New Leader of the New Old Guard

Co-Founder of Flag Luxury Group

Don’t let her lustrous locks and impeccable appearance fool you – development titan, philanthropist and Co-founder, President and COO of Flag Luxury Group, Dayssi Olarte de Kanavos’ first interests were playing with trucks and dirt and building things in the yard. It’s not surprising once you get to know the Colombian born business woman who grew up with immigrant parents and became a Town and Country cover girl, philanthropist, and staple of New York’s social set. For Dayssi, this rise in New York society is more than Met Gala dresses, but rather dedicating herself to making a difference and passing on that legacy to her children.

The Ritz Hotel: Nomad

While Dayssi has always been interested in architecture and design, she never would have imagined that she would go from playing with Legos to building 50-story towers, including The Ritz-Carlton Hotel in Nomad, and forging her place as one of the world’s foremost developers. After waiting tables in high school, she went on to study at the School of Hotel Administration at Cornell University. Upon attending a lecture series and hearing from one distinguished speaker in particular about the process of visualizing and constructing a building, a lightbulb went off and it was then that her dreams of being a developer came to life. Years later, she was even asked to return to the school as a speaker as she has since taken those dreams to some cutting-edge heights.

Dayssi credits her mother as the one with the determination to come to New York from Bogota, Colombia and paving the path to her success – Dayssi’s passport shows her as a one-and-a-half-year-old sitting on her father’s lap. Her mother, who had learned multiple languages while still back at home, started off giving tours at the United Nations as soon as she arrived. Some of Dayssi’s first memories include spending time with her mother’s friends who were part of the LGBTQ community, many of whom were performers, as the only person she knew when coming to New York was an older lady who had brought her son here as he was getting bullied as a gay hairdresser back in Colombia. Upon her parent’s divorce when she was nine years old, Dayssi and her sisters wound up moving back to their home country to connect with their roots until she ultimately moved back to finish school at Forest Hills High School.

Dating a Prince & Marrying Developer Paul Kanavos

She might have once dated a prince, but Dayssi acknowledges that her American dream story was more about fierce determination than a fairytale. Now, her world centers on her family which

includes husband Paul Kanavos and three children, Peter, Sophia and Nicholas. When she met her now husband in the 90s, he was part of his family’s real estate business which had developed everything from hotels to golf course communities.

Dayssi, who was in the midst of earning her master’s degree in real estate development at NYU when she first met Paul, also worked for a real estate company as a leasing analyst and leasing broker. She saw this as an opportunity to learn about the New York market and who the real power players were. “If you didn’t have that last name, you were not going to get a job as a developer as most were only small family businesses.”

Bringing The Ritz Brand to a New Generation

 Dayssi and her new husband decided to start their own real estate development firm, now known as Flag Luxury , with one condition – that Dayssi would get to follow her dream of building hotels. Together, they homed in on hospitality and started off renovating the Regency on Wall Street. Soon afterward the developer duo got the exclusive to design and build the Ritz-Carlton properties in and around Miami. This included the Ritz-Carlton in Coconut Grove, the Ritz-Carlton in South Beach, the Ritz-Carlton in Jupiter, and the Ritz-Carlton in Bal Harbour many years later. It seems only fitting that they would now bring the brand to their own backyard, their way. Their newly opened Ritz-Carlton in New York’s Nomad neighborhood is now the prized jewel of their real estate portfolio.

Town & Country Cover with Nadia Swarovski

The successful businesswoman and social force, who once graced the cover of Town and Country alongside Nadia Swarovski to celebrate the charity Save Venice, has made sure to share her successes by remaining involved in philanthropic organizations which are close to her heart. From growing up watching her sisters always make it a priority to give to those in need and going on to win a philanthropy award in college herself, Dayssi dedicates not just her money but her time to make a difference. Some of the most cherished charities she is involved with include New Yorkers for Children and Save Venice, which she was always drawn to due to her passion for design and architecture. She also remembers being on the committee of the New Yorkers for children benefit   right after 9/11 when Anna Wintour and Mayor Giuliani decided that the charitable event must go on in to show the world the city couldn’t be stopped. The toned-down event, no black tie or dancing, singled a return to the city’s daily life.

