Raines, a Florence, SC-based hotel development, management, and investment company, acquired HP Hotels, an Atlanta, GA-based third-party hotel management company.
The amount of the deal was not disclosed.
With the acquisition, Raines will expand its footprint geographically beyond the Southeast, add properties in the Southwest, including Texas and Oklahoma. 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, SC, overseeing day-to-day operations of the entire portfolio.
Led by Grey Raines and David Tart, Raines is hospitality management, development, and investment organizations offering a comprehensive approach to its property portfolio and client base. Featuring a variety of properties, including notable boutique hotels, The Foundry Hotel in Asheville, NC and Hotel Florence in Florence, SC, the company currently has 49 hotels and 5,204 keys throughout the Southeast. With its organization, a variety of specialty divisions offer curated and strategic programming, including Woven, a boutique hotel sector, and Array, which specializes in commercial real estate and office properties.
FinSMEs
15/03/2023