Entrepreneur Sir Richard Branson is seeking properties to launch a “contemporary” four-star hotel chain under the Virgin brand.
Virgin Hotels is initially concentrating on locating properties in North America, namely New York, San Francisco, Miami, Los Angeles, Boston and Washington DC, although the group aims to expand globally in the long-term.
Headed by the managing partner of Virgin Group’s leisure and hospitality sector Anthony Marino, Virgin Hotels has been erected in partnership with entrepreneur Alberto Beck and hospitality and real state investor Diego Lowenstein.
The group aims to acquire the management contract or ownership of $500m worth of 150-400 bedroom properties in “appealing neighbourhoods” over the next three years.
Each hotel will feature “ample communal space”, in which Virgin will revamp in the style of its award-winning Clubhouses, as well as a signature restaurant.
Branson said: “I’ve had great fun turning quite a lot of different industries on their heads and making sure those industries would never be the same because Virgin took them on.”
Virgin Hotels will aim to target a high-income, metropolitan “creative class” audience.