June 12, 2019 Comments (0) Views: 104 Florida, National News, Southeast

Menin Secures $72M Loan for Hotel Development in Delray Beach

Menin Development secured a $72 million loan for the development of The Ray Hotel, a 141-room hotel and Esplanade Plaza, as well as an adjacent 17,252-square-foot retail center. Located at 241 and 247 2nd Ave., the property is situated on a nearly two-acre lot in the Pineapple Grove neighborhood of Delray Beach.

Josh Zegen of Madison Realty Capital provided the financing to Menin. Construction on the development has begun, and the project is expected to take 24 months to complete.

The 220,636-square-foot hotel will operate under the Curio Collection brand by Hilton Worldwide. Features of the property include a lobby bar, five restaurants, a fitness center, rooftop lounge, infinity pool and outdoor yoga area. The hotel will also include a 6,000-square-foot courtyard at the lobby entrance.

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