Virgin Hotels

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Virgin Hotels
Founded New York, USA (2010 (2010))
Headquarters New York City, United States
Website www.virginhotels.com

Virgin Hotels is a brand of hotels created by Sir Richard Branson's Virgin Group, launched in 2010.[1] The current Virgin Hotels company, based in New York, United States, is currently seeking hotel opportunities and is preparing its first hotels.[2]

In October 2011 Virgin Hotels bought the 27-story Old Dearborn Bank Building in the Loop area of Chicago for $14.8 million from Urban Street Group LLC.[3] On January 16, 2015 the first Virgin Hotel opened.[4] One element of Virgin Hotels' business plan was to acquire distressed properties in North America cheaply during the property downturn, but banks decided to hold distressed real-estate assets until the market for them rebounded rather than sell them so the company fell well behind its planned timetable.[5]

Further hotels are being planned in New York and Nashville.[6] The 300 room New York site is due to open in 2016 and will be located on the corner of 29th Street and Broadway.[7] The 240 room Nashville property is to be located at One Music Row and is also due to open in 2016.[6]

The British-based Virgin Hotels Group Limited owns the Virgin Limited Edition portfolio of properties that include luxury resorts such as Necker Island.[8]

The group aims to have hotels in 20 locations by 2025.[4] When asked about the operation, Virgin's Richard Branson said "There won’t be hidden charges, and you won’t get charged $10 for a chocolate bar you know you can buy at a store for $2."[9] Branson has stated that the brand is geared toward the female business traveler.[10]

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