A joint venture between travel and hospitality focused investment firm Certares and real estate investment firm TMGOC Venture has purchased The Ray Hotel in Delray Beach, Florida.
The Ray Hotel, Curio Collection by Hilton comprises 141 rooms, a rooftop restaurant and bar, a rooftop pool deck, an 1,800 square foot fitness centre and a modern event space. The hotel's three full-service dining outlets also include offerings from Michelin-star Chef Akira Back and Campi Italian by New York-based Host Restaurants.
Since launching its real estate platform in early 2021, Certares has acquired 14 hotels comprising over 3,100 keys across the country. The Ray is the platform's third investment of 2024 following the Hilton Boston Back Bay and the Carté Hotel San Diego.
Since its inception in 2019, TMGOC has amassed $1 billion in existing and development pipeline investments and has partnered with hotel brands including Ritz-Carlton, Thompson by Hyatt, Autograph Collection, Tapestry Collection by Hilton and Moxy by Marriot
Through this acquisition, Certares and TMGOC plan to utilize their expertise in the hotel and travel space to improve The Ray Hotel
What they said
Nolan Hecht, senior managing director & head of real estate at Certares said: “Acquiring The Ray continues our thematic approach of investing in high-quality hotels in market pockets of high demand and low supply, which are poised for continued growth. We look forward to working with our partners at TMGOC to unlock additional value in what we view as one of the finest quality lodging offerings in all of Palm Beach County.”
Glenn Alba, co-founder & managing partner at TMGOC Ventures added: “We are delighted to partner with Certares in this milestone acquisition. Being headquartered locally, we have seen firsthand the rapid expansion of the Delray Beach market. The Ray was delivered at the highest quality, and we look forward to being great stewards of this gem of a hotel and delivering a top-notch lodging experience to both business and leisure guests."
Sunju Patel, TMGOC co-founder & managing partner added: “The Ray is a bespoke property representing the best of both a city and beach escape in the highly sought-after market of Delray Beach. This acquisition further solidifies TMGOC's ability to cultivate key relationships with premier brands and partners.”