OAK BROOK, IL—Rockbridge Capital LLC and Starwood Hotels & Resorts Worldwide Inc. have announced that they are pushing back the opening of the Le Meridien Chicago – Oakbrook Center hotel here until January 2014.

General Growth Properties Inc. sold the former vacant Renaissance Hotel here to Rockbridge in late 2012. The buyer had said it hoped to reopen the hotel by fall 2013, next to the two-million-sq.-ft. GGP-owned Oakbrook Center retail mall in this affluent Chicago suburb.

In a statement, Rockbridge and Starwood said the property is undergoing a $20 million improvement plan before it opens as the Le Meridien. Wishermann Partners Inc. will manage the property. The 10-story building will get a new façade and public spaces, with a total 172 rooms. The ninth floor will have a bar and restaurant with adjoining meeting spaces.

“We are excited to bring Le Méridien to Chicago as part of our plan to accelerate the expansion of this dynamic, global brand across North America,” said Allison Reid, senior vice president of North America Development for Starwood. The Le Meridien brand, purchased by Starwood in 2005, includes 100 properties in more than 40 countries, mostly outside the United States.