The owner-operator has acquired the third-party management
company for an undisclosed amount and with an eye on further growth.
FLORENCE, SOUTH CAROLINA – Management company consolidation continues with news that
developer-operator Raines, Florence, South Carolina, has acquired third-party
management company HP Hotels for an undisclosed amount.
The move gives Raines 28 third-party management contracts,
as well as deeper exposure into southeast and southwest U.S. markets, including
Texas and Oklahoma. As a result of the partnership, Raines adds not only its
first IHG properties but also its first independent asset, which will help grow
its Woven by Raines boutique platform to eight properties.
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, South Carolina,
overseeing day-to-day operations of the entire portfolio.
“We're intentional about everything we do at Raines, and
this acquisition isn’t any different," Grey Raines, managing partner of
Raines, told Hotel Investment Today. “In addition to adding nearly 30
third-party management contracts to our portfolio, we’re onboarding industry
veterans to our executive team and operations, sales and marketing, and human
resources teams. By doing this, we are positioning ourselves to accelerate
strategic growth and expand property management capabilities.”
HP’s principals and executive team have joined the combined company. Kerry
Ranson, who co-founded HP, is now a Raines partner, serving as the company’s president
of operations.