(Yicai) May 29 -- The Peace Hotel, a Shanghai landmark for almost a century, is set to be added to the portfolio of Singaporean luxury hospitality group Raffles Hotels and Resorts.

The art deco masterpiece will be rebranded as the Raffles Peace Hotel Shanghai after renovations are completed in 2027, owner Jinjiang International Group and manager Accor jointly announced yesterday. The hotel will remain open for business during the refurbishment.

Built as the Cathay Hotel on Shanghai's West Bund in 1929 by businessman Sir Victor Sassoon, the property was renamed the Peace Hotel in 1956. It became part of Jinjiang's portfolio in 1984 and joined Fairmont Hotels and Resorts in 2010. It has been managed by Accor since 2016.

The history of the Peace Hotel is etched on Shanghai's urban memory, and the arrival of the Raffles brand will inject a new narrative of world-class luxury, said Kent Zhu, Accor China’s chief executive.

Part of the French hospitality giant Accor, the Raffles brand blends global contemporary luxury with historical heritage. The rejuvenation of the Peace Hotel will help consolidate its unique position on the international luxury hotel map.

Editor: Futura Costaglione