Chicago Firm Plans to Restore The Pontchartrain Hotel | 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.

The Pontchartrain Hotel, was recently being used as luxury apartments for the elderly, with some of the units available for short-term visitors.

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