Procaccianti Hotel REIT: amends and extends Hotel Indigo loan

What happened

• On Oct 21, 2026, PHR TCI, LLC, a wholly owned subsidiary of Procaccianti Hotel REIT, L.P., entered into a First Omnibus Loan Modification Agreement and an Amended and Restated Promissory Note with Beacon Bank & Trust, successor by merger to Berkshire Bank, with respect to the mortgage loan secured by the Hotel Indigo at 263 West Grandview Parkway, Traverse City, Michigan.
• The filing reports the maximum principal amount of the loan was increased by $1,750,000, from $15,600,000 to $17,350,000, and the initial maturity date was extended from Jun 6, 2027 to Jun 6, 2028. The Company, as guarantor, entered into a First Amendment and Reaffirmation of Guaranty and Environmental Indemnity Agreement.
• On Oct 20, 2026, the board authorized cash distributions accrued on certain classes of common stock and Class K OP Units, payable on or about Nov 4, 2026 to holders of record as of Nov 3, 2026.

Key details

• Loan increase: additional $1,750,000 will be advanced subject to certain conditions; outstanding principal was $15,600,000 as of the effective date.
• Maturity and extensions: maturity extended to Jun 6, 2028 with two one-year extension options to Jun 6, 2029 and Jun 6, 2030 subject to conditions including a debt service coverage ratio of not less than 1.50:1 and an extension fee of $17,350 per extension.
• Interest and payments: fixed interest at 6.50% per annum through Jun 6, 2027, then a fixed rate equal to 2.50% above the one-year U.S. Treasury yield for remainder of the initial term and any extension; monthly interest-only payments through Jun 6, 2028, then principal and interest based on a 30-year amortization; prepayment allowed with five days’ notice without prepayment fee.
• Fees and payments: borrower paid a $10,000 modification fee to the lender; distribution accruals authorized totaled $677,851 for K Shares, $256,731 for K-I Shares, and $22,606 for Class K OP Units, calculated at $0.001917808 per share/unit per day (7 percent per annum).

Why it may matter

• Item 1.01 (entry into a material definitive agreement) covers the loan modification and related guaranty amendment; Item 2.03 (creation of a direct financial obligation) covers the increased loan principal and related terms; Item 8.01 (other events) covers the board authorization to pay the cited distributions.
• A filing does not show why the insider traded or why the company acted.