Reunited with its former owner yet again, the Hyatt Regency Bethesda is being primed for a full repositioning and potentially a new name.

The Meridian Group closed May 1 on its reacquisition of the 390-room hotel at 7400 Wisconsin Ave. for an undisclosed price and has teamed up with Highgate Hotels to manage and renovate the 12-story hotel built atop the Bethesda Metro station. Meridian Managing Director Gary Block said his company has always liked the hotel’s location and Meridian was excited by the prospect of buying it back and upgrading the full-service hotel with a second company, Highgate Hotels.

“We want to return it back to a premier asset at that location, which is better than ever as Bethesda just continues to get better as a 24-7 community,” Block said. The hotel, which includes a Morton’s of Chicago and The Daily Grill, is part of the larger Bethesda Metro Center that also includes a 17-story office building and a parking garage.

Meridian and Highgate are still working on details for the hotel’s repositioning, including whether it will retain the Hyatt brand once its current management agreement with the hotel chain expires at the end of the year. Highgate will manage the property and an affiliate of the company is also investing in the joint venture with Meridian. The partners plan to renovate the hotel’s lobby, guest rooms, bathrooms and common areas.