In October 2011 Virgin Hotels bought the 27-storyOld Dearborn Bank Building in theLoop area ofChicago for $14.8 million from Urban Street Group LLC.[3] On January 15, 2015 the first Virgin Hotel opened.[4] In February 2019, Virgin Hotels opened at its second location in San Francisco, CA on 4th street, near to Yerba Buena Gardens. One element of Virgin Hotels' business plan was to acquire distressed properties in North America cheaply during the property downturn, but banks decided to hold distressed real-estate assets until the market for them rebounded rather than sell them so the company fell well behind its planned timetable.[5]
Further hotels are being planned inNew York City andNashville.[6] The 300 room New York site will be located on the corner of29th Street andBroadway.[7] The 240 room Nashville property is to be located at OneMusic Row.[6] TheSan Francisco hotel opened on 4th street in February 2019. TheDallas hotel which was the latest to open in December 2019 and is located in the Design District, near Downtown Dallas.[citation needed]
The group aims to have hotels in nine locations by 2025. When asked about the operation, Virgin'sRichard Branson said "There won’t be hidden charges, and you won’t get charged $10 for a chocolate bar you know you can buy at a store for $2."[8] Branson has said the brand is geared toward the female business traveler.[9] The British-based Virgin Hotels Group Limited also owns theVirgin Limited Edition portfolio of properties that include luxury resorts such asNecker Island.[10]
In January 2018, rumours arose regarding Virgin's early negotiations toward purchasing theHard Rock Hotel and Casino in Las Vegas.[11] As of March 2018, Hard Rock Hotel and Casino is expected to be rebranded as Virgin Hotels Las Vegas by the end of 2019.[12] On 5 May 2021, the Las Vegas hotel was opened to the general public.[13]