Pursuits
Virgin Group to Spend $500 Million on Hotel Venture
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Virgin Group Ltd., founded by U.K. billionaire Richard Branson, formed a partnership to spend as much as $500 million on high-end hotels over the next three years, banking on brand recognition to lure affluent clients.
Virgin Hotels, intended as a four-star chain, will cater to “high income, well-educated, metropolitan ‘creative class’” customers, according to a brochure on its website detailing plans for the venture. The company said it’s seeking hotel sites in such North American cities as New York, San Francisco, Miami, Boston and Los Angeles, and plans to expand globally later.