Artisan Hotel In Las Vegas Faces Foreclosure
The Artisan Hotel & Spa in Las Vegas has become the latest to succumb to foreclosure. The modest 64-room property is an off-the-beaten-track favorite with locals and is known for its framed art and hip decor. It does not have a casino and is located at Sahara Avenue and Interstate 15.
The Las Vegas Sun reports that the hotel had filed for Chapter 11 back in December 2008, listing assets of $18.3 million (mostly the value of the hotel real estate) and liabilities of $7.85 million. The main creditor was the Citizens Bank of Oregon, Mo. The hotel struggled to turn a profit and later the bankruptcy case was combined with another bankruptcy case for the co-owner's other Artisan hotel in El Paso. Texas. Earlier this month the IRS asked that the Chapter 11 cases become Chapter 7 cases forcing a liquidation because the company failed to file federal employment tax returns and tax deposits since the bankruptcy cases were filed. A receiver will be appointed to operate the property until the foreclosure sale.
The hotel has many fans but has also had an ongoing problem with service. Reviews on travel website Trip Advisor are very polarized, people either loved this place or had serious issues with the service and room standards.