M&A - PROCACCIANTI HOTEL REIT, INC.

Form Type: 8-K

Filing Date: 2025-07-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000110465925067729

Filing Summary: On July 10, 2025, Procaccianti Hotel REIT, Inc. completed the acquisition of membership interests in Gano Holdings, LLC for a total purchase price of $28.5 million. This included assuming a debt balance, which was increased by $2 million to a total of $16.9 million. Gano owns the fee simple interest in a Hilton Garden Inn property located in Providence, Rhode Island. Following this, Procaccianti entered into a refinancing loan agreement with Rockland Trust Company, borrowing $19.2 million to refinance the existing debt on the property and cover closing costs. The loan has a maturity of five years and features an interest rate at the Classic Advance Rate plus 2%, with a prepayment penalty during the first two years. This loan is secured by a mortgage on the property, including all associated business assets and revenues, and is guaranteed by Procaccianti Hotel REIT, Inc.