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LAS VEGAS-C.P. Las Vegas LLC, a Kentucky-based owner and operator of franchise hotels has acquired the Maxim Hotel & Casino for $38 million. Closed since 2001, the 795-room hotel is located at Flamingo and Koval, two blocks off the The Strip.

The seller was Houston-based Revanche LLC, which acquired the asset via foreclosure in 2000. Insingia ESG managing director Jack Carr, who has handled the last two sales of the facility, tells GlobeSt.com the sale price is “within dollars” of the price it sold for in 1999. The hotel had been on the market for “a little under a year,” says Carr, whose partner in the disposition was Harry Pflueger, another Insignia managing director.

Carr says the Maxim’s location, two blocks off the intersection of Flamingo Road and The Strip, was “a primary selling point,” as was the resilience of the Las Vegas market over the past year. The new owners plan a major renovation of the property, which contains over 32,000 sf of casino space as well as food, beverage and recreational facilities.

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