Phoenix hotelier Alex Rizk had big plans when he bought a small property near the Las Vegas Strip.
He wanted to turn the 64-room hotel on Sahara Avenue into a cannabis-friendly destination and spent millions overhauling the place. His hotel, the Lexi, is an adults-only outpost that offers a topless pool, a “slightly naughty” aphrodisiac tasting menu and plenty of parties.
But occupancy has been “spotty,” Rizk recently said, and he now faces a pile of unpaid bills and wants to sell the hotel.
As he described it, construction took longer than expected, borrowing costs shot higher, and running a small, boutique hotel in a market dominated by massive casino-resorts is an “uphill battle.”
