Lexi Hotel Near the Las Vegas Strip Is Struggling to Pay Its Bills

Clark County records show that since 2024, multiple liens have been filed against Lexi, citing unpaid water and garbage bills, contractor fees, and room taxes. 

Lexi Hotel Is $11.6 Million in Debt

The largest claim so far was a notice of default filed in April, alleging that $11.6 million was owed on a property loan, according to records. Usually, such a notice initiates the foreclosure process. However, the borrower may still retain ownership by settling the debt or negotiating with the lender.

Additionally, the Clark County treasurer’s office recorded tax trustee deeds against the hotel property last month, indicating approximately $114,200 in overdue property taxes and about $36,230 in penalties and interest. The taxes were three years delinquent, but these filings do not impact the property’s day-to-day operations, said Nancy Bach, senior records technician at the treasurer’s office.

In April, the city of Las Vegas also filed a lien for roughly $30,000 in unpaid room taxes, which fund the Las Vegas Convention and Visitors Authority. The taxes were past due as of the prior two-month audit period, the filing stated. Separately, a heating and air-conditioning company filed a $70,635 lien against the hotel last year, while a plumbing company submitted a lien for around $19,700, county records show.

CEO Talks About the Business’ Struggles

Alex Rizk, CEO of Pro Hospitality Group, purchased the five-story former Artisan Hotel for $11.9 million in March 2022. In January 2023, his team announced the property’s new name, stating it would stay open during an extensive multimillion-dollar renovation and become Las Vegas’ first “cannabis-friendly” hotel. According to the press release, guests would be permitted to use cannabis on the fourth floor, where each room would be equipped with a modern air filtration system.

Rizk recently acknowledged that the cannabis-themed concept ultimately fell through. He explained that when he acquired the hotel, he secured a 24-month bridge loan, which is a form of short-term financing, with plans to renovate the property in the first 12 months, operate it for the next 12, and then refinance. However, construction ended up taking nearly 20 months, and due to the extended timeline and increasing interest rates, he was unable to move forward with refinancing. In addition, Rizk previously stated that he invested $5 million in renovations and related expenses, which he does not anticipate recovering.

Rizk said he has wondered whether the location was part of the problem. The hotel sits behind a flyover ramp amid a tangle of overpasses near the Sahara Avenue–I-15 interchange and lacks direct access from Sahara. However, he pointed out that the Lexi is close to well-known restaurants and questioned who visits Las Vegas without first researching their accommodations online.