PHOENIX--(BUSINESS WIRE)--Oxygen Hospitality Group today announced the acquisition of The Ivy Palm Resort & Spa in Palm Springs, California. The 4-building, 2-story, 100-room independent, boutique hotel is the first acquisition of Arizona-based Oxygen Hospitality, a real estate investment and management company looking to grow a portfolio of branded and independent hotels in the Sun Belt and other U.S. destinations. Following minor property renovations with extensive asset management restructuring, Oxygen Hospitality will implement a second phase redevelopment plan to transform the property into a hip, tech-forward boutique hotel that complements Palm Springs.
The Ivy Palm Resort & Spa, located at 2000 N. Palm Canyon Drive, is situated conveniently at the north end of the city’s downtown. The hotel will help fulfill the strong demand for exceptional accommodations for travelers visiting the Southern California desert oasis. Known for hot springs, stylish hotels, golf courses and spas, Palm Springs is a hip destination with a wide range of year-round events including food and music festivals such as Coachella and Stagecoach, Modernism Week, golf and weekend getaways from neighboring Los Angeles and more.
According to Yaron Ashkenazi, CEO and Co-Founder of Oxygen Hospitality, “The Ivy Palm Resort & Spa is a perfect canvas to showcase how we plan to differentiate our brand of hotel ownership and operational management in markets that exhibit strong growth. The hotel’s layout and structure have all the re-development potential required to bring it back to profitability and into an exceptionally modern and upscale boutique property certain to be popular to U.S. and global tourists alike.”
Built in 1982, the hotel sits on approximately 3 acres centered at the entrance of the city’s north end from the heavily traveled Highway I-10. The property features two outdoor pools, spa hot tubs, business center, a restaurant serving a fresh buffet-style breakfast, guest laundry services, conference room and 100-person event space. Every room includes high speed Wi-Fi, flat screen TV and a refrigerator.
Leading Oxygen Hospitality is Ashkenazi, an award-winning, international hotelier who joined the Company from Germany, where he led the country’s second largest hotel management group. Renowned hotel brands under his management included largely Wyndham Hotels.
For more information, please visit www.oxygenhospitality.com or by calling 1-833-OXYGEN3.
About Oxygen Hospitality Group
Oxygen Hospitality is a real estate investment and management company focused on acquiring, redeveloping and managing a distinctive portfolio of branded and independent hotel assets in the Sun Belt and other advantageous U.S. destinations. The Company partners with registered investment advisors (RIAs) and accredited investors seeking direct investment opportunities in hotels requiring asset redevelopment or operational repositioning for a return to profitability and guest experience excellence. Co-founded by Peter Anadranistakis, Merv Chia and Yaron Ashkenazi, Oxygen Hospitality which means “to breathe in and give life to”, is headquartered in Phoenix, Arizona. For more information, please visit: http://www.oxygenhospitality.com and follow us on Facebook and LinkedIn.
Note to Investors
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. Offers to sell or the solicitations of offers to buy securities may only be made through official offering documents that contain important information about risks, fees and expenses. Certain statements made here constitute "forward-looking statements" within the meaning of the federal securities laws. Words like "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes statements are reasonable, undue reliance shouldn’t be placed on such forward-looking statements, which are based on information available to us on this release’s date. These forward-looking statements are based upon current estimates/assumptions and subject to various risks/uncertainties. Results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.