China News Service reports "The Place Hotel & Spa" is expected greet customers at an average price of 350 US dollars per night, much more expensive than the current 220 dollar average among Shanghai's five-star hotels.

Located in downtown Jing'an District, the hotel is tucked amidst a group of high-end hotels, including the Hilton and Portman Ritz-Carlton.

Chen Minghuang, chief representative of the hotel developer, calls it a "boutique hotel," a term used to describe intimate and extremely luxurious hotels.

With only 230 rooms, the touted hotel will offer personalized services to each of its customers.