Artisan hotel sold to ‘cannabis-friendly’ operator for $11.9M

The operator of a “cannabis-friendly” hotel in Phoenix has obtained a boutique house in the vicinity of the Strip.

Pro Hospitality Group owner Alex Rizk procured the 64-room Artisan lodge at Sahara Avenue and Interstate 15 for $11.9 million.

The sale, by The Siegel Group founder Stephen Siegel, closed this thirty day period, residence information clearly show.

Rizk lately advised the Assessment-Journal that he is setting up a approximately $3 million renovation of the Artisan, 1501 W. Sahara Ave. He hopes to get started the overhaul in the upcoming 60 times and end by September.

He also reported he hopes to make the lodge “cannabis friendly,” pending finalization of legislation and regulations in Nevada.

“This is a life style, boutique resort,” Rizk said.

The Evaluation-Journal claimed in January that Clark County officials ended up carefully checking the state’s endeavours to regulate cannabis consumption lounges.

When they open this yr in Nevada, soon after approval in the point out Legislature last summertime, lounges would give locals and holidaymakers with sites to eat cannabis. But the state’s Cannabis Compliance Board must 1st finalize regulations, which community jurisdictions can then improve if they want.

Professional Hospitality Group is centered in Phoenix, and its portfolio contains a resort termed The Clarendon. The hotel’s internet site suggests it offers “cannabis-friendly rooms and amenities” that make it possible for “vaping, dabbing, flower, and many others.” as well as a hashish lounge that is accessible for lodge visitors and the common community.

“Since we are at this time a break up-use lodge with hashish and non-cigarette smoking rooms, we do ask that any using tobacco just take spot in your cannabis-friendly space and not in the general public regions of the hotel,” the site states. “Vapes and smokeless solutions can be applied in out of doors general public regions, not together with the cafe.”

The hotel also is “working on a hashish shuttle company to get hotel visitors from the lodge to a regional dispensary and back all over again,” the web-site claims.

The Siegel Team, which declared in early 2010 that it obtained the Artisan by means of the foreclosure system, reported in a news release on the sale that the Artisan features a “hip, intimate environment.” It experienced a bar and lounge “with a well known following-hours scene,” as nicely as a restaurant, wedding chapel, and “one of the few topless swimming pools in town,” the release reported.

Actual estate brokerage NAI Vegas, which represented The Siegel Group in the sale, mentioned in a launch that the five-tale, nongaming resort was designed in 1979 and converted to the Artisan model in 2006.

Speak to Eli Segall at or 702-383-0342. Adhere to @eli_segall on Twitter.

Karen J. Simmons

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