Raines Acquires HP Hotels

Raines, a fully integrated hotel development, management, and investment company located in Florence, has acquired HP Hotels, a full-service, third-party hotel management company, resulting in operational expansion throughout the southeast and southwestern United States. 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 of 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.”

“This acquisition is more than just adding assets to our portfolio,” said David Tart, managing partner of Raines.

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.

To read the full story, click here.