Raines, a hotel development, management, and investment company, has acquired HP Hotels, a full-service, third-party hotel management company, for undisclosed amount.
This deal expands Raines’ presence beyond the Southeast US, and adds properties in the Southwest US, including Texas and Oklahoma.
Following this transaction, Raines not only adds its first IHG properties but also its first independent assets.
The addition of HP’s independent and soft-branded properties also expands Woven by Raines, a division of Raines, to a portfolio of eight hotels.
Raines managing partner Grey Raines said: “Assets alone will not get Raines to where it needs to be as a company.
“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.”
HP’s principals and executive team have joined the combined company.
Kerry Ranson, who was co-founder of HP and also led HP as CEO for several years, has now become Raines president of operations.
Ranson said: “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.
“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 this deal, Raines now manages 49 properties in eight US states across seven brands.
Operating as Raines, the merged entity will have offices in Florence and Charleston, South Carolina to manage day-to-day operations of the complete portfolio.