Virgin Hotels is a brand of hotels created by Sir Richard Bransons Virgin Group, launched in 2010. The current Virgin Hotels company, based in Miami, United States, is currently seeking hotel opportunities and is preparing its first hotels. In October 2011 Virgin Hotels bought the 27-story Old Dearborn Bank Building in the Loop area of Chicago for $14.8 million from Urban Street Group LLC. On January 15, 2015 the first Virgin Hotel opened. 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. Further hotels are being planned in New York City and Nashville. The 300 room New York site will be located on the corner of 29th Street and Broadway. The 240 room Nashville property is to be located at One Music Row. The Dallas hotel, scheduled to begin construction in 2016, will be located in the Design District, near Downtown Dallas. The San Francisco hotel, is currently under construction on 4th street.