FLORENCE, SC—Raines, a completely built-in resort improvement, administration, and funding firm, has acquired HP Resorts, a full-service, third-party resort administration firm, leading to operational enlargement all through the southeast and southwestern United States. The monetary phrases of the transaction will not be being publicly disclosed.
“Belongings alone won’t get Raines to the place it must be as an organization,” mentioned Gray Raines, managing companion of Raines. “Along with buying third-party administration contracts, Raines is including skilled principals, trusted partnerships, and operations, gross sales and advertising, and human sources groups to its arsenal of skilled hospitality professionals. By deciding on, growing, and empowering expertise diligently, we’re positioning ourselves to higher obtain our firm targets and ship to our stakeholders.” The acquisition expands Raines’ footprint geographically past the Southeast, including properties within the Southwest, together with Texas and Oklahoma.
Because of the partnership, Raines provides not solely its first IHG properties but additionally its first impartial belongings. The addition of HP’s impartial and soft-branded properties will develop Woven by Raines, a specialised division of the corporate offering a novel improvement and administration method to boutique inns, to a portfolio of eight inns. “This acquisition is extra than simply including belongings to our portfolio,” mentioned David Tart, managing companion of Raines. “It’s about empowering us to execute on our imaginative and prescient, meet our long-term targets, attain new heights, and unlock new alternatives for our staff, buyers, house owners and strategic companions. With this acquisition, we’re not solely including HP’s experience and capabilities to our portfolio, however we’re additionally gaining a group of proficient people who share our values and dedication to offering distinctive hospitality.” HP’s principals and govt group have joined the mixed firm.
Kerry Ranson, who co-founded HP and led HP as CEO for a few years, is now a Raines companion, serving as the corporate’s president of operations. “A little bit over 20 years in the past, I, together with Joe Powers and Mike Hines, based HP Resorts with a imaginative and prescient of working a resort administration firm dedicated to growing profitable, long-term relationships,” Ranson mentioned. “It offers me nice pleasure to say we achieved that and extra. Through the years, with the assistance of outstanding, result-oriented hospitality professionals, we grew our portfolio of branded full-service and select-service properties, impartial properties, and boutique experiences all through the Southeast and Southwest, and generated vital returns for our house owners. This acquisition marks a brand new chapter in HP’s historical past, and the corporate’s legacy now lives on via the shared values, ideas, and imaginative and prescient we’ve got with Raines.” With the addition of HP’s inns, Raines now manages 49 properties in eight states throughout seven manufacturers. Working as Raines, the mixed firm maintains workplaces in Florence and Charleston, SC, overseeing day-to-day operations of your entire portfolio.