The Watergate Hotel will reopen this summer after a $125 million renovation, the Washington Business Journal reported Wednesday.

Construction on the building will finish this week, Jacques Cohen, principal at the renovation’s development company Euro Capital Properties, said. The redesigned hotel will resemble the iconic building’s original mid-century aesthetic, he added.

Euro Capital bought the hotel in 2010 after failed attempts to convert old hotel rooms into upscale condominiums. Original plans for construction proposed in 2012 projected the project would cost $70 million and be completed last summer. The company pushed back construction and upped the cost to $85 million last year.

The Watergate will have 340 rooms, up from its original 251, with the average size ranging from 400 square feet to more than 650 square feet.

The renovation adds space for events, including a grand ballroom, a junior ballroom and another meeting room.

The Watergate will continue to be owned privately, and Cohen said he hopes it will be a five-star hotel.