ACRES Provides $86M Refinancing for New Hilton-Branded Hotel in Delray Beach, Florida
DELRAY BEACH, FLA. — ACRES Capital Corp. has provided a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a new hotel located at 233 NE 2nd Ave. in Delray Beach. The property is a member of the Curio Collection by Hilton brand of hotels. The loan was provided to sponsor Menin Development Inc., a real estate development firm. The Ray Hotel Delray Beach is slated to open at the beginning of September 2021.
Ray Hotel will span 141 rooms and four stories. The property’s amenities will include a 20,000-square-foot rooftop with an outdoor pool, restaurant and bar. In total, the hotel will also offer more than 45,000 square feet of indoor and outdoor event space. Additionally, the property will also include a 3,590-square-foot event space called The Cube, which will be used for weddings, charity functions, parties and other major events.
Additional food and beverage options will include a restaurant, as well as a lobby bar and coffee bar. Other amenities will feature a fitness room, valet laundry, shuttle service to the beach and a private beach section for hotel guests.
Ray Hotel is located 0.4 miles from the Delray Beach and approximately two blocks north of Atlantic Avenue, a main thoroughfare with restaurants, bars and retail stores.
Richard Horowitz of Cooper Horowitz arranged the loan. Drew Miller and James Bracco of ACRES originated the deal.