ACRES Capital Funding The Ray Hotel Delray Beach With $86 Million Loan

Menin Development just closed a $86 million refinancing for The Ray Hotel Delray Beach.

ACRES Capital provided the loan, with ACRES’ Drew Miller and James Bracco leading the deal. Cooper-Horowitz’s Richard Horowitz negotiated the debt on behalf of Menin. 

The luxury boutique hotel dwelled at 233 Northeast 2nd Avenue, in the Pineapple Grove Arts District is the newest addition to the Curio Collection by the Hilton brand.

The 141-key property will be the only Hilton-marked hotel in Delray Beach and will combine the only rooftop bar in the city. Highlighting a tropical and sustainable aesthetic everywhere, the hotel will feature living walls, large-scale carvings, and immersive art installations.

In total, the hotel will include 45,000 Sq Ft. of indoor and outdoor space, including a 3590 Sq Ft. event space called The Cube. Its 20,000 Sq Ft. rooftop will feature an outdoor pool and restaurant.

Richard Horowitz stated that the property will be an essential hospitality asset and will draw many tourists to the area. It has been a pleasure working with Menin and ACRES, and they look ahead to serving with both parties over in the future.

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