UK-based Virgin Group has unveiled plans to launch its four-star hotel brand, Virgin Hotels, in the US.
The group is seeking hotel sites in North American cities such as New York and San Francisco, with plans to increase its portfolio across the globe to 25 within the next decade.
The company will invest $500m in four-star hotels aimed at high-income customers over the next three years.
Virgin Group formed a partnership for the acquisitions with entrepreneur Alberto Beeck and Lionstone Development CEO Diego Lowenstein.
Virgin Hotels will operate as a third-party manager, according to Bloomberg.