---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-055788"
form_type: "8-K"
ticker: "PRXK"
cik: "0001692345"
company_name: "PROCACCIANTI HOTEL REIT, INC."
filed_at: "2024-05-01T23:59:59+00:00"
generated_at: "2026-06-03T03:02:29.333922+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Procaccianti Hotel REIT refinances two hotels with $23.67M Liberty Bank loan

## Summary
- Borrowed $23.67M via two loans secured by St. Petersburg and Wilmington hotels; proceeds used to pay off existing first mortgages.
- Interest rate floating at 1-month SOFR + 250 bps; interest-only for 2 years, then 300-month amortization; 5-year maturity.
- Loans cross-collateralized and cross-defaulted; guaranteed by Procaccianti Hotel REIT, Inc.
- Board authorized Q1 2024 distributions: $680,542 for K Shares, $238,603 for K-I, $521 for K-T, and $22,299 for Class K OP units, at 7% p.a.

## SEC filing metadata
- accession: 0001104659-24-055788
- form_type: 8-K
- ticker: PRXK
- cik: 0001692345
- company_name: PROCACCIANTI HOTEL REIT, INC.
- filed_at: 2024-05-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/0001104659-24-055788-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/tm2413016d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-055788
- JSON: https://secwatch.observer/filing/0001104659-24-055788.json
- Plain text: https://secwatch.observer/filing/0001104659-24-055788.txt

## Key facts
- Debt Financings
  PROCACCIANTI HOTEL REIT, INC. incurred loan of $23,670,000 with Liberty Bank at one-month term Secured Overnight Financing Rate (“SOFR”) plus two hundred fifty maturing five (5) years from the date of the Refinancing Notes.
  - Instrument: loan
  - Principal: $23,670,000
  - Counterparty: Liberty Bank
  - Rate: one-month term Secured Overnight Financing Rate (“SOFR”) plus two hundred fifty
  - Maturity: five (5) years from the date of the Refinancing Notes
  - Event: incurrence
  source text: Hotel Loan”, and together with the St. Petersburg Hotel Loan, the “Refinancing Loans”). In connection with the Refinancing Loans, the Company borrowed an aggregate amount of $23,670,000 and issued promissory notes (the “Refinancing Notes”) to Liberty Bank in the same amount. The loan proceeds were primarily used to pay off in full the existing first mortgages on
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/0001104659-24-055788-index.htm
- Material Agreements
  PROCACCIANTI HOTEL REIT, INC. entered into Loan Agreement with Liberty Bank valued at aggregate amount of $23,670,000 (effective 2024-04-26).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Liberty Bank
  - Value: aggregate amount of $23,670,000
  - Effective: 2024-04-26
  source text: (i) PHR STPFL, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR STPFL”), as borrower, and Liberty Bank, as the lender, entered into the Loan Agreement dated as of April 25, 2024 (the “St. Petersburg Hotel Loan"), and (ii) PHR WNC, LLC, a Delaware limited company and wholly-owned subsidiary of the Fund (“PHR WNC”), as borrower, and Liberty Bank, as the lender, entered into the Loan Agreement dated April 26, 2024 (the “Wilmington Hotel Loan", and together with the St. Petersburg Hotel Loan, the “Refinancing Loans”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692345/000110465924055788/0001104659-24-055788-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.