The 11-storey hotel, which first opened on 1 August, 1929 and was the city's first high-rise, was widely known as the 'Number One mansion in the Far East', due to its prime location on the Bund and for its luxury.

In its new guise, the property will offer 270 deluxe guestrooms and suites - all featuring 1930's period flourishes - plus a selection of six restaurants and lounges. Included among these are the Jazz Bar, a Shanghai institution since the 1930s; a signature Chinese restaurant called Dragon Phoenix; and The Cathay Room, offering views of the Bund from its terrace on the 9th floor.

Elsewhere are Cin Cin, a cocktail bar; the Jasmine Lounge tea room; and Victor's, an art deco deli. On the 8th floor is the hotel's well-known Peace Hall, with its sprung-wooden dance floor.

The famous Nine Nations Suites - Indian, English, Chinese, American, French, Italian, Spanish, Japanese and German - will remain a feature while a new presidential suite will occupy the 10th floor penthouse where the hotel's creator and former owner, Sir Victor Sassoon, once lived.

A new extension to the building will house a sky-lit swimming pool, a fitness centre and a Willow Stream Spa, the spa offering ancient diagnostics and traditional Chinese healing methods updated for the 21st century.