Situated at 20 Bund (20 No.1 East Zhongshan Road), the predecessor of Peace Hotel, Cathay Hotel, was founded by Victor Sassoon, a British Jewish, in 1929. After the founding of the People's Republic of China in 1949, the hotel reopened as Peace Hotel in 1956. The 12-storey building follows the Gothic style of the Chicago School with its copper-sheathed roof rises 77 meters above ground level. It boasts guestrooms of English, French, Japanese, German, Indian, Spanish, American and Chinese styles. The performance of the senior musicians has won the fame for the jazz band of the hotel at home and abroad. It is well known in Shanghai for its luxury and magnificence and it has accommodated mostly distinguished guests from countries all over the world. It enjoys the fame as "the First Hotel in Far East".