About us

We are privately held real estate development company headquartered in New York City with a primary focus on luxury hotels and residences as well as land-based entertainment and retail projects. Flag Luxury was formed in 1997 by Dayssi and Paul Kanavos, who were driven by their passion for luxury hospitality and their desire to bring a forward-thinking perspective to the industry. Our ability to identify, acquire and build world-class projects in premier gateway city locations has established us as a leading development company in our industry.


The Flag Group of Companies, the predecessor to Flag Luxury, was founded in 1946 by Peter J. Kanavos Sr. The group planned and developed over $4 billion worth of assets – including some of the first Marriott and Holiday Inn Hotels; the Intercontinental Hotel, Athens; the Sheraton Hotel, Brussels; and the Trade Fair Hotel, Lagos. Today, Flag Luxury – headed by Chairman and CEO Paul Kanavos – proudly carries on the Flag legacy with imagination and discipline. Through innovative financing, strategic partnerships and distinctive architectural execution, Flag Luxury remains at the forefront of today’s real estate industry.

Our Process

We identify, acquire, and develop a limited number of properties located in high-growth gateway cities. We only acquire sites in locations with steep barriers to entry and positive and well-established demographic patterns. We develop best-in-class luxury hotels and residences in cutting-edge, yet proven, locations within their respective markets. In addition, we develop entertainment and retail projects in leading tourist destinations such as Orlando and Las Vegas. We have enjoyed great results since our inception because of our disciplined approach to site selection.

We consistently adhere to the following principles to ensure enduring success:

  1. Identifying and acquiring properties in AAA locations within high-growth gateway cities, with a focus on sites that are most likely to benefit from shifting demographics.
  2. Implementing conservative financing structures which ensure that completed projects are under-leveraged and positioned for long-term ownership.
  3. Forming strategic partnerships with leading hotel operators and brands to achieve outstanding financial performance and long-term value.
  4. Aggressively managing hotel assets where our operations expertise can benefit operators’ monthly performance on a consistent and sustained basis.
  5. Conceptualizing and executing each project using a highly hands-on approach in collaboration with renowned architects and interior designers.



Paul Kanavos – Chairman and CEO

Paul Kanavos founded Flag Luxury Group in 1997 after 11 years heading the Kanavos Group of Companies, a family-owned real estate development company established by the late Peter Kanavos Sr. Continuing his father’s legacy in the hotel industry, Mr. Kanavos formed Flag Luxury to identify, acquire, brand, and develop world-class luxury real estate in high-growth urban and resort marketplaces. Recognizing the economic advantages of branding and servicing residential real estate with prestigious hotel companies, he formed a strategic partnership in 1998 with the Ritz-Carlton Hotel Company, LLC. Today, Kanavos continues to pursue additional land-based entertainment, hospitality, and retail opportunities. Mr. Kanavos is a graduate of Tufts University and the Chase Manhattan Bank Executive Training Program, where he served as a loan officer until 1985.

Dayssi Olarte de Kanavos – President and COO

Dayssi Olarte de Kanavos is the President and COO of Flag Luxury Group. She is involved in all aspects of the firm’s real estate initiatives, which include branding, architectural and interior design, hotel programming, and zoning and construction. Prior to joining Flag Luxury, Kanavos worked as a commercial real estate financial analyst at the Ginsburg Organization. She has a Bachelor’s Degree from Cornell School of Hotel Administration and a Masters Degree from New York University in Real Estate Development and Finance.

Adam Raboy – CFO

Adam Raboy has been an integral part of Flag Luxury Group since 2009 and serves as Partner and CFO. Previously, he was a managing director and co-head of the North American commercial mortgage business at Credit Suisse. Raboy joined Credit Suisse in 2000, when the firm acquired Donaldson, Lufkin & Jenrette, where he was a managing director in the firm’s real estate finance group. He is a council member of the Urban Land Institute and has previously co-chaired the Capital Markets portion of the Program Committee as well as having been a frequent speaker and panelist. Raboy holds a BA, magna cum laude, from Brandeis University and an MBA from the Amos Tuck School of Business at Dartmouth College.

Press & Press Releases



70 East 55th Street

23rd Floor

New York, NY 10022

Tel: 212-796-8181

Fax: 212-796-8180

Email: info@flagluxury.com