Alternating bit smearing
Python 3, 20 bytes



lambda n:(n&amp;-n)//3+n


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Explanation

Take 192 as an example. Its binary form is 11000000, and we need to convert it to 11010101.

We note that we need to add 10101 to the number. This is a geometric series (4^0 + 4^1 + 4^2), which has a closed form as (4^3-1)/(4-1). This is the same as 4^3//3 where // denotes integer division.

If it were 101010, then it would still be a geometric series (2×4^0 + 2×4^1 + 2×4^2), which is 2×4^3//3 for the reasons above.

Anyway, 4^3 and 2×4^3 would just be the least significant bit, which we obtain by n&amp;-n:

We notice that the complement of n is 00111111. If we add one, it becomes 01000000, and it only overlaps with n=11000000 at the least significant digit. Note that "complement and add one" is just negation.