The Ritz-Carlton Hotel Company has announced plans to open a 300-room hotel in Kowloon, Hong Kong that would be the highest hotel in the world. The hotel—slated for completion by 2009—would rise 1,574 ft. high.

"Asia continues to provide the best strategic growth opportunity for The Ritz-Carlton Hotel Company," says Simon Cooper, president and chief operating officer.

The new hotel will occupy the top 13 floors of the tower. The hotel will be owned by Sun Hung Kai Properties Limited, one of the largest real estate companies in the world.