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Oxygen
Hospitality Acquires The Ivy Palm Resort &
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Spa
in Palm Springs, California
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Property to be transformed into
hip, tech-forward boutique
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hotel befitting of Palm Springs
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Phoenix, AZ – May
2018 / Newsmaker Alert / Oxygen
Hospitality Group announces 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
is headquartered in Phoenix, Arizona. For more information, please visit:
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 in this press release
constitute “forward-looking statements” within the meaning of the federal
securities laws. Words such as “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 these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking statements,
which are based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates and assumptions
and are subject to various risks and uncertainties. Thus, actual 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.
Contact:
Oxygen
Hospitality Group
Ruth
Seigel
602-320-4182 |