Warwick International Hotels, a Paris-based hotel chain, has acquired the landmark Allerton Hotel on North Michigan Avenue in Chicago. According to Chicago Business, Warwick acquired the 443-room hotel from New York-based hedge fund manager Petra Capital Management LLC, which won a battle for control of the hotel in bankruptcy court back in 2012. Built in 1924, the Allerton may be best known for its Tip Top Tap lounge in the 1950s and 1960s, which is now used as a ballroom but could make comeback, the article states. Founded in 1980, Warwick owns six hotels in North America, including the Warwick New York Hotel, its first property. Worldwide, the chain has 59 hotels with about 8,600 rooms. Read more at Chicago Business.