The Davis Cos. of Boston and Rubicon Partners have acquired the Hilton Boston-Woburn hotel, and plan to give it a major upgrade.

The companies intend for the $15 million improvements to help the 344-room, 25-year-old property attract more business travelers and conferences.

The purchase price was $32.1 million, according to Middlesex County Registry of Deeds records.

Rich McCready, president of The Davis Cos., said the company has been wary of buying hotels because of the specialized skills needed to own hospitality properties. But in his previous role at NorthStar Capital, McCready had partnered with Rubicon Partners’ Marc Gordon. Rubicon is an experienced hotel investor and Gordon is former president of Morgans Hotel Group.

“It’s an operating business as well as a real estate play,” McCready said. “That’s why it’s important to do it with a partner that we trusted and has great experience.”

Robin Brown, former general manager of the Four Seasons Hotel Boston and co-developer of the Mandarin Oriental and Verb hotels in Boston, will advise the new owners on the first major upgrades since the Woburn hotel opened. The architect is Boston-based CBT.

The glass atrium lobby will be converted into a restaurant and bar, and an indoor pool will be added. Other new amenities include a fitness center, executive lounge, 18,000-square-foot function and ballroom and free shuttles to local destinations.

Like most of the Greater Boston hotel market, the northern suburbs have seen significant occupancy and room fee growth in recent years. The 8-acre property at 2 Forbes Road has little competition among full-service hotels in the immediate area and is ideally situated near the junction of Routes 93 and 128 to attract more business travelers to Boston, as well as local suburban conference business, McCready said.

Renovations will begin in late 2016, McCready predicted. Boston-based Pyramid Hotel Group will be the property manager. The hotel will remain open throughout the renovations.