Chicago-based Aparium Hotel Group is ready to break ground on a multimillion-dollar renovation on the Madison Hotel and an adjacent building. The company is also in the process of rebranding the hotel to an independent, “1 of 1” upscale brand.

The renovation will include guest rooms, corridors and meeting spaces. The ballroom will be enlarged, and the lobby will be converted into a coffee lounge and bar.

“We acquired the hotel last June,” said Michael Kitchen, Aparium vice president of acquisitions and development. “We’ve always intended to continue the renovations.”

Aparium has 13 hotel properties in cities such as New Orleans, Milwaukee, Detroit and Minneapolis, and Kitchen said that Memphis had been on the company’s “bucket list.”

“At Aparium, our intent is to create the best hotel in the market,” Kitchen said.