PROCACCIANTI HOTEL REIT, INC.

2024 Q2 Form 10-Q Financial Statement

#000155837024011841 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q2

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $11.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $96.49M
YoY Change -2.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $109.6M
YoY Change -2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $71.10M
YoY Change 0.84%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $47.36M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.21M
YoY Change
Total Liabilities & Shareholders Equity $109.6M
YoY Change -2.24%

Cashflow Statement

Concept 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001692345
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-56272
dei Entity Registrant Name
EntityRegistrantName
PROCACCIANTI HOTEL REIT, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
81-3661609
dei Entity Address Address Line1
EntityAddressAddressLine1
1140 Reservoir Avenue
dei Entity Address City Or Town
EntityAddressCityOrTown
Cranston
dei Entity Address State Or Province
EntityAddressStateOrProvince
RI
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
02920-6320
dei City Area Code
CityAreaCode
401
dei Local Phone Number
LocalPhoneNumber
946-4600
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Shell Company
EntityShellCompany
false
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96494810
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97949850
CY2024Q2 us-gaap Cash
Cash
7582377
CY2023Q4 us-gaap Cash
Cash
7021695
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
3671459
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
3682690
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
384772
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
282029
CY2024Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1411423
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1132116
CY2024Q2 us-gaap Assets
Assets
109569841
CY2023Q4 us-gaap Assets
Assets
110093380
CY2024Q2 us-gaap Notes Payable
NotesPayable
64353523
CY2023Q4 us-gaap Notes Payable
NotesPayable
64345142
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3887536
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
2816919
CY2024Q2 us-gaap Liabilities
Liabilities
71100523
CY2023Q4 us-gaap Liabilities
Liabilities
69370360
CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1338259
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1402962
CY2024Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
47358641
CY2023Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
47356635
CY2024Q2 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
1746355
CY2023Q4 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
2110753
CY2024Q2 us-gaap Cumulative Dividends
CumulativeDividends
16951796
CY2023Q4 us-gaap Cumulative Dividends
CumulativeDividends
15055010
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
32213067
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
34472223
CY2024Q2 us-gaap Minority Interest
MinorityInterest
4917992
CY2023Q4 us-gaap Minority Interest
MinorityInterest
4847835
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
37131059
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39320058
CY2024Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
109569841
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
110093380
CY2024Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8535583
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8167599
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13898916
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13432476
CY2024Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2847263
CY2023Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2732762
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
5295637
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4979633
CY2024Q2 us-gaap Management Fee Expense
ManagementFeeExpense
256105
CY2023Q2 us-gaap Management Fee Expense
ManagementFeeExpense
245209
us-gaap Management Fee Expense
ManagementFeeExpense
417175
us-gaap Management Fee Expense
ManagementFeeExpense
403239
CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
366800
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
351690
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
645213
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
705334
CY2024Q2 proc Other Fees
OtherFees
225212
CY2023Q2 proc Other Fees
OtherFees
215805
proc Other Fees
OtherFees
452818
proc Other Fees
OtherFees
434483
CY2024Q2 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
1067970
CY2023Q2 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
1018347
us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
2111377
us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
2029161
CY2024Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6754980
CY2023Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6529503
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12423202
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
11992844
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1780603
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1638096
us-gaap Operating Income Loss
OperatingIncomeLoss
1475714
us-gaap Operating Income Loss
OperatingIncomeLoss
1439632
CY2024Q2 us-gaap Investment Income Net
InvestmentIncomeNet
-988461
CY2023Q2 us-gaap Investment Income Net
InvestmentIncomeNet
-724906
us-gaap Investment Income Net
InvestmentIncomeNet
-1769132
us-gaap Investment Income Net
InvestmentIncomeNet
-1415761
CY2024Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-8637
CY2023Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-55589
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
7237
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-104855
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
783505
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
857601
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-286181
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-80984
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6736
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-52612
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-245737
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-185764
CY2024Q2 us-gaap Profit Loss
ProfitLoss
790241
CY2023Q2 us-gaap Profit Loss
ProfitLoss
910213
us-gaap Profit Loss
ProfitLoss
-40444
us-gaap Profit Loss
ProfitLoss
104780
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
184249
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
235898
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
379679
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
462403
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
605992
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
674315
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-420123
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-357623
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39320058
CY2024Q1 proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
202822
CY2024Q1 proc Adjustments To Additional Paid In Capital Stockholder Servicing Fees
AdjustmentsToAdditionalPaidInCapitalStockholderServicingFees
76
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
