China's Jin Jiang International Group and Fairmont Hotels & Resorts have formed a joint venture company to renovate and reopen The Peace Hotel, a Shanghai landmark.

"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 CEO. "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."

Situated on Shanghai's Bund, the 12-story Peace Hotel was first opened in 1929 as the Cathay Hotel, and 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 new joint venture company is named Jin Jiang Fairmont Hotel Management Company and the hotel is scheduled to close during the refurbishment period and reopen in 2010.

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.