141-room lifestyle hotel is well-situated in growing market with strong lodging demand
DELRAY BEACH, Fla., Sept. 16, 2024 — A joint venture between Certares, a leading global investment firm focused exclusively on the travel and hospitality industries, and TMGOC Ventures, a real estate investment firm based in Boca Raton, FL and Charleston, SC, today announced that it has acquired The Ray Hotel, an acclaimed 141-room hotel in Delray Beach, FL.
The Ray, which opened in September of 2021, is an urban retreat located in the heart of Delray Beach’s vibrant restaurant, arts, and cultural scene. The hotel’s three full-service dining outlets include offerings from Michelin-star Chef Akira Back and Campi Italian by New York-based Host Restaurants. Other amenities include a lavish rooftop restaurant and bar, a rooftop pool deck, an 1,800 square foot fitness center, and a modern event space. The Ray is ideally situated within a mile of the city’s award-winning beaches and only a 25-minute drive from the West Palm Beach Airport and downtown West Palm Beach.
Nolan Hecht, Senior Managing Director and Head of Real Estate at Certares, commented, “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 and Managing Partner at TMGOC Ventures, commented, “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 and 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.”
Through this acquisition, Certares and TMGOC plan to utilize their deep expertise in the hotel and travel space to further deliver a unique and enhanced guest experience for The Ray Hotel guests.
