Expanding to hotel business, Sir Richard Branson’s Virgin Group is looking to operate properties in major North American cities such as New York, San Francisco, Miami, Boston, Los Angeles and Washington, D.C.
According to a statement issued by Virgin Group, “We are keen to discover a range of interesting, authentic and high-quality 150 to 400-room properties in appealing neighborhoods that will meet the expectations of travelers in the ‘creative class’—a culture and mindset that represent the values of our target guests.”
With long-term plans to expand globally, Virgin Group initially plans to invest up to $500 million in hotels over the next three years—either through direct acquisition, as a third-party operator or in partnership with hotel owners. Each hotel will feature contemporary style, ample “communal” space and a signature restaurant, according to the statement.
