Covertly Marketing Marijuana Resort in Las Vegas
The proprietors of Las Vegas' inaugural "cannabis-centric" hotel are contemplating handing over the reins to someone else.
Elevations Hotel and Resorts have listed the Lexi for an undisclosed amount via commercial real estate broker Paramount Lodging Advisors.
Corporate press releases seldom disclose failures. Luckily, Las Vegas' own Vital Vegas blog was privy to the listing and exposed the story last Friday.
Timeline of Events
The Lexi debuted with 64 rooms and a gaming area in September 1978 as the Las Vegas Inn and Casino. Six years later, the hotel filed for its initial bankruptcy. It transformed into a non-gaming Ramada in 1991 and subsequently, a Travelodge.
In 2001, the hotel was purchased by Doug DaSilva, the previous owner of the Thunderbird Hotel, investing $4 million to convert it into a boutique property known as the Artisan.
Featuring replicas of renowned artworks in each room, the Artisan garnered mostly positive reviews and a dedicated customer base. Despite this, DaSilva became the property's second owner to file for bankruptcy in December 2008.
Shortly after, the mortgage-holder foreclosed, and the Siegel Group — specialists in ultra-low-budget extended-stay homes — concluded their acquisition in January 2010.
In 2022, Siegel sold the property to Phoenix-based Pro Hospitality Group, now known as Elevations, for $11.9 million. Post a $3-$4 million refurbishment, the Artisan reopened as the Lexi on June 2, 2023.
Notable Point
The Lexi trumpeted its restriction-free stance on cannabis use in Las Vegas, where recreational marijuana was legalized in 2017. Consumption was confined to the fourth floor, where filtering systems reportedly struggled to contain second-hand smoke from escaping.
Alex Rizk, Elevations president and CEO, expressed during the opening, "The Lexi allows the Elevations Hotels and Resorts brand to genuinely demonstrate our dedication to introducing a new hotel concept characterized by our embrace and normalization of cannabis within the hospitality sector, as well as our commitment to resurrecting storied properties and reviving them for modern-day travelers."
Initially, the Lexi also announced intentions to set up a cannabis lounge, requiring a state permit. However, this plan never materialized and, at present, it's unlikely to do so.
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