Jin Jiang and Fairmont Form JV Company
Will Renovate Peace Hotel, as Fairmont Peace Hotel Shanghai
TORONTO, CAnada, April 16, 2007. Jin Jiang International Group (Jin Jiang) and Fairmont Hotels & Resorts (Fairmont) announced today 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, and the company is utilizing not only its own expertise and heritage, but partnering with Fairmont, a luxury hotel group recognized for their stewardship of historic properties across the globe, including London's Savoy, A Fairmont Managed Hotel and New York City's Plaza Hotel.
Situated on the Bund, the 12-story Peace Hotel enjoys 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 such as 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 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."
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. The company was listed on the Hong Kong stock exchange last year and will be investing in numerous branded properties to support it's strategy of enhancing and accelerating growth in central cities of China and developing greater awareness for its brands. The joint venture with Fairmont is a major step towards improving its market competitiveness though strategic cooperation with an international, luxury hotel brand.
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