Acres Capital loans $86M for Florida hotel refinance

Commercial real estate middle-market lender Acres Capital Corp. has originated a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a member of the Hilton’s Curio Collection soft brand in Delray Beach, Fla. The loan is provided to sponsor Menin Development, a real estate development firm that has acquired, developed and remodeled properties worth more than $1.5 billion across the Mid-Atlantic and Southeast U.S. The Ray Hotel Delray Beach is in its final stages of construction and is expected to open on Sept. 1.
 
“With the country’s tourism industry quickly rebounding, Delray Beach remains a popular destination that is sure to be a direct beneficiary,” said Acres CEO and President Mark Fogel. “As this beach community continues to attract guests from across the U.S. that are looking to book leisure travel, The Ray will accommodate a variety of travelers as one of the only major new hotels in the city.”
 
The 141-room Ray Hotel Delray Beach is the only Hilton hotel in Delray Beach. The hotel will have a 20,000-square-foot rooftop with an outdoor pool, a restaurant and a bar. In total, the property will have more than 45,000 square feet of indoor and outdoor event space. It will also include a 3,590-square-foot event space called The Cube as well as an upscale restaurant, a lobby bar and a coffee bar. Other amenities will include a fitness room, valet laundry, a shuttle service to the beach and a private beach section for hotel guests.
 
The deal was originated by the Acres team of Drew Miller and James Bracco.