The owner of the historic art deco Peace Hotel in Shanghai has brought in two foreign partners in a surprise move that has raised concerns that the historical integrity of the building could be under threat.
Shanghai Jin Jiang International Hotels (Group) yesterday signed separate agreements with the Swatch Group and Canada's largest luxury hotelier, Fairmount Hotels and Resorts.
The deals are aimed at helping the foreign partners break into the mainland hotel market and Jin Jiang to make use of international management expertise.
The Peace Hotel, which closed at the beginning of this month for a near 500-million yuan facelift, will be re-opened in 2009 with a fresh appearance and a new name - Fairmount Peace Hotel Shanghai.
Jin Jiang said Fairmount would help renovate and manage the 12-storey hotel, which marks the Canadian firm's first venture in Asia.
Fairmount operates about 51 luxury hotels and resorts largely in North America, according to its website.