Six months after changing the name of D.C.'s major basketball and hockey stadium to Capital One Arena, its owner has unveiled plans to update the venue's interior.

Monumental Sports & Entertainment Thursday announced it would privately fund a $40M renovation that will transform the concourses, concession stands, lounges, seats and team stores, and install a new sound system.

The 100- and 400-level concourses will be given new flooring, lighting, decor and digital displays, and the 100-level concourse will feature new exhibits honoring the arena's home teams. New padded seats, cupholders and a state-of-the-art sound system will target the fan experience while they watch the game. Monumental will also renovate the existing main concourse lounge and PwC Club and add two new premium lounges. The stadium will bring in celebrity chefs Cat Cora and Alex McCoy.

The renovations will begin after the Wizards' and Capitals' seasons end and are expected to be completed by the start of next season in the fall. The stadium also hosts the WNBA's Mystics, the Arena Football League's Valor and the Georgetown men's basketball team, plus a variety of concerts throughout the year. Last year, the arena brought in over 3 million people between its 230 events, Monumental Chairman Ted Leonsis said in a statement.

"It's a testament to the power of sports that, when investments like the one we're making in Capital One Arena are made in a smart and strategic way, they can build stronger communities, too," Leonsis said. "With these upgrades, Capital One Arena will continue to be one of the best home venues in professional sports."

Capital One Arena, completed in 1997 as the MCI Center, changed its name in August from the Verizon Center. The stadium has been a significant driver of development in D.C.'s East End and supports the city's most expensive retail corridor along Seventh Street NW.