Oxygen Hospitality Group—a real estate investment and management company—has bought The Ivy Palm Resort & Spa, a four-building independent, boutique hotel in Palm Springs, Calif., marking the company’s first acquisition.
Located at 2000 N. Palm Canyon Drive, the two-story property will be subject to minor improvements. However, the company will also implement a second phase redevelopment to transform the 100-key hotel into a tech-driven asset. Built in 1982, the property spreads across a three-acre site. Common-area amenities include:
- two outdoor pools
- spa hot tubs
- business center
- laundry services
- conference room
- free Wi-Fi
“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 redevelopment 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,” said Yaron Ashkenazi, CEO & co-founder of Oxygen Hospitality, in a prepared statement.