Raines, a fully integrated hotel development, management and investment company, has acquired HP Hotels, a full-service, third-party hotel management company, resulting in operational expansion throughout the Southeast and Southwestern U.S. The financial terms of the transaction are not being publicly disclosed.
“Assets alone will not get Raines to where it needs to be as a company,” said Grey Raines, managing partner, Raines. “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 properties but also its first independent assets. The addition of HP’s independent and soft-branded properties will grow Woven by Raines, a specialized division of the company providing a unique development and management approach to boutique hotels, to a portfolio of eight hotels.
“This acquisition is more than just adding assets to our portfolio,” said David Tart, managing partner, 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 cofounded HP and served 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, SC, overseeing day-to-day operations of the entire portfolio.