All Entries Tagged With: "Virgin Hotels"
First Virgin America Hotel Announced in Chicago
In Europe the Virgin brand name is one of the most well-known and respected among all industries. Now the company aims to strengthen its position in North America by venturing into the hotel business. To that end, Virgin Group has announced the completion of a deal that will bring the first Virgin-branded hotel to America. The site of the property is a historic office building in downtown Chicago that the Group purchased from Wabash Lake Partners LLC, Chicago.
Assisting Virgin Group in the deal was Chicago-based John Buck Company. The two will jointly work together on a redevelopment plan to transform the property into a 250-room, four-star hotel. No details have yet been released on the direction designers will be taking, or the total cost of the renovation, but Virgin’s hotel division has been allotted as much as USD $500 million to acquire and develop properties in America’s most dynamic cities. In addition to Chicago, Virgin has targeted New York, Los Angeles, Miami, San Francisco, and Washington DC.
The Chicago property is a 27-story building on the city’s West side, between the shores of Lake Michigan and the Chicago River. The Art Deco building is significant to Chicago’s heritage, making it a perfect venue for the Virgin brand name. Virgin has not yet scheduled a date for the property’s grand opening and is open the possibility of another US-based hotel debuting before the October 2013 Chicago deadline.
Virgin Group Announces Plans to Open Virgin Hotels in North America
With over 25 years of experience in travel, the world-renowned Virgin Group officially announced its plans for its new 4-star Virgin Hotels. The plan is to develop up to 25 hotels in 7 years and launch the first one within 12 to 28 months. Virgin Group will work as a third party manager, partner with ownership, or acquire properties directly. Virgin Group has created a property venture with Alberto Beeck and hospitality and real estate investor Diego Lowenstein. The venture is planned to acquire up to $500M in properties in the next 3 years.
The Virgin Hotels are planned to be available in gateway cities in North America and are targeting cities such as New York, San Francisco, Miami, Los Angeles, Boston, Washington DC, and more. The hotels will feature 150 to 400 guestrooms.
Potential property owners and developers are encouraged to reach out to the Virgin Group: properties@virginhotels.com.
Sir Richard Branson’s new chain of hotels is likely to be one of the W Hotel’s first major competitors in North America.
Learn more by visiting www.virginhotels.com.
