Board recommends rejecting $2.35 mini-tender; cites $11.53 NAV per share

PROCACCIANTI HOTEL REIT, INC.

Alternative Liquidity Capital offer at $2.35/share vs. estimated NAV of $11.53 (as of March 31, 2023).
Board recommends stockholders reject the unsolicited mini-tender for up to 175,620 Class K and 61,825 Class K-I shares.
Offer expires June 21, 2024; tendered shares may be withdrawn before then.
Board believes offer exploits company's inability to fully repurchase shares under its share repurchase program.
Stockholders who tender assign rights to distributions paid after June 21, 2024.

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