Ray Schoenbaum, the man behind Ray’s Restaurants, will retire from the business after more than 40 years. And he’s selling his trio of restaurants in Sandy Springs, Downtown Atlanta, and Alpharetta.
Schoenbaum will sell Ray’s on the River, Ray’s in the City, and Ray’s at Killer Creek to Kennesaw-based TEI Hospitality, the Atlanta Business Chronicle first reported. The deal finalizes in June.
The new owners plan to retain the current Ray’s staff and the names of all three restaurants, according to 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,” said Schoenbaum in a prepared statement. “Choosing a buyer was not something I took lightly . . . Nothing is going to change!”
TEI Hospitality owner Dan Groom-Traina echoed Schoenbaum’s sentiment, stating, “Ray’s isn’t going anywhere and will keep serving its communities for the next 40 years!”
Schoenbaum, the son of Alex Schoenbaum, the founder of the Shoney’s restaurant chain, opened Ray’s on the River in 1984. The restaurant resides along the Chattahoochee River in Sandy Springs. Ray’s at Killer Creek opened in 1998 in Alpharetta, followed five years later by Ray’s in the City at the AmericasMart on Peachtree.
Ray’s Restaurants became synonymous with casual fine dining in Atlanta. The menu features everything from lump crab cakes and seafood gumbo to pecan-crusted trout and prime rib. The popular weekend brunch buffet is one of Ray’s signature meal offerings at the Sandy Springs location.
Update, April 25, 3:45 p.m.: This story now contains comments from Ray Schoenbaum and TEI Hospitality owner Dan Groom-Traina.