FLORENCE, SC — June 5, 2024 — Raines, a leading hospitality management, development, and investment organization, has entered into a joint venture with Atlantic Hotels Group that adds 16 properties to Raines’ management portfolio and expands the company’s operations into the Texas market.
This deal was spearheaded by Kerry Ranson, partner and president of operations at Raines, and Perry Molubhoy, CEO of Atlantic Hotels Group, who have a personal and professional relationship that spans nearly two decades. Discussions regarding potential joint ventures had been ongoing, borne from a mutual vision to drive innovation and excellence in the hospitality industry.
The new additions to the Raines management portfolio include Hilton, Marriott, and IHG hotels in the Dallas and Waco markets. Here is the full list of properties that have joined the Raines portfolio:
- Aloft Dallas Love Field in Dallas, Texas.
- Comfort Suites DFW N/Grapevine in Grapevine, Texas.
- Element Dallas Downtown East in Dallas, Texas.
- Home2 Suites by Hilton McKinney in McKinney, Texas.
- Hampton Inn & Suites Dallas-The Colony, TX in The Colony, Texas.
- Hampton Inn & Suites Dallas-DFW Airport North-Grapevine in Grapevine, Texas.
- Hampton Inn Waco in Waco, Texas.
- Holiday Inn Express & Suites North Dallas at Preston in Dallas, Texas.
- Holiday Inn Dallas – Garland, an IHG Hotel in Garland, Texas.
- Holiday Inn Express & Suites Waco South, an IHG Hotel in Waco, Texas.
- Homewood Suites by Hilton Dallas The Colony in The Colony, Texas.
- Residence Inn Dallas at The Canyon in Dallas, Texas.
- SpringHill Suites Dallas McKinney/Allen in McKinney, Texas.
- TownePlace Suites Dallas DeSoto in DeSoto, Texas.
- TownePlace Suites Dallas Lewisville in Lewisville, Texas.
- TownePlace Suites Waco South in Waco, Texas.
Raines has established an office in Dallas to ensure proximity to its properties and operational efficiency. The company is sharing office space with Atlantic Hotels Group, underscoring Raines’ “feet on the ground” management philosophy, while providing a launchpad for further expansion in the region. Additionally, several members of the Atlantic Hotels Group executive team will become members of the Raines team.
“This partnership opens many exciting doors for the Raines organization,” Ranson said. “We are dedicated to deliberate, sustainable growth in carefully considered markets with partners who share our vision and values. This deal expands our footprint into the Texas market and showcases our commitment to delivering unparalleled hospitality experiences. Together, with the Atlantic Hotels Group team, we are poised to unlock new opportunities for both organizations.”
In turn, Atlantic Hotels Group will be able to scale up its third-party management capabilities and continue its organic growth trajectory, all while leveraging new assets through its existing relationship with Alpha3, the company’s development arm.
“Our collaboration with Raines allows Atlantic Hotels Group to fortify our third-party management business and pursue steady growth in desirable markets close to home,” Molubhoy said. “Raines’ commitment to treating managed assets as their own aligns seamlessly with our ethos. We are excited to see how this partnership will bolster both businesses.”
Raines is currently in a phase of accelerated growth. With the addition of the 16 Atlantic Hotels Group properties, the company’s management portfolio now numbers 56. In March and April, they added three properties: Cambria Charleston Riverview in Charleston, SC, Springhill Suites Cheraw in Cheraw, SC, and Hilton Garden Inn University District Greenville in Greenville, NC. In 2023, Raines also acquired HP Hotels, reopened the Waynesville Inn & Golf Club, and commemorated its 35th year in the hospitality industry.
