Armed with three decades in real estate, his most recent role sourcing hotels for investment coupled with extensive worldwide travel, Peter Anadranistakis recognized a huge opportunity within the hospitality industry to be disruptive. Founding Oxygen Hospitality, he and co-founder Merv Chia immediately brought in Yaron Ashkenazi, an award-winning international hotelier, as chief executive officer, and the three have begun building a real estate investment and hotel management company based on several factors that will position it in the market, among them seeking out real estate and hotel assets they can purchase for half price and turn them around to double their equity, infusing technology into real estate as a key market enabler to create disruption in today’s hotel industry, and living up to the company name by breathing new life and beautifying older properties in great locations — including customizing each property to be representative of the local market, from food to design to experiences.
“The pace of what I see happening in Phoenix is a strong indicator that it’s a place of opportunity,” says Anadranistakis, noting that people are moving to the state, tourism is strong — meaning people want to visit the state — executives are setting up business operations here due to government and a tax-friendly atmosphere, there’s investment in Sky Harbor and revitalization of Downtown Phoenix. “All these growth factors, when coupled with hospitality, makes investment in hospitality that much more attractive.”
Based in Phoenix, Oxygen Hospitality is focused on developing a distinctive portfolio of branded and independent hotel assets in Phoenix and across the Sun Belt and other advantageous U.S. destinations. The company partners with registered investment advisors and accredited investors. Its first acquisition, last May, was The Ivy Palm Resort & Spa in Palm Springs, California, a 4-building, 100-room independent boutique hotel. 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.
