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

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

Professional Hospitality Group proprietor Alex Rizk ordered the 64-place Artisan lodge at Sahara Avenue and Interstate 15 for $11.9 million.

The sale, by The Siegel Team founder Stephen Siegel, shut this thirty day period, assets records demonstrate.

Rizk a short while ago told the Critique-Journal that he is organizing a nearly $3 million renovation of the Artisan, 1501 W. Sahara Ave. He hopes to commence the overhaul in the next 60 times and end by September.

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

“This is a lifestyle, boutique lodge,” Rizk stated.

The Assessment-Journal documented in January that Clark County officials were being carefully checking the state’s endeavours to control hashish consumption lounges.

When they open up this calendar year in Nevada, soon after approval in the point out Legislature very last summertime, lounges would give locals and travelers with places to eat cannabis. But the state’s Hashish Compliance Board will have to first finalize restrictions, which area jurisdictions can then strengthen if they want.

Professional Hospitality Group is based mostly in Phoenix, and its portfolio contains a resort called The Clarendon. The hotel’s site states it gives “cannabis-friendly rooms and amenities” that allow for “vaping, dabbing, flower, and so forth.” as nicely as a hashish lounge that is out there for hotel friends and the typical community.

“Since we are at the moment a split-use hotel with hashish and non-using tobacco rooms, we do request that any smoking choose location in your hashish-friendly home and not in the public parts of the lodge,” the internet site states. “Vapes and smokeless products and solutions can be utilised in outside public places, not like the restaurant.”

The lodge also is “working on a hashish shuttle assistance to acquire resort visitors from the hotel to a community dispensary and again yet again,” the web page claims.

The Siegel Group, which announced in early 2010 that it obtained the Artisan through the foreclosures approach, reported in a news release on the sale that the Artisan offers a “hip, intimate atmosphere.” It had a bar and lounge “with a common immediately after-hrs scene,” as very well as a cafe, wedding chapel, and “one of the number of topless swimming pools in town,” the release mentioned.

Real estate brokerage NAI Vegas, which represented The Siegel Team in the sale, reported in a launch that the five-story, nongaming lodge was designed in 1979 and transformed to the Artisan brand name in 2006.

Contact Eli Segall at [email protected] or 702-383-0342. Comply with @eli_segall on Twitter.