Chicago's historic Allerton Hotel has been sold to a Paris based hotelier and will be receiving a new name, the Warwick Allerton Hotel. In addition to its new ownership and name, the Allerton's famous Tip Top Tap may be making a comeback. Warwick International, the company who now owns the 443 room Allerton has purchased several other Art Deco-era hotels throughout the country, including the Warwick New York. Allerton's Tip Top Tap was a popular nightlife destination during the jazz age but closed in 1961. The hotel went through a major renovation after it received landmark status in 1999 and its Tip Top Tap was turned into a ballroom. According to Crain's, Warwick is currently mulling over different plans for a Tip Top Tap "renaissance", but has not yet fully committed to the idea of converting the space back to a bar and lounge. With Chicago's hotel boom well underway, reviving the old swanky lounge could be a smart way to compete with nearby amenity-rich hotels.

· Will Tip Top Tap lounge make a comeback? [Crain's]

· Previous Hotel Boom Town coverage [Curbed Chicago]