Virgin Group to move into hotels

Following forays into industries ranging from mobile phones to space travel, Sir Richard Branson has set his sights on a new challenge – the hotel sector.

With an initial investment of $500 million, the billionaire investor has confirmed his Virgin Group seek to build a portfolio of properties in a number of key US cities over the next three years.

Pictured: Richard Branson has an empire stretching from mobile phones to spaceships

Destinations are set to include New York, Las Vegas and Miami.

“We are keen to discover a range of interesting, authentic and high quality 150 to 400 room properties in appealing neighbourhoods,” Virgin Hotels said in a statement.

“Our valuable target audience includes the high income, well-educated, metropolitan ‘creative class’.”

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Virgin Hotels is currently seeking partners

Demographics are likely to include well educated, metropolitan individuals that may ordinarily pick an upscale lifestyle or luxury chain such as W Hotels, Andaz or InterContinental’s Hotel Indigo.

Virgin Hotels also confirmed partnership opportunities with property owners and developers were on offer.

Since Branson created it in 1970, the Virgin Group claims to have created more than 300 companies worldwide, employing approximately 50,000 people in 30 countries.