NOLA.com | The Times-Picayune reports that AJ Capital Partners, a Chicago real estate investment firm has purchased the storied Pontchartrain Hotel on St. Charles Avenue. The new owners plans to renovate the hotel’s 106 rooms and reopen it as a full-service property with the help of a group of local investors. The hotel will continue current operations until May 2015, when it will close for renovations. It will re-open in January 2016. In addition to upgrading rooms, the restoration will include remodel and reopening of The Bayou Bar, the Caribbean Room and The Silver Whistle, a coffee shop on the ground floor of the building. AJ Capital Partners has completed hotel projects across the country, including in Chicago, Napa Valley, Calif. and Miami.