OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided an $8.9m loan to Pro Hospitality Group. The funds will refinance existing debt and support the relaunch of the 100-key Hotel Elev8 in Flagstaff, Arizona.
Located off Interstate 40, the two-storey hotel has recently undergone a comprehensive renovation, including upgraded guestrooms and bathrooms, new furnishings, mechanical improvements and a new exterior. It has since been rebranded under the Wyndham Hotels & Resorts portfolio, leveraging the brand’s extensive distribution network and loyalty programme to drive future performance. Flagstaff remains a popular tourist destination, with the Grand Canyon, Sedona and the Arizona Snowbowl all nearby.
About Pro Hospitality Group: Founded in 2008 by real estate entrepreneur Alex Rizk, Pro Hospitality Group is a vertically integrated hospitality investment, development and management company headquartered in Phoenix, owning and operating 11 hotels across Arizona and Nevada with a total of 790 rooms. Since launch, the group has been involved in over $1bn of hotel transactions as both an investor and a licensed hotel broker, representing hundreds of deals across the southwestern United States.