The Ritz-Carlton Philadelphia will be getting a major facelift this coming fall. Carey Watermark Investors and Philadelphia Hospitality Partners acquired a majority stake in the hotel in a joint venture last month, and will be renovating the century-old building. The $21.3 million remodel is expected to take place from fall of this year until spring of 2016 and will include upgraded rooms, renovated meeting spaces, restaurants, corridors, lounge and ballroom.

While the property will undergo extensive upgrades none will take away from the historic charm the hotel is known for. The building’s rotunda was originally constructed in 1908 and an adjoining eight-story tower was added in 1923. By 1931, the tower had grown to 30 stories and in 2000 the space was converted into The Ritz. The property sits across from City Hall and within walking distance of Dilworth Plaza—one of the area’s premiere locations for upscale dining and shopping.

The renovation will include a complete makeover in the guestrooms including all furniture and cabinetry as well as linens, carpeting and drapery. The bathrooms will also be receiving full upgrades. The hotel’s food and beverage outlets will be renovated and re-conceptualized, and Carey Watermark expects to “enter into an agreement with a third-party food & beverage operator” to manage the new restaurant and lounge. The rest of the property will continue to be run by The Ritz-Carlton Hotel Company.