Menin Development makes $10M play for Delray Beach hotel
Real estate firm acquired family-owned boutique property in its own backyard
Three months after opening its first hotel in Delray Beach, Menin Development picked up another hospitality property in its own backyard.
The Delray Beach-based commercial real estate developer bought the Crane’s Beach House Boutique Hotel & Luxury Villas at 82 Gleason Street for $10 million, according to a press release. An affiliate of Menin Development, led By CEO Craig Menin, paid $4.5 million for the real estate and obtained a $7 million loan from Northeast Bank, according to records.
Menin Development paid roughly $357,142.85 per key for the hotel, which has a mix of 28 guest rooms and villas, a tiki bar and two pools. The property is located a block away from the beach and within walking distance of restaurants and retail shops on Atlantic Avenue, according to the press release.
The seller is Cranes Beachhouse LLC, which is managed by Michael Crane of New York, according to records. In 2000, Cranes paid $1.2 million for the property, records show. Crane and his family operated the Key West-inspired hotel, which was built in 1952, for more than 20 years, the press release states.
In September, Menin Development opened The Ray, a 141-room hotel in downtown Delray Beach. The property is managed by Hilton under its Curio Collection brand. Menin Development purchased The Ray’s site for $26.6 million in 2016 and obtained a $72 million construction loan from Madison Realty Capital in 2019 to complete the project.
The two hotels are part of a growing commercial real estate portfolio in Menin Development’s home city. The company developed Delray Beach Market, a 150,000-square-foot mixed-use project that includes a 30,000-square-foot food hall. Menin Development is also converting a portion of a Delray Beach shopping center into a mixed-income apartment complex. Called The Linton, the project is a five-story, 277-unit apartment building, on the site of a 78,399-square-foot retail building.