Listing Agents
Subu Thiagarajan
T | 510.205.7931
subu@paramountlodging.com
DRE#01891134
Brent Clemens
T | 312.402.2959
bclemens@paramountlodging.com
NV Broker – Christina Caspary, The Russell Group Nevada NV B.00001616.llc
Detailed Information
Location
Property Highlights
- Fee simple interest in the 64-room independent boutique Lexi Las Vegas hotel
- Located in a Designated Opportunity Zone, a community redevelopment program that rewards owners with significant potential capital gains tax savings
- The property is privately owned and owner-operated
- A variety of branding options are available which will allow the asset to better penetrate the competitive set
- The asset recently received approximately $4MM in renovations Las Vegas lodging is grossly outpacing national levels with occupancy averaging ~84% (+4.3% year-over-year) and ADR averaging approximately $191 (+11.9% year-over-year)
LOCATION SUMMARY
- Property is ideally well situated at the intersection of the Las Vegas Fwy and Sahara Ave and within blocks of the famed Las Vegas Strip
- Location is proximate to all broader area corporate demand including Zappos (Amazon), Allegiant Airlines, Amerco (UHaul), and NV Energy
- Las Vegas visitation in 2023 approached record figures with nearly 41MM visitors marking a 5.2% YOY increase
- Las Vegas continues to diversify its demand with strong growth in non-casino related visitation, including the new ~19,000 seat capacity Sphere and Formula 1 Las Vegas Grand Prix which generated $1.5B in economic impact
- Expansive recent growth in sports related demand with the city now home to three major league teams and six minor league teams
- Las Vegas remains the pre-eminent destination for conventions with ~4MM square feet of convention center space
- The Nevada Gaming Control Board has now seen three consecutive years of record revenue growth with 2023 income reaching $15.5B – marking a 4.6% year-over-year gain
- Las Vegas’ Harry Reid Airport saw record passenger growth in 2023 with nearly 58MM passengers marking a 9.4% year-over-year
- Las Vegas remains an epicenter for corporate and residential growth with the city ranking in the top-20 fastest growing US cities for three sequential years