Jin Jiang International Group and Fairmont Hotels & Resorts have formed a joint venture company to be named Jin Jiang Fairmont Hotel Management Company, LTD, which will renovate and reopen…
Jin Jiang International Group and Fairmont Hotels & Resorts 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.
The Peace Hotel is Fairmont’s second 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 Chief Executive Officer.
“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.”
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