SANDY SPRINGS, Ga. — The owner of three popular metro Atlanta fine dining restaurants announced plans to retire and sell the restaurants Wednesday.

Ray Schoenbaum, founder of Ray’s on the River, Ray’s in the City and Ray’s at Killer Creek, said that he has signed an agreement to sell all three restaurants to TEI hospitality.

“(TEI Hospitality is) a 100% family-owned restaurant and hospitality company based out of Kennesaw, GA. More information will be shared with the public when the deal closes in the near future,” a spokesperson said in a statement.

Until the sale is finalized, Schoenbaum won’t provide further comment, according to his spokesperson.

The restaurants will remain open and have the same names.

Ray’s on the River, the restaurant’s original local, is along a picturesque stretch of the Chattahoochee River and is a favorite for special occasions and prom dinners. It opened in 1984. The other restaurants followed in downtown Atlanta and Alpharetta.