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joint venture between Tmgoc Ventures and Certares Management acquired the Ray Hotel Delray Beach, Curio Collection by Hilton for $57.7 million, marking a resurgence of hospitality investment sales. The four-story hotel at 233 Northeast Second Avenue features 141 keys and was sold after its loan balance was reduced from $85.8 million to $57.7 million. This equates to approximately $409,000 per key.

    The buyers assumed the property's loan from lender AMF Levered II, which is related to Acres Capital that initially provided a $67 million loan in 2021. The loan was later transferred to AMF and reduced to $57.7 million. It remains unclear whether this reduction was due to debt forgiveness or borrower payments.

    Tmgoc Ventures, based in Boca Raton and Charleston, South Carolina, is a hospitality and multifamily private equity firm with a portfolio of about $1 billion. Certares Management, based in New York, has $6.8 billion in assets under management focused on hospitality and tourism services.

    South Florida hotel investment sales have picked up this year despite challenging market conditions. Recent deals include Habitus SPV Miami Airport BB1's purchase of the six-story Miami Springs hotel for $16.2 million and MHG Hotels' acquisition of a Boca Raton hotel for $15.5 million.