Financing ·
Extends Hotel Indigo loan to June 2028 and increases principal by $1.75M for renovations
PRXAProcaccianti Hotel REIT, Inc.
PHR TCI, LLC, a subsidiary of Procaccianti Hotel REIT, Inc., entered into an Omnibus Loan Modification Agreement with Beacon Bank & Trust regarding the mortgage secured by the Hotel Indigo in Traverse City, Michigan. The agreement increases the maximum principal amount from $15.6 million to $17.35 million, providing $1.75 million for capital expenditures and renovations. The maturity date is extended from June 2027 to June 2028, with options to extend further to 2029 and 2030 subject to debt service coverage ratios. Interest remains fixed at 6.50% through June 2027, then floats at Treasury plus 2.50%. Concurrently, the Board authorized cash distributions of approximately $0.94 million for Class K common stock and $22,606 for specific affiliate seller units, payable on November 4, 2026 to holders of record as of November 3, 2026. Procaccianti Hotel REIT operates a hotel real estate investment trust.