Dive Brief:

• Raines, a South Carolina-based hotel development, management and investment company, has acquired HP Hotels, adding 28 properties to its portfolio and access to new markets in the South and Southwest.
• The deal more than doubles Raines’ footprint and expands its presence to Alabama, Arkansas, Louisiana, Oklahoma and Texas.
• According to David Tart, managing partner of Raines, the acquisition is more than just adding assets to its portfolio, but also a strategic move to help the company achieve its long-term goals.

Dive Insight:

In addition to the new properties in its portfolio, Raines’ acquisition of HP Hotels expands its property management capabilities and brings in experienced teams in operations, sales and marketing and human resources.

​"Assets alone will not get Raines to where it needs to be as a company," said Grey Raines, managing partner of Raines, in a release. "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."

Raines will also benefit from HP Hotels’ hotel management services in food and beverage, franchise compliance, multibrand marketing and real-time and cloud-based reporting aligned with the AHLA’s Uniform System of Accounts for the Lodging Industry.

As part of the deal, HP Hotels co-founder and CEO Kerry Ranson will join Raines as a partner and the company's president of operations. The transaction also adds Raines' first InterContinental Hotels Group properties as well as its first independent assets.

The financial terms of the deal were not disclosed.