Virgin Hotels

Virgin Hotels
Founded New York, 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 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 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 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.
  11. ↑ http://www.ttgdigital.com/news/virgin-hotels-first-property-opens-in-chicago/4694905.article

External links

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