Shanghai-based Jin Jiang International Group has joined with Fairmont Hotels & Resorts yesterday to set up a joint venture in the city which will be the first Asian project of North America's largest luxury hotel company.
The two companies announced the decision at a news conference held in the Jin Jiang Grand Hall this afternoon. However, the amount of the investment of the project was not revealed.
The Jin Jiang Group, which is publicly traded in Shanghai and Hong Kong, also revealed that the renovation of the city's landmark Peace Hotel will start this month and be completed in 2010.
The renovation will retain the style of the building but change the number of rooms.
The group also added that the Swatch group, the world's largest watchmaker, will build a Swatch culture center in the south tower of the Peace Hotel.
Swatch said it would invest US$30 million on the project, which is expected to be completed by 2009.
(Shanghai Daily April 19, 2007)