secwatch.observer — SEC 8-K summary
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Issuer:     PROCACCIANTI HOTEL REIT, INC. (PRXK)
CIK:        0001692345
Form:       8-K
Filed at:   2023-12-28T23:59:59+00:00
Accession:  0001104659-23-130105
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692345/000110465923130105/0001104659-23-130105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692345/000110465923130105/tm2333893d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-130105

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