Ray’s Restaurants, the operator of three popular fine-dining restaurants in the Atlanta area, is being sold after 40 years as founder Ray Schoenbaum retires.
The buyer is TEI Hospitality, a family-owned company based in Kennesaw, Georgia. Terms of the deal were not disclosed.
Schoenbaum, the son of Shoney’s founder Alex Schoenbaum, opened Ray’s on the River in Sandy Springs, Ga., in 1984. Two more Ray’s followed, in downtown Atlanta and in nearby Alpharetta.
The upscale restaurants are known for their steak and chops, seafood that is flown in daily from both coasts, and a signature dessert: warm lemon butter cake. They have consistently been named among the best places to eat in Atlanta by local and national media outlets.
Nothing about Ray’s will change under the new owners, Schoenbaum said in a press release.
“Like us, TEI Hospitality is a family-owned company that has been around for decades, so they share our values and understand the importance of relationships and providing our guests a first-class experience,” he said in a statement. “Choosing a buyer was not something I took lightly, and I am thrilled to have found someone who will continue the great tradition of Ray’s Restaurants.”
The sale will close in June, and Schoenbaum will stay on for 30 days to help make the transition. The restaurants will stay open throughout that time.
“We are honored to continue the tradition of Ray’s Restaurants and could not be more thrilled to carry on its legacy,” said TEI owner Dan Groom-Traina in a statement. “We look forward to continuing the same excellent standards of food and service that Ray’s restaurants are known for. Ray’s isn’t going anywhere and will keep serving its communities for the next 40 years!”
TEI has been in business for 43 years and owns full-service restaurants including The Dock at Crayton Cove in Naples, Florida, and Pelican Pete's in Gainesville, Georgia.
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