by Michael C. Lowe | October 26, 2011

 Virgin Hotels has completed the purchase of the 83-year-old, 27-story Old Dearborn Bank Building in Chicago on Friday. The building will become the group's first hotel and is expected to open in 2013 with 250 rooms plus several restaurants, lounges and meeting spaces. Additional hotels could open sooner than the Chicago property, as the company currently is scouting locations in New York City, Los Angeles, San Francisco, Miami, London and Washington, D.C. Over the next three to five years, Virgin Hotels intends to open at least five Virgin-branded properties.