The University of Massachusetts – Lowell has agreed to purchase the Doubletree Hotel in Lowell for $15 million.

The 252-room hotel, to be renamed the UMass Lowell Inn & Conference Center, will provide housing for hundreds of university students, and host professional and academic conferences, the school said.

The UMass Building Authority said it plans to purchase the hotel from The Procaccianti Group, based in Rhode Island, on July 31. Renovations to the nine-story building are expected to cost $4 million.

"The Inn & Conference Center will transform this key facility in the heart of downtown into the social, cultural and intellectual hub that was imagined in 1986 when the hotel opened," said Chancellor Marty Meehan. "By combining educational excellence and strong partnerships in the community, UMass Lowell will establish a home base for activities that will enhance and showcase the city."

The acquisition will also benefit Middlesex Community College’s nearby downtown campus, allowing collaboration on programs for students, such as culinary arts and hospitality management, and the business community, according to a statement from UMass Lowell.