PROCACCIANTI HOTEL REIT, INC.
For the period ended May 6, 2026. Filed May 12, 2026.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
May 6, 2026 · Filed May 12, 2026
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Contents
Loan Interest Rate Modification
As previously disclosed, PHR TCI, LLC, a Delaware limited liability company and wholly-owned subsidiary of Procaccianti Hotel REIT, Inc. (the “Company”), as borrower, and Berkshire Bank, as lender, entered into a Commercial Real Estate Mortgage Loan Agreement (the “Refinancing Loan”) and related promissory note (the “Refinancing Note”) with respect to the Hotel Indigo Traverse City located in Traverse City, Michigan (the “Traverse City Hotel”). The Refinancing Loan and the Refinancing Note were described in, and filed as exhibits to, the Company’s Current Report on Form 8-K filed on June 10, 2024.
On May 6, 2026, PHR TCI, LLC, as borrower, and Beacon Bank & Trust, successor by merger to Berkshire Bank (the “Lender”), as lender, entered into a Change in Terms Agreement (the “Change in Terms Agreement”) with respect to the Refinancing Loan and the Refinancing Note. Effective as of the date of the Change in Terms Agreement, the interest rate applicable to the Refinancing Loan was reduced to a fixed rate of 6.50% per annum for the remainder of the initial term of the Refinancing Loan, which currently matures on June 6, 2027.
As of the date of the Change in Terms Agreement, the outstanding principal balance of the Refinancing Loan remains $15,600,000. Except as described above, the Change in Terms Agreement does not modify the stated maturity date, the collateral securing the Refinancing Loan, the Refinancing Corporate Guaranty provided by the Company, or any other material terms of the Refinancing Loan or the Refinancing Note, all of which remain in full force and effect as previously disclosed.
The foregoing summary of the Change in Terms Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Change in Terms Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
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