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Shanghai”s legendary Peace Hotel is to close for a three year restoration project in a joint venture between owners Jin Jiang International Group and Fairmont Hotels & Resorts. As the largest renovation in the five-star hotel”s history, both companies plan to reinstate its former glory as the pre-eminent luxury hotel in the city.
It will reopen in 2010 with a new name ” likely to be Fairmont Peace Hotel Shanghai ” although its official title has yet to be finalised. As a private company, Fairmont declined to give details on how much the deal was worth.
A landmark property since it opened in 1929 as the Cathay Hotel, the Peace Hotel is situated on the Bund, facing the Pudong area over the Hangpu River. Built in the Gothic style of the Chicago School, it has 12-storeys and copper-sheathed roof rising 77m (253ft) above ground level. It has hosted distinguished guests from across the globe, including General Marshall, Charlie Chaplin, Bernard Shaw and Noel Coward, who wrote Private Lives during his stay.
”This agreement will provide Fairmont with the opportunity to extend our distinctive portfolio to one of the world”s key gateway cities, utilise our expertise in historic assets and restore a pre-eminent Shanghai landmark,” said Fairmont CEO, William Fatt.
”The addition of the Fairmont Peace Hotel Shanghai will provide the ideal platform for further expansion in Asia and we look forward to working with Jin Jiang, a strong leader in this region, to develop further our luxury hotel brand.”