Virgin Group invests in Brightline, will rebrand as “Virgin Trains USA”

Virgin will take a minority stake in Brightline, Fortress Investment Group will retain majority ownership

TRD MIAMI /
Nov.November 16, 2018 01:00 PM

A Brightline train and Richard Branson

Within two weeks, Brightline will be known as “Virgin Trains USA.”

Brightline announced on Friday that Richard Branson’s Virgin Group will provide a minority investment and form a strategic partnership with the high-speed passenger rail company. Under the partnership, Brightline will be renamed this month and will transition to Virgin Trains USA branding in 2019, according to a release.

The company did not disclose the size of Virgin’s investment and said Fortress Investment Group will retain majority ownership.

Brightline currently operates passenger rail service in Florida between Miami, Fort Lauderdale and West Palm Beach, and has plans to expand into Orlando and Tampa in the future. The company recently announced plans to construct a high-speed rail system to connect Las Vegas to Southern California.

Brightline provided few details about what its partnership with Virgin means for Brightline beyond a rebranding and renaming. A spokesperson for the company declined comment.

According to the release, the partnership “could help to provide access to millions of customers with the potential for increased ridership from other Virgin branded travel and hospitality businesses, including Virgin Atlantic, Virgin Hotels and Virgin Voyages.”

In August, Brightline’s operator All Aboard Florida secured $1.75 billion in federally issued tax-exempt bonds which will allow Brightline to expand rail service to Orlando.

The Palm Beach Post reported in October that Brightline’s passenger volume increased to 106,090 in April, May and June, up from 74,780 during the first three months of the year, but far below projections.

Brightline, whose parent company is Florida East Coast Industries, also owns real estate near its stations, including the nine-acre MiamiCentral near downtown Miami.


Related Articles

arrow_forward_ios
Daily Digest Miami

Gil Dezer, Related complete Residences by Armani/Casa, hedge funder, wife drop $105M for Palm Beach estate

(Credit: Redwood Media Group)

Developers and brokerages are getting creative for Art Basel

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

ADF lawyer Stuart Sobel and Virgin MiamiCentral

Virgin MiamiCentral station developer and builder to pay $10.5M settlement

Daily Digest Miami

Forever 21’s Lincoln Road store among planned closures, downtown Miami office building hits the market: Daily digest

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

arrow_forward_ios