- Founded in 2008 by Alex Rizk, Pro Hospitality Group, is vertically integrated hospitality investment, development, and management company;
- Headquartered in Phoenix, the group currently owns and operates 13 hotels across Arizona, Nevada, and Costa Rica offering a total of 790 rooms;
- The $8.9m loan from OakNorth will be used to refinance existing debt and support the relaunch of the 100-key Hotel Elev8 in Flagstaff, Arizona;
- Flagstaff remains a popular tourist destination with attractions such as the Grand Canyon, Sedona, and the Arizona Snowbowl, all nearby.
New York, 16 October 2025: OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a $9.5m loan to Pro Hospitality Group.
Founded in 2008 by real estate entrepreneur Alex Rizk, Pro Hospitality Group is vertically integrated hospitality investment, development, and management company. Headquartered in Phoenix, the group currently owns and operates 11 hotels across Arizona and Nevada, offering a total of 790 rooms. Since launch, the group has also been involved in over $1bn worth of hotel transactions, both as an investor and as a licensed hotel broker, representing hundreds of deals across the southwestern United States.
The $8.9m loan from OakNorth will be used to refinance existing debt and support the relaunch of the 100-key Hotel Elev8 in Flagstaff, Arizona. The two storey, property located off Interstate 40, has recently underwent a comprehensive renovation, including upgraded guestrooms, bathrooms, new furnishings, mechanical improvements, and a new exterior. The hotel has since been rebranded under the Wyndham Hotels and Resorts portfolio, leveraging the groupβs extensive distribution network and loyalty programme, to help drive future performance.
Alex Rizk, CEO of Pro Hospitality Group, commented on the transaction: βOur partnership with OakNorth marks an exciting milestone for Pro Hospitality Group, as we continue to execute our strategy of acquiring and repositioning strong-performing hotels across high-demand markets. The relaunch of Hotel Elev8 under the Wyndham flag is a key step in optimizing both the assetβs operations and its brand visibility. OakNorthβs team immediately understood the regionβs hotel market and our vision, whilst also providing a flexible financing solution that allows us to continue growing our portfolio and delivering value to our investors and guests alike.β
Tommy Tran, Director of Debt Finance at OakNorth, added: βAlex and the team at Pro Hospitality Group are seasoned operators with a proven ability to transform underperforming assets into high-yielding investments. Their disciplined approach to repositioning, coupled with extensive local market experience, has delivered impressive results across multiple Arizona properties. Hotel Elev8βs recent renovation and franchise conversion put it on a strong trajectory for sustained growth, and weβre pleased to be part of that journey.β
ENDS
Notes to editorsΒ
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with Β£1m-Β£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.Β
To date, it has provided $18bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 61,000 jobs, and over 36,000 new homes across the UK and the US β the majority of which are affordable and social housing.Β
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.Β
VisitΒ www.oaknorth.com for more information.Β
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