Jin Jiang International Group and Fairmont Hotels & Resorts
recently announced that they have formed a joint venture company to
be named Jin Jiang Fairmont Hotel Management Company, LTD, which
will renovate and reopen The Peace Hotel, a Shanghai landmark for
over a century. The hotel is scheduled to close during the
refurbishment period and reopen in 2010.
Jin Jiang’s goal during The Peace Hotel renovation program, the
largest in its history, is to restore the hotel to its position as
the preeminent luxury hotel in Shanghai.
Situated on the Bund, the 12-story Peace Hotel boasts a premier
downtown location, facing the Pudong area over the Hangpu River.
First opened in 1929 as the Cathay Hotel, the property was located
on the former site of the Sassoon Mansion and built in the Gothic
style of the Chicago School, with a copper-sheathed roof rising 77
meters above ground level. The hotel has hosted distinguished
guests from all over the world, including politicians, artists and
celebrities like General Marshall, Charlie Chaplin, Bernard Shaw
and Noel Coward who wrote “Private Lives" while in residence.
The Peace Hotel is Fairmont’s second announced project in the
region, following a recent deal announcing a future hotel
development project on Macao’s Cotai Strip.
“This agreement will provide Fairmont with the opportunity to
extend our distinctive portfolio to one of the world's key gateway
cities and utilize our expertise in historic assets and restore a
preeminent Shanghai landmark,” said William R. Fatt, Fairmont’s
CEO. “The addition of the Fairmont Peace Hotel Shanghai will
provide the ideal platform for further expansion in Asia and we
look forward working with Jin Jiang, a strong leader in this region
to further develop our luxury hotel brand.”
Jin Jiang, owner of the Peace Hotel, is the largest hotel owner
and operator in China and the 22nd largest in the world, with more
than 300 properties in their portfolio.