The Water House Shanghai 上海水舍 by Neri & Hu opened in May 2010

Central Courtyard with hotel room windows (sources: http://www.nhdro.com)

The Waterhouse is a 19 rooms boutique hotel located at the south bund district of Shanghai, it is an old Japanese army head quarter built in the 1930’s along the Huangpu River front.  The hotel total area is 28,000sm composed by two buildings: a hotel and an event warehouse with a rooftop bar and a restaurant.  This refurbished project maintain the warehouse with industrial accent to recall the history of this district and a touch of modern Chinese aesthetic.  
The entire designing concept of The Waterhouse was based on "a blurring or an inversion of internal & external spaces, creating a disorienting yet refreshing spatial experience for guests in search of something out of the ordinary."  Quoted from Neri & Hu's description:

The interior strategy is expressed through a blurring and inversion of the inside/outside as well as public/private, creating a disorienting yet refreshing spatial experience for the hotel guest who longs for the extraordinary. The public spaces allow one to peek into private rooms and the private spaces invite one to look on to public arenas, resulting in an unexpected welcome that defines the hotel’s hospitality. 

Neri & Hu receives 'Architectural Review Emerging Architecture Award 2010' by the Royal Institute of British Architects (RIBA) for the Waterhouse

Water House (sources: http://www.nhdro.com)

Reception (sources: http://www.nhdro.com)

Entrance & Reception Area (sources: http://www.nhdro.com)

Waterhouse Entrance    (sources: http://www.archdaily.com)

Roof top (sources: http://www.archdaily.com)

Restaurant Table No. 1 (sources: http://www.nhdro.com)

Restaurant Table No 1 (sources: http://www.nhdro.com)

Sources:
http://waterhouseshanghai.com/
http://www.nhdro.com
http://archdaily.com