Certares, a global investment company specialising in the travel and hospitality sectors, in a joint venture (JV) with real estate investment company TMGOC Ventures has acquired The Ray Hotel in Delray Beach, Florida, US.
Financial details of the transaction remain undisclosed.
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Part of the Curio Collection by Hilton, the acquired property features 141 rooms and three full-service dining spaces.
The Ray Hotel, which opened its doors in September 2021, is positioned as an urban retreat amid the city’s arts, restaurant, and cultural scene.
With this acquisition, the JV partners plan to leverage their knowledge in the hotel and travel industry to improve offerings at the hotel.
Guests can also access the hotel’s rooftop restaurant and bar, a rooftop pool deck, an event space as well a 1,800ft² fitness centre.
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By GlobalDataCertares senior managing director and Real Estate head Nolan Hecht 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.”
The Ray’s location places it within a mile of Delray Beach’s beaches and a short drive from the West Palm Beach Airport and downtown area.
TMGOC co-founder and managing partner Sunju Patel said: “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.”
Established in 2012, Certares currently manages around $6.8bn in assets, including some co-investments, as of 30 June 2024.
The company has expanded its portfolio to include 14 hotels with more than 3,100 keys across the US since the early 2021 launch of its real estate platform.
