Shimao Group has signed an agreement with Hyatt Hotels and Resorts to open a scenic hotel at Nanjing's Shimao Riviera New City, a property developed by Shimao Group.

The five-star business hotel will be invested in by Shimao Group and managed by Hyatt. Occupying a total 64,000 square meters, it will offer more than 400 rooms and have restaurants, a fitness center and entertainment facilities.

Dai Yi, China Regional VP of Hyatt, has told local media that the hotel in Nanjing will feature a river view, and it will be the only 5-star hotel that has such a great view of Yangzi River.

The hotel will be open in 2008, and the average room rate is expected to reach $110 per night, which will be one of the most expensive hotels in Nanjing.