UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement
Rent Confirmations
On May 4, 2023, the board of directors of Procaccianti Hotel REIT, Inc. (the “Company”) (i) authorized the entry into a Confirmation of Renewal Period Rent, dated May 4, 2023 (the “Staybridge Lease Rent Confirmation”), by and between PHR STPFL, LLC (“PHR STPFL”), a Delaware limited company and wholly-owned subsidiary of Procaccianti Convertible Fund, LLC, a Delaware limited liability company that is an affiliate of both the Company’s sponsor and advisor (the “Fund”), and PHR STPFL OPCO SUB, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR STPFL OPCO SUB”), which, among other things, establishes the rents for the first renewal period of that certain Hotel Lease, dated March 29, 2018, by and between PHR STPFL and PHR STPFL OPCO SUB; and (ii) authorized the entry into a Confirmation of Renewal Period Rent, dated May 4, 2023 (the “SpringHill Rent Confirmation” and together with the Staybridge Lease Rent Confirmation, the “Rent Confirmations”) , by and between PHR WNC, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR WNC”), and PHR WNC OPCO SUB, LLC a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR WNC OPCO SUB”), which, among other things, establishes the rents for the first renewal period of that certain Hotel Lease, dated March 29, 2018, by and between PHR WNC and PHR WNC OPCO SUB.
A copy of each of the Rent Confirmations is attached as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and are incorporated herein by reference. The disclosure as set forth in this Item 1.01 is intended to be a summary only and is qualified in its entirely by reference to the full text of the Rent Confirmations.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Confirmation of Renewal Period Rent, by and between PHR STPFL, LLC and PHR STPFL OPCO SUB, LLC, dated May 4, 2023. | |
| 10.2 | Confirmation of Renewal Period Rent, by and between PHR WNC, LLC and PHR WNC OPCO SUB, LLC, dated May 4, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| PROCACCIANTI HOTEL REIT, INC. | ||
| Date: May 5, 2023 | By: | /s/ Gregory Vickowski |
| Gregory Vickowski | ||
| Chief Financial Officer | ||