The Place Hotel & Spa, with investment from Cross Ocean Investment Limited of US$330 million, has just been topped and it will be a new landmark in Shanghai's busy Nanjing Road area.

The complex includes an office building, shopping mall and a 5-star hotel. Different from other international 5-star hotels, The Place Hotel & Spa says it is a premium world-class hotel that features exclusivity, privacy and tranquility. Interestingly, all the restaurants and bars in the hotel will only be open to customers staying in the hotel.

Although it occupies 23,000 square meters, it has only 230 rooms, and local media report that the average room rate of the hotel will reach US$350 per night, which will be among the most expensive in Shanghai.

Philippe H. Charraudeau, general manager of the hotel, used to work at the Burj Al Arab Hotel in Dubai, and is leading a management team with members from 49 countries and regions to offer personal service for their guests.

The hotel is scheduled for opening in 2008.