Shearson Lehman Bros. plans a Peking hotel.
The New York-based investment banking firm said its affiliate, OS International Inc., and First Commercial Bureau Friendship Corp. of Peking have signed agreements on the $150-million investment. Plans call for development of a 25-story luxury hotel on Peking’s main thoroughfare. The first five floors of the hotel will be used as a new “friendship store” for foreigners. Construction will take two years, the announcement said. Shearson Lehman Bros. also reported plans for a separate apartment-office complex to be built in the Sanlitun district of northeast Peking.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.