The Collaborative International Dictionary of English v.0.48:

Renovation \Ren`o**va"tion\ (-v?"sh?n), n. [L. renovatio: cf. F.
   r['e]novation.]
   The act or process of renovating; the state of being
   renovated or renewed. --Thomson.
   [1913 Webster]

         There is something inexpressibly pleasing in the annual
         renovation of the world.                 --Rabbler.
   [1913 Webster]

WordNet (r) 3.0 (2006):

renovation
    n 1: the act of improving by renewing and restoring; "they are
         pursuing a general program of renovation to the entire
         property"; "a major overhal of the healthcare system was
         proposed" [syn: renovation, redevelopment, overhaul]
    2: the state of being restored to its former good condition;
       "the inn was a renovation of a Colonial house" [syn:
       renovation, restoration, refurbishment]

Moby Thesaurus II by Grady Ward, 1.0:

41 Moby Thesaurus words for "renovation":
   copy, duplication, face-lift, furbishment, imitation, palingenesis,
   re-creation, re-formation, rebirth, rebuilding, reconditioning,
   reconstitution, reconstruction, redesign, redoing, reedition,
   reestablishment, refashioning, refreshment, refurbishment,
   regeneration, regenesis, reinstitution, reissue, remaking,
   renascence, renewal, reorganization, repetition, reprinting,
   reproduction, reshaping, restoration, restructuring, resurrection,
   retread, retreading, revision, revival, slum clearance,
   urban renewal