197335
CY2024Q1 proc Adjustments To Additional Paid In Capital Minority Interest Valuation Adjustments
AdjustmentsToAdditionalPaidInCapitalMinorityInterestValuationAdjustments
21946
CY2024Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-808739
CY2024Q1 us-gaap Dividends
Dividends
954807
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
37539977
CY2024Q2 proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
199490
CY2024Q2 proc Adjustments To Additional Paid In Capital Stockholder Servicing Fees
AdjustmentsToAdditionalPaidInCapitalStockholderServicingFees
51
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
202822
CY2024Q2 proc Adjustments To Additional Paid In Capital Minority Interest Valuation Adjustments
AdjustmentsToAdditionalPaidInCapitalMinorityInterestValuationAdjustments
-77671
CY2024Q2 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
777273
CY2024Q2 us-gaap Dividends
Dividends
1260479
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
37131059
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42960328
CY2023Q1 proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
200524
CY2023Q1 proc Adjustments To Additional Paid In Capital Stockholder Servicing Fees
AdjustmentsToAdditionalPaidInCapitalStockholderServicingFees
447
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
211517
CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-783423
CY2023Q1 us-gaap Dividends
Dividends
1191011
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40974454
CY2023Q2 proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
197047
CY2023Q2 proc Adjustments To Additional Paid In Capital Stockholder Servicing Fees
AdjustmentsToAdditionalPaidInCapitalStockholderServicingFees
322
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
528625
CY2023Q2 proc Adjustments To Additional Paid In Capital Minority Interest Valuation Adjustments
AdjustmentsToAdditionalPaidInCapitalMinorityInterestValuationAdjustments
90635
CY2023Q2 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
895788
CY2023Q2 us-gaap Dividends
Dividends
1280017
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40167690
us-gaap Profit Loss
ProfitLoss
-40444
us-gaap Profit Loss
ProfitLoss
104780
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2111377
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2029161
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
11664
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2118
proc Amortization Of Loans From Franchisors
AmortizationOfLoansFromFranchisors
-26750
proc Amortization Of Loans From Franchisors
AmortizationOfLoansFromFranchisors
-26350
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
7237
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-104855
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
102743
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-34090
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-214608
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
287044
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
259077
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1104604
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
704562
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
651165
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
393913
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3414592
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3302660
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
648600
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
441882
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-648600
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-441882
proc Payment Of Commissions And Dealer Manager Fees
PaymentOfCommissionsAndDealerManagerFees
127
proc Payment Of Commissions And Dealer Manager Fees
PaymentOfCommissionsAndDealerManagerFees
769
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
39270000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
135495
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
38545151
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
333886
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
728132
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
38534
us-gaap Payments Of Dividends
PaymentsOfDividends
1494474
us-gaap Payments Of Dividends
PaymentsOfDividends
1497707
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
318500
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
575750
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
400157
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
740142
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2216541
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3051293
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
549451
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-190515
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10704385
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11188188
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11253836
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10997673
CY2024Q2 us-gaap Cash
Cash
7582377
CY2023Q2 us-gaap Cash
Cash
6994710
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
3671459
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
4002963
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11253836
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10997673
us-gaap Interest Paid Net
InterestPaidNet
1670015
us-gaap Interest Paid Net
InterestPaidNet
1481204
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8200
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
84537
proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
402312
proc Stock Issued During Period Value New Issues Distribution Reinvestment Plan
StockIssuedDuringPeriodValueNewIssuesDistributionReinvestmentPlan
397571
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Note 1 - Organization and Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Procaccianti Hotel REIT, Inc. (the “Company”) was incorporated under the general corporation laws of the State of Maryland on August 24, 2016. The Company used the proceeds from its Private Offering (defined below) and its Public Offering (defined below), which terminated on August 13, 2021, to acquire a diverse portfolio of hospitality properties consisting primarily of select-service, extended-stay, and compact full-service hotel properties throughout the United States (the “U.S.”). The Company elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2018. Substantially all of the Company’s business is conducted through Procaccianti Hotel REIT, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The Company is externally managed by Procaccianti Hotel Advisors, LLC (“PHA”) pursuant to an Advisory Agreement by and among the Company, its Operating Partnership and PHA. PHA is an affiliate of Procaccianti Companies, Inc., the Company’s sponsor (the “Sponsor”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">As of June 30, 2024, the Company owned interests in five select-service hotels located in four states with a total of 559 rooms. For more information on the Company’s real estate portfolio, see Note 3 – “Investments in Hotels.”