Raines, a fully-integrated hotel development, management and investment company, acquired HP Hotels, a full-service, third-party hotel management company, for an undisclosed price, the company said in a Tuesday news release.
The acquisition adds 27 hotels to the Mt. Pleasant, South Carolina-based Raines' management portfolio to bring it to 49 hotels total in eight states across seven brands. Grey Raines, managing partner of Raines, said the deal accomplishes more than just growing his company’s assets.
“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,” he said. “By selecting, developing and empowering talent diligently, we are positioning ourselves to better achieve our company goals and deliver to our stakeholders.”
HP Hotels’ principals and executive team will stay on with Raines, the news release states. Kerry Ranson, co-founder and CEO of HP Hotels, will take over as Raines’ president of operations.
“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,” Ranson said. “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.”