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.
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.