JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales

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JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales
 
Published Friday, October 4, 2024 11:00 am
by Lidia Dinkova

This is a summary

"A joint venture scooped up the Ray Hotel Delray Beach, Curio Collection by Hilton for $57.7 million, marking a resurgence of hospitality investment sales. 

 

Tmgoc Ventures and Certares Management bought the four-story, 141-key hotel at 233 Northeast Second Avenue, according to records and real estate database Vizzda. The property’s sale price according to the deed was $47.8 million, but the trade actually was for $57.7 million, which equates to the loan balance after it was reduced from $85.8 million, records and Vizzda data show. 

The price is about $409,000 per key. The buyers assumed the property’s loan, which is from lender AMF Levered II. "

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JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales | The Real Deal

Image credit to Juan Rojas on Unsplash


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JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales | The Real Deal

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