The Virgin Group, founded by British billionaire Sir Richard Branson, has announced it is launching its own four-star hotel brand, Virgin Hotels.
The first property is expected to open in an unnamed major gateway city in North America within the next 18 months. According to its website, Virgin Hotels will initially target cities including New York, San Francisco, Miami, Los Angeles, Boston and Washington D.C.
The plan is to acquire $500 million of Virgin-branded hotel assets in the next three years, and open 25 hotels in seven years. There are also plans for expansion globally.
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Virgin Hotels, will cater to the "high-income, well-educated, metropolitan 'creative class", said the company's website.
"With over 25 years in the travel sector and a reputation for delivering unforgettable experiences to millions of Virgin fans, Virgin is a perfect fit for the hotel business," the company said.
The Virgin Hotels will have 150 to 400 guestrooms, restaurants and communal spaces.
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