The Ray Hotel in Delray Beach Sold to TMGOC, Certares for $57.7M

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.