As the first star-rated hotel in Beijing, and one of the first five-star hotels in China, the once-glorious establishment featured a glass exterior and stood 24 stories high, which was seen as pioneering and innovative at the time.

It has hosted countless significant events and has been the preferred lodging for world leaders and business moguls, including former US presidents Ronald Reagan and George H.W. Bush, former Japanese Prime Minister Yasuhiro Nakasone, and Hong Kong billionaire Li Ka-shing.

Taiwan’s “King of Mandopop” Jay Chou also held a promotional event for the film Initial D at the hotel in 2005, while former NBA player Shane Battier held a press conference at the venue in 2007.

But now, it has been closed since late last year, with its former grandeur now a mere whisper of the past.

“It has a prime location, but it’s overshadowed by the competition,” said seasoned tourism industry observer Ren Jing, the founder of Beijing-based Saga Travel International.

“Across the street, you have the Westin and Rosewood, to the north, there’s the Four Seasons, to the east, the Marriott and Ritz-Carlton, and to the south, the China World Hotel.

“While it remains centrally located, it’s the oldest and most rundown among the five-star hotels in the area.

“Despite once hosting celebrities and presidents, those days are long gone. Its best chance was a merger or becoming part of another international hotel group, but it missed that opportunity.”

Online travel service provider Trip.com has nearly 300 negative reviews for the hotel, criticising the hotel for its poor service, lack of maintenance and outdated facilities.

Travel platforms have pointed to a downward trend for hotel prices in China, especially among top rated establishments, amid an increase in supply at a time Chinese consumers, faced with wage cuts and uncertain financial conditions, become increasingly cautious about spending.

When asked why the hotel was closed or when it would resume business, a security guard stationed in front of the car park entrance refused to comment, but admitted that there were still staff working inside for routine maintenance.

The hotel is located in the downtown area in the eastern part of Beijing, in proximity to the embassy district and numerous foreign companies.

In its prime, it commanded exorbitant prices, with a night’s stay equivalent to several months’ wages for an average Chinese worker.

And despite the steep rates, demand consistently outstripped supply, with stories of some guests who arrived late finding themselves unable to check in to their rooms, and having to wait overnight on sofas in the lobby.

However, a proliferation of high-end luxury hotels eventually squeezed the once-prominent venue out of the public view.

Its reputation also took a severe blow in 2010 when its sumptuous nightclub, Passion – better known as Tianshang Renjian meaning paradise – was closed after police raids amid a crackdown on the sex industry.

“In a downturned consumer spending environment, ‘the cake’ is shrinking. High-end hotels can no longer rely on standardisation alone,” said Zhou Mingqi, founder of tourism consultancy Jingjian Consulting.

“Differentiation and uniqueness are now essential, and each hotel must emphasise its distinctive features to retain loyal customers.

“No matter whether the hotel is rich with history or newly established, it is the intrinsic qualities offered that matters.

“Older hotels can evoke nostalgia, like the historic charm of Shanghai’s Peace Hotel, an ambience new constructions can’t replicate. Establishing a unique identity that resonates with guests is crucial.”