Billionaire Richard Branson is set to enter the hotel industry, offering travel deals and vacation packages under his iconic brand.

Called Virgin Hotels, the chain will be aimed at the hip and affluent in key cities such as New York, San Francisco, Miami and Los Angeles.

“Our customers expect innovation and excellence and our new 4-star hotels will deliver exactly that,” Mr Branson says in the website.

“Our aim is to redefine the customer journey from pre-arrival to check-out is built on extensive customer research.”

Virgin's hotel venture is expected to open its doors to business in about 12 months time and it comes at a time when travel has started to rebound from the recession that sent occupancy rates to record lows last year. In August, the US hotel industry's revenue per available room rose to $63.08, up 8.1% from a year ago, according to industry tracker Smith Travel Research. The average rate increased 1.5% to $98.69 a night.

Virgin Hotels will focus on four-star, stylish hotels that attract the high-income, metropolitan, creative class which is similar to patronage chased by chains such as Starwood's W, Kimpton Hotels and Thompson Hotels.

Branson and his investors will buy as much as $500 million in properties with 150 to 400 rooms over the next three years.

The venture, which aims to acquire up to $500 million in properties, will also integrate Virgin flyers and loyalty program members.

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