Procaccianti Hotel REIT confirms rent terms for Hotel Indigo Traverse City lease renewal period

PROCACCIANTI HOTEL REIT, INC.

Entered rent confirmation for first renewal period of Hotel Indigo lease, effective Dec 31, 2023.
Fixed rent: $136,645/mo in 2024, rising to $141,850/mo in 2025, then gradually declining to $140,468/mo in 2028.
Percentage rent rate starts at 76.63% of gross revenue above monthly floors (e.g., $211,309 in Jan 2024) and declines to 59.34% by 2028.
Renewal term runs through Dec 2028; lease is between wholly-owned subsidiaries PHR TCI (landlord) and PHR TCI OPCO SUB (tenant).

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