

Mitsui Fudosan Co. Ltd., the Tokyo-based owner of the Waikiki Parc and the neighboring Halekulani luxury hotel, announced details of the renovation plan Monday.

One big change is including the Halekulani name in the revamped Waikiki Parc, which is mauka of the oceanfront Halekulani and operated by Mitsui’s Hawaii affiliate Halekulani Corp.

Joseph Toy, a local tourism industry analyst who heads Hospitality Advisors LLC and consulted on the Waikiki Parc renovation plan, said new features and elevated service at the property will better compliment its luxury sister hotel.

Toy said Halepuna Waikiki aims to fill a niche as a boutique hotel at the top of the upscale tier just below the luxury level.

“The biggest product gap is the upper-upscale category,” he said, adding that large Sheraton hotels serve this market without much competition.

Mitsui announced plans in 2014 that included turning the Parc’s 297 studio units into roughly 200 suites with one or two bedrooms. That plan, which also included creating a rooftop terrace with a lounge and an outdoor gathering area with a stage, was slated to break ground in 2016 and take 16 months to finish. But the company held off and revised its plan.

The new plan is estimated to cost $60 million. New York-based design firm Champalimaud is crafting the look of the revamped hotel.

A focal point of the property will be a lap-style pool with an infinity horizon view from the eighth floor that tops the hotel’s parking garage. A raised wood pool deck, cabanas with ocean views and a poolside bar also will be among additions to this area, according to the announcement.

Work on the lobby is slated to feature teak finishes, vaulted ceilings, floor-to-ceiling windows and artwork in partnership with the Honolulu Museum of Art.

A larger fitness studio and a hospitality lounge also are part of the plan. A new restaurant with an open-air kitchen and outdoor terrace will open in a spot once occupied by Nobu and will make “signature” chocolates along with offering breakfast, lunch and dinner.

Peter Shaindlin, Halekulani Corp. chief operating officer, said in a statement, “We are delighted to add this new and unique brand and hospitality experience to our evolving Halekulani portfolio.”

About 120 employees were affected by the closure and will have priority for jobs when the hotel reopens.