The Virgin Group has formed a partnership to spend as much as US$500 million on high-end hotels over the next three years.
Virgin Hotels will be a four-star chain that targets `high income, well-educated, metropolitan “creative class” customers’, according to a brochure on its website.
As per the information available, the hotels will be midsize — 150 to 400 rooms.
“We polled a group of recent travelers and something like 70 percent said they would stay in a Virgin hotel,” reportedly said Anthony Marino, the executive director of Virgin Hotels. “We felt like we could make an impact.”
Though the hotels aren’t likely to open before six months to a year, Marino, according to nytimes.com, said, possible choices for first-phase locations include what he called “gateway cities”: New York, Los Angeles, San Francisco, Boston, Washington D.C.
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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