The Lexi’s Sale: Las Vegas’ Cannabis Hotel On The Market Again – Benzinga

2 minutes, 26 seconds Read

The Lexi Hotel in Las Vegas, a trailblazer in cannabis-friendly hospitality, is on the market once more. Known initially as the Artisan, this unique property has taken another turn in its storied history of transformations and financial upheavals. 

Owners, Elevations Hotels and Resorts, have discreetly listed the property for sale through Paramount Lodging Advisors, with the price still under wraps, as reported by This secrecy adds an air of uncertainty about the future of the 64-room establishment.

The Lexi’s Evolution: Identity And Ownership Shifts

Originally opened as the Las Vegas Inn and Casino in 1978, The Lexi has navigated through multiple identities and ownerships. After a stint as a non-gaming Ramada and later a Travelodge, it was transformed into the Artisan Boutique Hotel. This establishment was renowned for its art paintings and a gothic, adult-only theme, attracting a niche clientele. However, despite its distinctive appeal, it wasn’t immune to financial troubles, seeing multiple bankruptcies over the decades.

Pioneering Cannabis Hospitality

Elevations acquired the hotel from Siegel Group in 2022 for $11.9 million and rebranded it as The Lexi in 2023 after a $3-$4 million renovation, according to Vital Vegas. This rebranding was not merely cosmetic but strategic, introducing the hotel as Las Vegas’s first cannabis-friendly establishment. The Lexi dedicated its fourth floor to cannabis enthusiasts, equipped with advanced air filtration systems to contain smoke.

Alex Rizk, president and CEO of Elevations, stated at The Lexi’s opening last year, “The Lexi allows the Elevations Hotels and Resorts brand to truly showcase our commitment to creating a new type of hotel concept that is defined not only by our acceptance and normalization of cannabis in the hospitality space but also by our dedication to reclaim storied properties and transform them for the modern-day travelers.”

Read also: EXCLUSIVE: Cannabis Lounges Are Redefining Hospitality, Cirrus Social Club Founder Says

Lexi Sale: A Cannabis Investment Opportunity?

The sale of the Lexi could represent a significant opportunity within the cannabis hospitality sector, where hotels, lounges, and patios increasingly seek to redefine guest experiences. Moreover, with Las Vegas already a hotspot for recreational cannabis since its legalization in 2017, investors could capitalize on the growing trend of tailored experience that aligns with lifestyle preferences.

For potential buyers, The Lexi offers historical charm and a financial challenge but with the chance to lead the next wave of cannabis ventures in an industry that’s just finding its footing in mainstream tourism.

Read also: The Woman Redefining Cannabis Hospitality Across America

Photo by Kvnga on Unsplash.

Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Market News and Data brought to you by Benzinga APIs

This post was originally published on 3rd party website mentioned in the title of this site

Similar Posts