An Arizona group is planning for a marijuana friendly Las Vegas hotel with an $11.9 million acquisition.
The boutique hotel property near the Las Vegas Strip has been sold to an Arizona company with plans to renovate the property and turn it into a marijuana-friendly venue.
Pro Hospitality Group, which already owns the cannabis-friendly The Clarendon Hotel and Spa in Phoenix, paid $11.9 million to purchase the 64-room Artisan hotel near the Strip, said the Las Vegas Review-Journal.
Pro Hospitality owner Alex Rizk told the newspaper he plans to renovate the Las Vegas property by September and make it “cannabis friendly” when Nevada regulations permit.
Cannabis consumption lounges were approved by Nevada lawmakers last year.
The sale, by The Siegel Group founder Stephen Siegel, closed this month, property records show.
Rizk recently told the Review-Journal that he is planning a nearly $3 million renovation of the Artisan, 1501 W. Sahara Ave. He hopes to start the overhaul in the next 60 days and finish by September.
He also said he hopes to make the hotel “cannabis friendly,” pending finalization of laws and regulations in Nevada.
“This is a lifestyle, boutique hotel,” Rizk said.
