Richard Branson's Virgin empire will soon boast a city centre hotel arm, alongside its luxury retreat, travel and technology businesses.

The group announced that it is looking to enter major urban markets in North America with a four-star product and has named New York, San Francisco, Miami, Los Angeles, Boston, and Washington DC as the most likely location for its first property.

In a statement, the group said: "Our ambitions are global, but as a first move we are focusing on North America."

It is understood that negotiations for a site are close to completion and that the first Virgin Hotel will open within the next 18 months.

The brand's target guest will be people who are "more than comfortable with technology" and each hotel will have between 150 and 400 bedrooms.

As reported in , Virgin first announced the plans for a hotel arm in September 2010.

As part of the launch plan, Virgin Group, in conjunction with entrepreneur Alberto Beeck and hospitality and real estate investor Diego Lowenstein, has established a property venture that will acquire US$500m (£315.5m) of Virgin-branded hotel assets in the next three years.