Fairmont in Joint Venture to Renovate Shanghai Hotel

The Peace Hotel, one of Shanghai's iconic properties in the Bund district, is set for a major renovation. Jin Jiang International Group and Fairmont Hotels & Resorts announced they have formed a joint venture company to renovate The Peace Hotel, which will close during the refurbishment and reopen in 2010. Jin Jiang is the largest hotel owner and operator in China and the 22nd largest in the world, with more than 300 properties in its portfolio. A spokesperson for Fairmont noted that the two companies are meeting with designers to discuss the renovation effort, and precise details have not been determined. The spokesperson added that Fairmont is looking to become a global hotel operator and that both Europe and the Far East are on the company's radar screen. The 12-story Peace Hotel is Fairmont's second announced project in the region, following a recent deal on a future hotel development project on Macau's Cotai Strip. Visit [www.fairmont.com].

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