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Hilton Worldwide (HLT) - Get Free Report is launching a new brand of upscale hotels, Tapestry Collection by Hilton, with the first location expected to open later this year.

So far, seven hotels have signed letters of intent with the brand including in Syracuse, N.Y.; Chicago; Nashville; Warren, N.J.; Hampton, Va., and two in Indianapolis, Hilton said in a statement Monday.

Hilton said that it is currently negotiating 35 more deals for the collection, while the first Tapestry hotel is anticipated to open in the company's 2017 third quarter. The company said each hotel will "maintain its individual spirit, offering an experience that is approachable and familiar as well as different from other hotels."

The Tapestry line of hotels is Hilton's 14th brand, adding on to the Waldorf Astoria Hotels & Resorts, Embassy Suites by Hilton and the Hampton by Hilton, among others.

On Jan. 3, Hilton spun off subsidiaries Hilton Grand Vacations (HGV) - Get Free Report and Park Hotels & Resorts (PK) - Get Free Report , creating three separately traded entities on the New York Stock Exchange -- the hotel operator, its timeshare business and its portfolio of hotels and resorts.

Shares of Hilton slipped slightly to $57.34 early this afternoon.