Raines has added Fairfield Inn & Suites by Marriott Pensacola West I-10 in Pensacola, FL, to its growing portfolio of hotels. This deal marks the fully integrated development, management and investment company’s first property in Florida. Season 21 LLC owns the property.
“Being a major force in hospitality in the Southeast, Raines has had its eyes set on expanding to Florida for a while now,” said Grey Raines, managing partner, Raines. “We were waiting for the right property and partner, and we found both in this latest deal.”
This is the first time Season 21 and Raines are doing business together. Season 21 approached Raines about managing the property after the company’s leaders met for the first time earlier in the year.
With the addition of the newly opened Pensacola hotel, Raines has 22 properties in its portfolio, nine of which are Marriott properties, including two other Fairfield assets. This hotel is the company’s sixth third-party management agreement.
The 87-room property is close to Pensacola Bay Center, National Naval Aviation Museum, Saenger Theater and Downtown Pensacola.
Several demand generators in the area include Navy Federal Credit Union, Sacred Heart Health Systems, International Paper, the University of West Florida, Ascend Performance Materials, Baptist Healthcare, Santa Rosa Medical Center, and GE Wind Energy
Upgrades to the guestrooms and public spaces, and other improvements are expected.