Virgin Hotels

Virgin Hotels
Founded New York City, USA (2010 (2010))
Headquarters Miami, United States
Key people
 Raul Leal - CEO
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 Miami, United States, is currently seeking hotel opportunities and is preparing its first hotels.[2]

History

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 15, 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]

Development

Further hotels are being planned in New York City and Nashville.[6] The 300 room New York site 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.[6] The Dallas hotel, scheduled to begin construction in 2016, will be located in the Design District, near Downtown Dallas. The San Francisco hotel, is currently under construction on 4th street.

The entrance at Virgin Hotels Chicago, the first Virgin Hotels hotel

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]

Locations

Current

Planned

References

  1. ↑ "Virgin Hotels in deal with John Buck Co. to enter Chicago market". Chicago Real Estate Daily. 2011-10-24. Retrieved 2013-05-12.
  2. ↑ "Virgin Hotels buys Old Dearborn Bank Building in East Loop". Chicago Tribune. 2011-10-24. Retrieved 2013-05-06.
  3. ↑ "In brief: Franklin Center - 22 W. Washington - Virgin Hotels". Chicago Real Estate Daily. 2011-11-28. Retrieved 2013-05-12.
  4. 1 2 3 http://www.ttgdigital.com/news/virgin-hotels-first-property-opens-in-chicago/4694905.article
  5. ↑ Karmin, Craig (2014-04-20). "Richard Branson's Virgin Hotels Are Slow to Launch: Entrepreneur Plans a Third U.S. Hotel, but First Is Unfinished". The Wall Street Journal. Retrieved 2015-01-21.
  6. 1 2 "Virgin Hotels - coming to Nashville". Virgin Group. 20 April 2014. Retrieved 20 April 2014.
  7. ↑ "Virgin Hotel to open in New York in 2016". USA Today. 4 June 2013. Retrieved 20 April 2014.
  8. ↑ "About Us". Virgin Limited Edition. Retrieved 2013-05-12.
  9. ↑ Earle-Levine, Julie (2015-01-13). "Richard Branson Enters the City Hotel Scene". The New York Times. Retrieved 2015-01-20.
  10. ↑ Karmin, Craig (2015-01-13). "Richard Branson Pitches Virgin Hotels as Female-Friendly: First Property to Open in Chicago; Safety Features, Well-Lit Vanities Court Women". The Wall Street Journal. Retrieved 2015-01-20.
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