The Sheraton Universal Hotel has been sold to a Brentwood real estate investment and development firm for $122 million. Lowe Enterprises will acquire the 436-room hotel from Walton Street Capital and SCS Advisors Inc, which bought the property in 2003. The new owner plans to upgrade the hotel and meeting space. It will keep the Sheraton nameplate and invest $20 million in renovations. The hotel, which sits on city property near the entrance to Universal Studios Hollywood, was built in 1969 and employs 322 workers. It is one of two hotels near the park, which is expected to receive an upgrade of its facilities and additional office space. The $3 billion plans, announced by NBC Universal last year, also call for a residential element on the eastern edge of the studio back lot. Read about the plans here . The Sheraton Universal was ranked the fifth largest hotel in the Valley area last year.