Skip to content

Search

Human content, AI powered search.

Latest Stories

TMGOC, Certares Acquire The Ray Hotel in Delray Beach for $58M

Boca Raton-based TMGOC Ventures is led by co-founders Sunju Patel and Glenn Alba

The Ray Hotel, a 141-room Hilton Curio Collection property in Delray Beach, Florida
Vishnu Rageev R
By Vishnu Rageev RSep 18, 2024

TMGOC Ventures and Certares Acquire The Ray Hotel in Delray Beach

A JOINT VENTURE between TMGOC Ventures and Certares recently acquired The Ray Hotel, Curio Collection by Hilton, a 141-room property in Delray Beach, Florida. TMGOC Ventures, a real estate investment firm based in Boca Raton, Florida, is led by co-founders and managing partners Sunju Patel and Glenn Alba.

“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,” Patel said. “This acquisition further solidifies TMGOC’s ability to cultivate key relationships with premier brands and partners.”

The Ray Hotel, which opened in September 2021, includes three dining outlets, a rooftop restaurant and bar, a rooftop pool deck, an 1,800-square-foot fitness center, and an event space, the companies said in a joint statement. The property is within a mile of Delray Beach and less than 20 miles from Palm Beach International Airport and downtown West Palm Beach.

“We are delighted to partner with Certares in this milestone acquisition,” said Alba. “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.”

TMGOC, founded in 2019, has secured $1 billion in investments and development projects, the statement said. Its portfolio includes partnerships with Ritz-Carlton, Thompson by Hyatt, Autograph Collection, Tapestry Collection by Hilton, and Moxy by Marriott.

“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,” said Nolan Hecht, Certares’ senior managing director and head of real estate. “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.”

Certares, a global investment firm specializing in travel and hospitality, is led by Founder and Senior Managing Director Greg O'Hara.

NewcrestImage, led by Mehul Patel as managing partner and CEO, recently acquired the DoubleTree Suites by Hilton Hotel Columbus Downtown, a 15-floor property with 194 suites, among the largest in the Columbus market.

u.s. hotel industrysunju pateltmgoc venturesthe ray hotel in delray beachreal estate investment firmnolan hechtglenn albacertaresgreg o'harajoint venturefloridahotel acquisitioncertares the ray hotelthe ray hotel delray beachhilton curio collection floridadelray beach hotel markethospitality investment 2025sunju patel tmgocglenn alba tmgocnolan hecht certarespalm beach county hotels

Related News

Peachtree Group loan
Industry News

Peachtree backs $42M loan for AFC deal

ESA Launches Client Connect: All-in-One Business Travel Hub
Industry News

ESA launches ‘Client Connect’ for business travel

Trump’s Proposed Visa Fee Threatens Seasonal Hospitality Workforce
Industry News

Report: Trump visa fee sparks summer staffing fears

Wyndham & Grubhub Offer Free Delivery to Guests & Staff
Industry News

Wyndham, Grubhub offer free delivery to guests, staff

More for you

U.S. Hotel Construction Hits 20-Quarter Low in June

CoStar: Hotel construction drops in June

Summary:

  • U.S. hotel rooms under construction fell year over year for the sixth straight month in June, hitting a 20-quarter low, CoStar reported.
  • About 138,922 rooms were under construction, down 11.9 percent from June 2024; the luxury segment had 6,443 rooms, up 4.1 percent year over year.
  • Lodging Econometrics recently said Dallas led all U.S. markets in hotel construction pipelines at the end of the first quarter, with 203 projects and 24,496 rooms.

THE NUMBER OF U.S. hotel rooms under construction declined year over year for the sixth straight month in June, reaching a 20-quarter low, according to CoStar. Additionally, more than half of all rooms under development are in the South, mostly outside the top 25 markets.

Keep ReadingShow less
Chart showing decline in U.S. extended-stay hotel occupancy and RevPAR in May 2025

Report: May fifth month for drop in extended-stay occupancy

Summary:

  • Extended-stay occupancy fell 2.2 percent in May, the fifth straight monthly decline; ADR and RevPAR also dropped for a second consecutive month.
  • May marked 44 straight months of supply growth for the segment at 4 percent or less, with annual growth below the 4.9 percent long-term average.
  • Extended-stay room revenues rose 0.5 percent, while total industry revenue grew 0.9 percent, led by segments with little extended-stay supply.

EXTENDED-STAY HOTEL occupancy fell 2.2 percent in May, the fifth consecutive monthly decline, exceeding the 0.7 percent drop reported for all hotels by STR/CoStar, according to The Highland Group. Extended-stay occupancy was 10.5 percentage points above the total hotel industry, at the lower end of the long-term average premium range.

Keep ReadingShow less
Auro Hotels Showcases India Culture at TCMU Exhibit

Auro unveils 'India Cultural Corner' for children

Summary:

  • Auro Hotels opened the India Cultural Corner, where children can check in and explore Indian culture at The Children's Museum of the Upstate.
  • Families can engage with community art, activities and storytelling about daily life in India.
  • The exhibit runs through May 2026, offering interactive learning on Indian culture.

AURO HOTELS RECENTLY opened the India Cultural Corner at The Children's Museum of the Upstate in Greenville, South Carolina, offering a look into Indian stories for American families. The exhibition, held at The Grand Geo Hotel and running through May 2026, includes a hotel desk where children can check in and explore Indian culture through interactive activities.

Keep ReadingShow less
U.S. Firms Lose $2.4 Trillion by Skimping on Business Travel

Report: Business travel gaps cost U.S. firms $2.4T

Summary:

  • U.S. companies risk losing more than $2.4 trillion in sales due to underinvestment in business travel, says GBTA.
  • An 8.3 percent T&E increase could drive a 6 percent sales gain, despite post-COVID virtual meeting tools.
  • Current T&E spending is $294 billion—$24 billion short of the $319.1 billion needed for peak profitability.

U.S. COMPANIES ARE missing more than $2.4 trillion in potential sales due to underinvestment in business travel, according to a Global Business Travel Association report. Despite a post-pandemic rebound, travel and entertainment spending remains $66 billion below 2019 levels.

Keep ReadingShow less
AI threats in hospitality

Study: Cyberattacks on hotels to surge

Summary:

  • Around 66 percent of hotel IT and security executives expect more cyberattacks this summer, and 50 percent anticipate greater severity, according to VikingCloud.
  • Guest-facing systems most at risk include POS and payment technology at 72 percent, guest WiFi at 56 percent and front desk systems at 34 percent.
  • About 48 percent of executives lack confidence in their staff’s ability to detect and respond to AI-driven attacks and deepfakes.

APPROXIMATELY 66 PERCENT of hotel IT and security executives expect an increase in cyberattack frequency and 50 percent anticipate greater severity during the summer travel season, according to cybersecurity firm VikingCloud. In summer 2024, 82 percent of North American hotels experienced a cyberattack and 58 percent were targeted five or more times.

Keep ReadingShow less
Asian Hospitality Logo
© Copyright 2025