A joint venture between Certares, a global investment firm focused exclusively on the travel and hospitality industries, and TMGOC Ventures, a real estate investment firm, has acquired The Ray Hotel, a 141-room hotel in Delray Beach, Fla.
"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," Nolan Hecht, senior managing director and head of real estate at Certares, said in a statement. "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."
The Ray, which opened in September 2021, is an urban retreat located in Delray Beach's restaurant, arts and cultural scene. The hotel's three full-service dining outlets include Michelin-star Chef Akira Back and Campi Italian by New York-based Host Restaurants. Other amenities include a rooftop restaurant and bar, a rooftop pool deck, an 1,800 square foot fitness center and a modern event space.
"We are delighted to partner with Certares in this milestone acquisition," said Glenn Alba, co-founder and managing partner at TMGOC Ventures. "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."