Hotel development, management and investment company Raines has acquired third-party hotel management company HP Hotels, resulting in operational expansion throughout the southeast and southwestern United States. The financial terms of the transaction were not disclosed.
“Assets alone will not get Raines to where it needs to be as a company,” Grey Raines, managing partner of Raines, said in a statement. “In addition to acquiring third-party management contracts, Raines is adding experienced principals, trusted partnerships, and operations, sales and marketing, and human resources teams to its arsenal of experienced hospitality professionals. By selecting, developing, and empowering talent diligently, we are positioning ourselves to better achieve our company goals and deliver to our stakeholders.”
The acquisition expands Raines’ footprint geographically beyond the Southeast, adding properties in the Southwest, including Texas and Oklahoma. As a result of the partnership, Raines adds not only its first IHG Hotels & Resorts properties but also its first independent assets. The addition of HP’s independent and soft-branded properties is poised to grow the company’s Woven by Raines division of boutique hotels to a portfolio of eight.
“This acquisition is more than just adding assets to our portfolio,” said David Tart, managing partner of Raines. “It's about empowering us to execute on our vision, meet our long-term goals, reach new heights, and unlock new opportunities for our employees, investors, owners and strategic partners. With this acquisition, we're not only adding HP’s expertise and capabilities to our portfolio, but we're also gaining a team of talented individuals who share our values and commitment to providing exceptional hospitality.”
HP’s principals and executive team have joined the combined company. Kerry Ranson, who co-founded HP and led HP as CEO for many years, is now a Raines partner, serving as the company’s president of operations.
“A little over two decades ago, I, along with Joe Powers and Mike Hines, founded HP Hotels with a vision of operating a hotel management company committed to developing successful, long-term relationships,” Ranson said. “It gives me great pleasure to say we accomplished that and more. Over the years, with the help of exceptional, result-oriented hospitality professionals, we grew our portfolio of branded full-service and select-service properties, independent properties, and boutique experiences throughout the Southeast and Southwest, and generated significant returns for our owners. This acquisition marks a new chapter in HP’s history, and the company’s legacy now lives on through the shared values, principles, and vision we have with Raines.”
With the addition of HP's hotels, Raines now manages 49 properties in eight states across seven brands. Operating as Raines, the combined company maintains offices in Florence and Charleston, S.C., overseeing day-to-day operations of the entire portfolio.