Virgin eye USA hotel market
Not content with successfully breaking into industries as varied as space travel, mobile phones and flights, Sir Richard Branson now intends to make a foray into the hotel business.
The Virgin Group has put up an initial investment of some $500 million, with the intention of building a portfolio of properties in key US cities such as Los Angeles, New York, Miami, Boston and San Francisco. The target demographic is the ‘high income, well-educated, metropolitan 'creative class’. Virgin Hotels said in a statement: “We are keen to discover a range of interesting, authentic and high quality 150 to 400 room properties in appealing neighbourhoods”.
The company will initially concentrate on the USA market, but eventually hopes to expand globally. The company said it would consider partial ownership stakes in properties, or operating solely as a third party manager in addition to acquiring hotels outright.
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