In December 2001, Lai Sun Development, with Peter Lam as CEO, demolished two of its five-star hotels - the Furama Kempinski Hotel, then famous for its revolving restaurant, and The Ritz-Carlton, Hong Kong. In its place, Lai Sun Development built AIG Tower, a 185-metre (607 ft.), 37-storey skyscraper that was completed in 2005. It was renamed AIA Central in 2009.
