IHG SIGNS THREE HOTELS IN EGYPT: IHG Hotels & Resorts has signed a management agreement with Arabella Group to develop three new hotels in Egypt between 2023 and 2026. The hotels — InterContinental North Coast Direction White, voco Cairo Arabella Plaza, and Crowne Plaza Cairo Arabella Clubhouse — will add more than 500 keys to IHG’s portfolio in Egypt and strengthen its presence in the luxury and premium sectors in the region. All the projects are new-build and are currently under construction. The 77-key voco hotel is expected to open this July, while the 146-room Crowne Plaza and the 346-room InterContinental will open in January 2026 and September 2026, respectively. IHG presently has seven hotels across Egypt and 13 more in the development pipeline.
MEXICO’S HOTEL ESENCIA JOINS THE SET COLLECTION: Mexico’s Hotel Esencia has become the latest addition to The Set Collection, a portfolio of non-competing hotels. Located on a 50-acre estate at the midpoint between Tulum and Playa del Carmen on the Riviera Maya, the hotel was originally a private hideaway for an Italian duchess. The mansion was later transformed into a hotel. The property was acquired in 2014 by Hollywood producer and entrepreneur Kevin Wendle. Comprising 47 suites and four villas overlooking the Caribbean, the 12,000-square-foot hotel was unveiled in 2022. The property was designed by architect Peter Svenson and Hotel Esencia’s artistic director Juan Carlos in collaboration with Studio Giancarlo Valle. The property also features three pools, a 20-seat cinema, an underground cocktail lounge and blue-chip artwork.
PLACEMAKR RAISES $65M: Placemakr, the Washington, D.C.-based flexible use multi-family and hospitality operator, has raised $65 million in new funding, exceeding $350 million in total capital raised. With this funding, Placemark will double down on property acquisitions and developer partnerships across the U.S. to add more apartment-style hotels, short-term rentals and flexible-living accommodations to its portfolio. This comes alongside the appointment of Timothy G. Franzen, former president of Graduate Hotels, as its chief development officer. Franzen will lead the company’s expansion plans by partnering with major real estate owners and developers in the U.S. Since it was founded, Placemakr has raised more than $350 million in the capital, managed over $1 billion of real estate assets on its platform, operated more than 1 million room nights and serviced over $100 million in bookings since the onset of the pandemic.
HAY CREEK ADDS THREE NEW MANAGEMENT DEALS: Hay Creek Hotels and Restaurants, a subsidiary of Victory Hotel Partners in Denver, has expanded its presence in the northeast with three management deals. The three new additions include the 143-room The Grand Summit at Attitash in Bartlett, N.H.; 109-room Hotel Canandaigua, the new-build Tapestry by Hilton hotel in the Finger Lakes region in N.Y.; and the 88-room Brookmere Hotel located in Saratoga Springs, N.Y. Currently, Hay Creek has more than 30 properties under the agreement.
EMBASSY SUITES PHILADELPHIA VALLEY FORGE COMPLETES RENOVATION: Embassy Suites by Hilton Philadelphia Valley Forge has finished the final stage of an $18 million renovation. The renovation includes suite upgrades, a fitness entrance, a redesigned lobby and bar area and a new restaurant. Synergy Hospitality Management oversees the updated 229-room hotel. The five-story hotel also includes a 4,000-square-foot event space and a pool with a sundeck.