Jinjiang Hotels will invest RMB450 million to rebuild the legendary Peace Hotel in Shanghai. The reconstruction will be started in the first half of this year.

As a result of the reconstruction, the Peace Hotel will stop operations for about two years. It is estimated that the Peace Hotel may lose approximately US$12.5 million during the shutdown.

A representative from Jinjiang says that the company decided to rebuild the Peace Hotel because most of its facilities such as pipes and fire protection needed retreading. However, Jinjiang Hotels says that it will not change the classic features of the Peace Hotel.

Founded in 1906, the Peace Hotel is a fusion of ancient and modern. The hotel consists of the South Building which was named the Palace Hotel in the old days and the North Build which was opened as the Cathay Hotel by Victor Sassoon, an Iraqi Jew who came to China. There are nine unique country suites in the Peace Hotel, representing the architecture styles of nine countries including China, Britain and the United States.

In 1911, Sun Yat-Sen left for Nanjing to assume the office of the provisional president of the Republic of China. During his stopover in Shanghai, a welcoming reception was held in the Palace Hall by people from all walks of life. In 1927, Chiang Kai-shek and Soong Mei-ling held their "Engagement Ceremony" at the Palace Hall.

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