Lexi Hotel in Las Vegas Faces Uncertain Future Amid Financial Struggles
Lexi Hotel in Las Vegas, situated near the Sahara Avenue-I-15 interchange, battles substantial financial hardships. The hotel, initially planned as the city's first 'cannabis-friendly' establishment, now grapples with significant debts and unpaid bills, casting doubt on its future.
Alex Rizk, former owner, invested $5 million in renovations, but the hotel's location may have hindered its success. Rizk questioned if the lack of direct access from Sahara Avenue contributed to the hotel's struggles. Despite his efforts, Rizk did not anticipate recovering his investment.
Since 2024, multiple liens have been filed against the hotel. A heating and air-conditioning company and a plumbing company have unpaid bills totaling $89,335. Additionally, the hotel owes roughly $30,000 in unpaid room taxes to the city of Las Vegas. The total debt stands at approximately $11.6 million on a property loan.
The current owner, Derek Stevens, faces difficulties refinancing the hotel. Economic challenges and broader financial market conditions have exacerbated the hotel's financial woes. Stevens must navigate these obstacles to secure the hotel's future.
Lexi Hotel's financial troubles are mounting, with unpaid bills, taxes, and a substantial property loan debt. Its future remains uncertain under the current ownership. The hotel's location and economic challenges have posed significant hurdles, raising questions about its viability as a successful business venture.
