Raines Adds First Hotel in Florida To Growing Portfolio In the Southeast
FLORENCE, SC— Raines has added Fairfield Inn & Suites by Marriott Pensacola West I-10 to its growing portfolio of hotels. This deal marks the fully integrated development, management, and investment company’s first property in Florida. Season 21, LLC owns the property.
“Being a major force in hospitality in the Southeast, Raines has had its eyes set on expanding to Florida for a while now,” said Grey Raines, managing partner at Raines. “We were waiting for the right property and partner, and we found both in this latest deal. We are thrilled to be working with Season 21’s leaders and appreciate the opportunity.”
This is the first time Season 21 and Raines are doing business together. Season 21 approached Raines about managing Fairfield Inn & Suites by Marriott Pensacola West I-10 after the company’s leaders met for the first time earlier in the year.
With the addition of the newly opened Fairfield Inn & Suites by Marriott Pensacola West I-10, Raines has 22 properties in its portfolio, nine of which are Marriott properties, including two other Fairfield assets. This property is the company’s sixth third-party management agreement.
Located off I-10, the 87-room property is a short drive from Pensacola Bay Center, National Naval Aviation Museum, Saenger Theater, typically used for performances and mid-level events, and Downtown Pensacola, home to a variety of food trucks, pubs, breweries, cafes, nightclubs, and more.
Several demand generators in the area include Navy Federal Credit Union, Sacred Heart Health Systems, International Paper, the University of West Florida, Ascend Performance Materials, Baptist Healthcare, Santa Rosa Medical Center, and GE Wind Energy
Upgrades to the guestrooms and public spaces, and improvements to the property’s curb appeal are expected.
The property’s new management team is available for in-person meetings, property tours, and press tours by appointment only.