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The Ray Hotel Delray Beach

Delray Beach, FL

Hotel - Refinance

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The Ray Hotel Delray Beach

HOTEL - REFINANCE

ACRES Capital Corp. has originated a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a member of the Curio Collection by Hilton brand of hotels located at 233 NE 2nd Ave. in Delray Beach, Florida.

The loan is provided to sponsor Menin Development Inc., a real estate development firm that has acquired, developed and remodeled properties worth more than $1.5 billion across the Mid-Atlantic and Southeast U.S. The Ray Hotel Delray Beach is in its final stages of construction and is expected to open on September 1st, 2021.

The Ray Hotel will feature:
• 20,000-square-foot rooftop with an outdoor pool, restaurant and bar
• 45,000 square feet of indoor and outdoor event space
• A signature, 3,590-square-foot event space called The Cube, which will be ideal for weddings, charity functions, parties or other major events
• Upscale restaurant, lobby bar and coffee bar
• Fitness room, valet laundry, shuttle service to the beach
• Private beach section for hotel guests

The Property resides within the Pineapple Grove Arts District, which features an eclectic mix of boutiques, bistros, art galleries, salons and spas, and is well-known for its public artwork and attractions like Artist’s Alley, which contains working artist studios; as well as trendy entertainment venue Arts Garage. The Ray Hotel Delray Beach is located less than a mile from the beach and approximately two blocks north of Atlantic Avenue.

$86 Million

Loan Amount

Mid-Construction

Loan Product

“The Ray Hotel Delray Beach, Curio Collection by Hilton, will be a signature addition to the evolution of downtown Delray Beach, which is transforming the city into an even more exciting destination for visitors while generating an influx of commercial demand. We are thrilled to work with the ACRES team, who were able to provide us with a creative and flexible financing package to support our business plan for the hotel.”

- Craig Menin, Chief Executive Officer of Menin

“We are pleased to have worked with Menin Development and ACRES to complete The Ray Hotel Delray Beach transaction. The Property will be a significant hospitality asset and will attract many tourists to the area. ACRES enabled Menin’s vision to become a reality, as their team delivered yet again. It has been a pleasure working with Menin and ACRES, and we look forward to working with both parties again in the future.”

- Richard Horowitz, Cooper Horowitz

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