The Talbott Hotel, which Sterling Bay and Conlon acquired in a JV in August 2015, is closing next month so ownership can give it a major overhaul.

And it's going to be a costly one. Sterling Bay estimates the renovations will cost up to $20M, according to Crain's. Principal Matt Menna said the Talbott's previous owners, the Kromelow family, did a wonderful job building and maintaining the Talbott brand over a 50-year period, but the planned upgrades, which will take five months, will position it to compete with other boutique hotels in Streeterville and along the Michigan Avenue shopping district.

Sterling Bay and Conlon paid $51.5M for the Talbott and put together a celebrity investor team that includes actor John Cusack, local hockey legend Chris Chelios, businessman Bill Rancic and hotelier John Pritzker. Most of the hotel's 65 employees will be paid throughout the renovations. [Crain's]