Menin Development has secured a $72 million first mortgage loan from Madison Realty Capital for a mixed-use scheme in Delray Beach, Fl. The funding will go towards the construction of a new 220,636 sqf Ray Hotel, which will operate under the Curio Collection brand by Hilton Worldwide. Upon completion, the hotel will include 141 rooms, 23,325 sqf of restaurant space, entertainment, and ballroom space, along with a 179-space parking garage. The build out of the hotel is expected to take 2 years.
“Delray Beachhas undergone a large-scale revitalization over the last several years with substantial growth and increased tourism, yet quality full-service hotels within the area remain in short supply,”said Josh Zegen, Co-Founder and Managing Principal of MRC.“The Ray Hotel will fill a substantial void in the market as the first hospitality asset to offer first-class food and beverage options, ballroom space, and a rooftop lounge.”
