The purchase, for which Virgin Hotels has partnered with a number of investors, sees the property come under brand in late 2019.
The hotel will continue operations under the Hard Rock flag until it opens as a Virgin Hotels hotel with guest rooms, restaurants and public spaces set to undergo a revamp expected to cost “in the hundreds of millions”, according to Virgin.
Branson said: "Las Vegas has long held a special place in my heart. Virgin Atlantic and Virgin America have enjoyed flying to Las Vegas for years and I’ve always known that Virgin Hotels could thrive there as well. I’m really looking forward to painting the town Virgin red."
