Resurrecting Old Shanghai: The Peace Hotel

I just read a news article stating that Swatch, the Swiss watch company, is joining with the Jinjiang Hotel Group, owner of the Peace Hotel, to renovate it.  This is interesting news because the Peace Hotel, from what I've heard, is rated quite poorly as a hostelry.  I recall that it was renovated in 1997 by the same New York firm that renovated the Park Hotel (guoji fandian).  They did a decent job with some features such as the 8th floor ballroom (though one questions whether or not all of the features in that ballroom today are genuine 1930s Deco), but apparently not so with the majority of rooms.  I've also read in online travel blogs that the service is appalling.  Whether or not the next round of renovations will change the software as well as the hardware of this fine historical building is another matter.