Certares, TMGOC Ventures Buy The Ray Hotel in Delray Beach
By Julia Echikson September 23, 2024 2:15 pm
reprints
Certares and TMGOC Ventures purchased a hotel in Delray Beach, Fla., property records show.
Called The Ray Hotel, the Hilton-branded property at 233 NE Second Avenue features 141 rooms and three restaurants, including one helmed by Michelin-star chef Akira Back.
The buyers assumed the seller’s loan, which has $57.7 million in outstanding debt, though the deed lists the consideration at $47.8 million.
“Being headquartered locally, we have seen firsthand the rapid expansion of the Delray Beach market,” Glenn Alba, co-founder and managing partner of TMGOC Ventures, said in a statement. “The Ray was delivered at the highest quality, and we look forward to being great stewards of this gem of a hotel.”
The seller, Menin Development, completed the 96,631-square-foot hotel in 2021, five years after it purchased the 1-acre site for $25.6 million, according to records.
In 2021, the Delray Beach-based developer secured a $85.6 million loan from Acres Capital, which Certares and TMGOC Ventures assumed. It’s unclear whether Menin paid down the debt to $57.7 million, or whether Certares and TMGOC Ventures received a discount.
Representatives for Certares, TMGOC Ventures and Menin Development did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
