Shang­hai’s Jin Jiang to build world’s high­est ho­tel

The Pak Banker - - Company& -

HONG KONG: Shang­hai Jin Jiang In­ter­na­tional Ho­tels Group Co. plans to build the world's high­est ho­tel in the Chi­nese city that will dis­place the neigh­bor­ing Park Hy­att and the Ritz-Carl­ton that will open in Hong Kong in March.

The ven­ture with Shang­hai Tower Devel­op­ment Co. will de­velop the 258-room Shang­hai Tower J-Ho­tel, which will oc­cupy the 84th to the 110th floors of the 121-story build­ing, said a Jin Jiang fil­ing to the Hong Kong ex­change yes­ter­day. The 632me­ter Shang­hai Tower in the Pudong busi­ness hub is set to be the world's sec­ond-tallest build­ing when it's com­pleted in 2014. Jin Jiang, which runs the 81year-old Peace Ho­tel in Shang­hai, is join­ing de­vel­op­ers that have ac­cel­er­ated the build­ing of land­mark sky­scrapers in the coun­try. The Shang­hai World Fi­nan­cial Cen­ter that was com­pleted two years ago is now China's tallest build­ing, while the Shang­hai Green­land Group Co. be­gan con­struct­ing the world's third-high­est tower in the cen­tral Chi­nese city of Wuhan.

"Be­ing the tallest sticks in peo­ple's minds," said Ni­cholas Mak, ex­ec­u­tive di­rec­tor and head of re­search and con­sul­tancy at SLP In­ter­na­tional Prop­erty Con­sul­tants Pte in Singapore. "There are many peo­ple who can claim they're the most lux­u­ri­ous, but that's a bit sub­jec­tive. It's tech­ni­cally chal­leng­ing to build the tallest and this gives brag­ging rights to the own­ers."

The Park Hy­att at the Shang­hai World Fi­nan­cial Cen­ter is the world's high­est ho­tel, oc­cu­py­ing the 79th to 93rd floors of the 492-me­ter build­ing by Mori Build­ing Co. The 828-me­ter Burj Khal­ifa in Dubai, which will re­main the world's tallest sky­scraper even af­ter Shang­hai Tower's com­ple­tion, in­cludes fashion icon Gior­gio Ar­mani's first ho­tel on lower floors.

The Ritz-Carl­ton Hong Kong will oc­cupy the 102th to 118th floors of the 490-me­ter In­ter­na­tional Com­merce Cen­tre in Kowloon, a height that will al­low it to take the top spot from the Park Hy­att in Shang­hai.

Jin Jiang's ho­tel will over­take the Ritz-Carl­ton be­cause the Shang­hai ho­tel's 110th floor will be at about 574.5 me­ters, higher than the Hong Kong build­ing where the RitzCarl­ton is lo­cated.

The ho­tel is be­ing built to ex­ceed Forbes (Mo­bil)'s FiveS­tar and AAA's Five-Di­a­mond stan­dards, ac­cord­ing to the Jin Jiang state­ment. The prop­erty will help the Shang­hai-based ho­tel op­er­a­tor build its J-ho­tel brand, it said. It plans to de­velop 10 to 12 land­mark prop­er­ties in key cities "to cap­ture first-mover ad­van­tage in China high-end ho­tel mar­ket," it said. "Hav­ing the high­est ho­tel in the world ob­vi­ously will draw sig­nif­i­cant, if some­what short-lived, PR cov­er­age," said James Macdonald, head of China re­search at London-based prop­erty bro­ker Sav­ills Plc in Shang­hai. In China, "we are go­ing through a pe­riod when de­vel­op­ers are de­vel­op­ing the tallest build­ings in the world and given that de­vel­op­ers will typ­i­cally place ho­tels at the top of any largescale, mixed-use, high-rise build­ing, this means that we are get­ting the tallest ho­tels in the world," he said.

Jin Jiang, which owns or runs more than 460 ho­tels, opened the Peace Ho­tel in July af­ter three years of restora­tion. The prop­erty that once ac­com­mo­dated Char­lie Chap­lin and other celebri­ties was re­named Fair­mont Peace Ho­tel, man­aged by Jin Jiang and Fair­mont Ho­tels & Re­sorts Inc., which runs the Savoy ho­tel in London. Jin Jiang's shares have fallen 13 per­cent this year, com­pared with the 48 per­cent gain in the Bloomberg Asia Pa­cific Lodg­ing In­dex. -Bloomberg

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