Shanghai's Peace Hotel reopened Wednesday after a three-year refurbishment to restore its glory as the "Far East's No.1 hotel" in the 1930s.

The hotel will be managed by a joint venture between state-owned Jinjiang Hotels and Fairmont Hotels & Resorts. The hotel's English name has been changed accordingly to the Fairmont Peace Hotel, said a statement from the hotel management.

Jinjiang spent 500 million HK dollars (64.4 million U.S. dollars) on the renovations.

The hotel's exterior and interior decorations were restored to its original style, while its facilities were comprehensively upgraded, the statement added.

The west wing of the building was expanded by 12,000 square meters, increasing the number of hotel rooms to 270. Sensors were installed in the rooms to provide smart automatic control of lighting and air-conditioning, it said.

A standard room now costs 2,300 yuan (339.25 U.S. dollars) a night while a suite costs more than 6,000 yuan.