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

Pro Hospitality Group operator Alex Rizk purchased the 64-home Artisan lodge at Sahara Avenue and Interstate 15 for $11.9 million.

The sale, by The Siegel Team founder Stephen Siegel, closed this thirty day period, assets data show.

Rizk recently told the Evaluation-Journal that he is preparing a practically $3 million renovation of the Artisan, 1501 W. Sahara Ave. He hopes to start out the overhaul in the upcoming 60 days and complete by September.

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

“This is a way of living, boutique lodge,” Rizk reported.

The Evaluate-Journal documented in January that Clark County officials were being intently checking the state’s endeavours to regulate cannabis intake lounges.

When they open up this year in Nevada, following acceptance in the point out Legislature previous summertime, lounges would supply locals and holidaymakers with destinations to eat cannabis. But the state’s Cannabis Compliance Board have to initial finalize polices, which area jurisdictions can then bolster if they want.

Professional Hospitality Team is based in Phoenix, and its portfolio involves a hotel called The Clarendon. The hotel’s site claims it offers “cannabis-welcoming rooms and amenities” that allow for “vaping, dabbing, flower, etc.” as properly as a hashish lounge that is offered for lodge company and the basic community.

“Since we are at present a break up-use hotel with hashish and non-using tobacco rooms, we do inquire that any smoking cigarettes take area in your cannabis-helpful space and not in the community spots of the hotel,” the web-site suggests. “Vapes and smokeless products can be utilized in outdoor public spots, not which include the restaurant.”

The hotel also is “working on a cannabis shuttle company to take hotel company from the lodge to a local dispensary and back once again,” the website says.

The Siegel Group, which introduced in early 2010 that it acquired the Artisan via the foreclosure system, mentioned in a information release on the sale that the Artisan features a “hip, intimate environment.” It experienced a bar and lounge “with a preferred immediately after-several hours scene,” as perfectly as a cafe, marriage ceremony chapel, and “one of the couple of topless pools in town,” the release mentioned.

True estate brokerage NAI Vegas, which represented The Siegel Team in the sale, claimed in a release that the five-tale, nongaming hotel was designed in 1979 and converted to the Artisan manufacturer in 2006.

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

By Amalia