Rose Ball, The Top Private Event of 2023

Dayssi recently celebrated her birthday with a Carnaval de Rosas (Rose Ball) ,  hosted by her family,  for   250 guests  at the Ritz Nomad’s  new and magnificent ballroom . The stylishly curated black tie, feathers & flowers themed night was the social event of 2023.

Legacy of Philanthropy

Though Dayssi says she still feels like an outsider, which is perhaps why she is able to envision such special spaces for those who are staying at a home away from home, Dayssi has created a productive place for herself in her adopted city – and is passing on that legacy of work and philanthropy to her children.

“I always feel like an outsider because when I lived in Colombia, we were known as the gringas, which means the Americans. Even though we were Colombian, everybody affectionately called us the gringas because they knew that we had our primary years in America. And then when I moved back to New York, it was still, “Oh, you’re the Colombian. You’re not from here,” or whatever it was. I’m never going to fit into anybody’s box.”  Dayssi and her company have current projects in Las Vegas and Orlando, Florida and recently purchased the Sagamore Hotel in Miami in partnership with two other families. Aside from building new posh properties around the country, Dayssi can be found rebuilding her own inner wellness at her home in Southampton, her favorite place during these summer months. flagluxury.com                                       

Instagram: @dayssi.ok

Dayssi’s Daughter Sophia Kanavos

Taking over the family business might be big shoes to fill, but Sophia is already running in them. Growing up in the development dynasty has led the 26-year-old Cornell grad to realize just where she fits into both the company and the charitable scene, as well as what her generation wants to take away from these philanthropic nights.

Young Friends of Save Venice

Sophia was spotted on the dance floor at this year’s dazzling Save Venice Ball, which she first attended when she was just two years old. As a committee member of the Young Friends of Save Venice –   which her mother founded – she is a using her own network to make an impact. “Not everyone has time to take on leadership roles, but we all invite each other to our events,” explains Sophia.

From galas to the workplace, Sophia got her start in business young. She credits her parents for pushing her beyond her skillset and helping her to gain independence and confidence through internships before going to college. After working at Starwood Capital Group for two years, she decided she was ready to make the shift to the equity side and realized she wanted to do it under the flag of the family business.

Women of Tomorrow

Sophia is also helping to empower other women, something her mom is passionate about. Together, the mother-daughter duo recently organized a Women’s Power Breakfast in Miami with over 400 women in hospitality, real estate, and lifestyle fields of all ethnicities and backgrounds. The event, which featured panels of distinguished speakers, ended up raising over $40,000, all proceeds of which went to Women of Tomorrow, an incredible organization run by Jennifer Valoppi.

According to Sophia, social media might have overshadowed some of New York’s original influencers, including her mom, but it will never be the same. “Where they went, that was cool. They knew all of the new restaurants because they were here when they opened, knew the owners, knew what the ethos of all those places were. I do feel like, with social media, a little bit has been lost. I can only speak for New York City, but when I think of society, there’s two kinds. There’s the New York New Yorkers, and then there’s New York society. It’s funny because I feel like I’ve always been in between the two. I’m the daughter of my mom who’s Colombian and my father, who’s Greek. I grew up in a Colombian household, but I’m a New Yorker. I feel like this is my city. I’m very attached to the city. I would never leave it.”

The Dream:   A Hotel Brand of Her Own

As a Nomad resident herself, her go-to restaurant spot is Scarpetta, though she can usually also be seen at Nubeluz, The Swan Room at Nine Orchard Hotel, Casa Cruz, Fasano and Monkey Bar. While she hopes to one day use her knowledge of the hospitality business to open her own boutique hotel brand, for now, Sophia is focused on her upcoming travel plans which include trips to Tel Aviv and Turkey – but keep an eye out for this entrepreneur of tomorrow.

Instagram: @ sophia_kanavos