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Artisan resort marketed to ‘cannabis-friendly’ operator for .9M

Artisan resort marketed to ‘cannabis-friendly’ operator for $11.9M

The operator of a “cannabis-friendly” hotel in Phoenix has acquired a boutique residence near the Strip.

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

The sale, by The Siegel Team founder Stephen Siegel, closed this month, home information exhibit.

Rizk not long ago informed the Evaluation-Journal that he is arranging a just about $3 million renovation of the Artisan, 1501 W. Sahara Ave. He hopes to begin the overhaul in the subsequent 60 days and finish by September.

He also claimed he hopes to make the hotel “cannabis welcoming,” pending finalization of laws and regulations in Nevada.

“This is a life-style, boutique lodge,” Rizk explained.

The Evaluate-Journal described in January that Clark County officers ended up closely checking the state’s initiatives to regulate cannabis use lounges.

When they open this year in Nevada, soon after approval in the point out Legislature final summertime, lounges would offer locals and tourists with sites to consume marijuana. But the state’s Cannabis Compliance Board need to to start with finalize restrictions, which community jurisdictions can then strengthen if they want.

Pro Hospitality Group is primarily based in Phoenix, and its portfolio features a lodge called The Clarendon. The hotel’s web site says it offers “cannabis-pleasant rooms and amenities” that enable “vaping, dabbing, flower, and many others.” as well as a hashish lounge that is out there for hotel friends and the typical community.

“Since we are presently a split-use hotel with cannabis and non-smoking rooms, we do ask that any using tobacco get place in your cannabis-friendly space and not in the community parts of the resort,” the website suggests. “Vapes and smokeless goods can be made use of in outside general public regions, not such as the restaurant.”

The resort also is “working on a cannabis shuttle company to choose hotel company from the resort to a local dispensary and again again,” the web-site states.

The Siegel Group, which announced in early 2010 that it acquired the Artisan through the foreclosures system, explained in a information launch on the sale that the Artisan features a “hip, intimate environment.” It had a bar and lounge “with a popular immediately after-hours scene,” as properly as a restaurant, wedding chapel, and “one of the several topless pools in city,” the release mentioned.

Genuine estate brokerage NAI Vegas, which represented The Siegel Team in the sale, mentioned in a release that the five-tale, nongaming hotel was built in 1979 and transformed to the Artisan brand in 2006.

Make contact with Eli Segall at [email protected] or 702-383-0342. Stick to @eli_segall on Twitter.