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.