FLORENCE, SC — May 24, 2022— Raines, a fully integrated development, management, and
investment company, has added the Fairfield Inn & Suites by Marriott Charleston North/Ashley
Phosphate in North Charleston, SC to its growing portfolio of branded, and boutique and lifestyle
properties in the Southeast region of the U.S. This addition marks the fourth third-party managed
property in the company’s portfolio of largely operator-owned assets and the seventh hotel in the
Charleston-area for Raines.

“Even though we haven’t talked much about it, third-party management has been a major focus for us
and will continue to be,” said Grey Raines, managing partner of Raines. “While we own the majority of
the properties in our portfolio, our decades-long experience as an owner puts us in a better position
than many of our competitors, as we know how owners think, what they need, and how to execute.”

Located outside of Charleston’s historic district, the 84-room property is near everything the
neighborhood is best known for, including historic churches, art-filled galleries, bustling restaurants
and bars, and Waterfront Park. It’s also in proximity to Joint Base Charleston, North Charleston
Coliseum, Northwoods Mall, and Palmetto Commerce Road.

Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate has both rooms and suites.
Each guest room has a fridge, a microwave, and a coffee maker. The property’s amenities include
complimentary WiFi, hot breakfast offerings and grab-and-go items, a 24-hour fitness center, laundry,
and an outdoor pool.

Trishul Hospitality acquired the property in March 2022. Raines and Trishul have a longstanding
relationship dating back to the pre-development of the Hilton Garden Inn in Mt. Pleasant, SC, another
property third-party managed by Raines.

“We are excited to partner with Raines as the manager of the Fairfield Inn & Suites by Marriott
Charleston North/Ashley Phosphate,” said Vishal Patel, managing partner of Trishul. “Raines’
extensive Marriott experience, knowledge of the Charleston market, and the fact that they are owners
themselves makes them the right fit and the type of operator we want to work with.”

Minimal renovations and upgrades to Fairfield Inn & Suites by Marriott Charleston North/Ashley
Phosphate are expected, including new televisions; cosmetic upgrades to the guestroom bathrooms;
landscaping; and an exterior refresh encompassing the parking lot, curbing, and sidewalks. The soft
seating in the lobby will also be upgraded.

About Raines
Raines is one of the Southeast’s premier hospitality management, development,
and investment groups, offering a comprehensive approach to its impressive property portfolio and
client base. Led by Managing Partners Grey Raines and David Tart, the award-winning company is
known for its operational experience, success with historic properties, and expertise with the world’s
leading brands such as Hilton, Marriott, Hyatt, Choice and Wyndham. Featuring a variety of
properties, including notable boutique hotels The Foundry Hotel in Asheville, NC and Hotel Florence
in Florence, SC, Raines currently has 21 hotels and 2,011 keys throughout the Southeast. Within the
Raines 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. Raines is headquartered in Florence, SC, with a secondary regional office in
Charleston, SC.