</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Company raised the equity capital for its real estate investments through a private offering (the “Private Offering”) and a public offering (the “Public Offering”, together with the Private Offering, the “Offerings”) from September 2016 through August 2021, and has offered shares through its distribution reinvestment plan (“DRIP”) pursuant to a Registration Statement on Form S-3 (the “DRIP Offering”) since August 2021. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Company terminated the Private Offering prior to the commencement of the Public Offering, and, as of such termination, received approximately $15,582,755 in gross proceeds from the sale of shares of Class K common stock (“K Shares”) and Class A common stock (“A Shares”), including Units (which were comprised of one K Share and one A Share), in the Private Offering. Of the $15,582,755 in gross proceeds received, $2,954,095 was from the sale of A Shares to TPG Hotel REIT Investor, LLC (“THR”), an affiliate of PHA, to fund organization and offering expenses associated with the K Shares and Units.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Since the commencement of the Public Offering and through June 30, 2024, the Company received approximately $41,677,066 in gross proceeds from the sale of K Shares, shares of Class K-I common stock (“K-I Shares”) and shares of Class K-T common shares (“K-T Shares”) in the Public Offering, inclusive of proceeds from the sale of $1,680,377 of K Shares, $1,123,965 of K-I Shares and $72,561 of K-T Shares pursuant to the DRIP. Additionally, on October 26, 2018, June 10, 2019 and January 19, 2021, the Company received $1,500,000, $690,000 and $440,000, respectively, from the sale of A Shares to THR in private placements, the proceeds of which were used to pay the selling commissions, dealer manager fees, stockholder servicing fees, and other organizational and offering expenses related to the K Shares, K-I Shares and K-T Shares sold in the primary offering portion of the Public Offering. In addition, the Company allocated proceeds from the sale of A Shares in amounts that represent the difference between (i) the applicable estimated net asset value (“NAV”) per K-I Share and the applicable offering price of K-I Shares sold in the primary offering and (ii) any discount to the applicable offering price of K Shares, K-I Shares and K-T Shares arising from reduced or waived selling commissions (other than reduced selling commissions for volume discounts) or dealer manager fees.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">On February 27, 2020, through a separate private placement and as partial consideration for the Company’s acquisition of the Hilton Garden Inn hotel property located in Providence, Rhode Island (“Hilton Garden Inn Providence”), the Operating Partnership issued 128,124 Class K units of limited partnership interests in the Operating Partnership (“Class K OP Units”) at $10.00 per Class K OP Unit. </p>
proc Number Of Owned Interests In Select Service Hotels
NumberOfOwnedInterestsInSelectServiceHotels
5
CY2024Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
4
CY2024Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
559
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assumptions and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2024Q2 proc Reserves For Insurance As Restricted Cash
ReservesForInsuranceAsRestrictedCash
87535
CY2023Q2 proc Reserves For Insurance As Restricted Cash
ReservesForInsuranceAsRestrictedCash
29779
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
605992
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
674315
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-420123
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-357623
CY2024Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-414301
CY2023Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-349114
us-gaap Undistributed Earnings
UndistributedEarnings
-2461288
us-gaap Undistributed Earnings
UndistributedEarnings
-2396307
CY2024Q2 us-gaap Land
Land
14450538
CY2023Q4 us-gaap Land
Land
14450538
CY2024Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
89313497
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
89251274
CY2024Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
12566357
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
11979979
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
116330392
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
115681791
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19835582
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17731941
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96494810
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97949850
CY2024Q2 us-gaap Depreciation
Depreciation
1064101
CY2023Q2 us-gaap Depreciation
Depreciation
1014479
us-gaap Depreciation
Depreciation
2103641
us-gaap Depreciation
Depreciation
2021424
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
998897
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
750021
us-gaap Interest Expense Debt
InterestExpenseDebt
1823753
us-gaap Interest Expense Debt
InterestExpenseDebt
1462257
CY2024Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
16186
CY2023Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1058
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
11664
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2118
CY2023Q2 proc Acquisition Fees
AcquisitionFees
0
CY2024Q2 proc Acquisition Fees
AcquisitionFees
0
us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
0
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
0
us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
0
CY2024Q2 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
0
CY2024Q2 proc Aggregate Property Management Fees
AggregatePropertyManagementFees
256105
CY2023Q2 proc Aggregate Property Management Fees
AggregatePropertyManagementFees
245209
proc Aggregate Property Management Fees
AggregatePropertyManagementFees
417175
proc Aggregate Property Management Fees
AggregatePropertyManagementFees
403239
CY2024Q2 proc Accrued Property Management Fees Payable
AccruedPropertyManagementFeesPayable
107933
CY2023Q2 proc Accrued Property Management Fees Payable
AccruedPropertyManagementFeesPayable
102879
CY2024Q2 proc Aggregate Net Reimbursements
AggregateNetReimbursements
191322
CY2023Q2 proc Aggregate Net Reimbursements
AggregateNetReimbursements
187238
proc Aggregate Net Reimbursements
AggregateNetReimbursements
383718
proc Aggregate Net Reimbursements
AggregateNetReimbursements
342027
proc Reimbursements Expenses
ReimbursementsExpenses
59839
CY2023Q2 proc Additional Service Fees
AdditionalServiceFees
0
CY2024Q2 proc Additional Service Fees
AdditionalServiceFees
0
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
248125000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6736
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-52612
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-245737
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-185764
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001558370-24-011841-index-headers.html Edgar Link pending
0001558370-24-011841-index.html Edgar Link pending
0001558370-24-011841.txt Edgar Link pending
0001558370-24-011841-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
tmb-20240630.xsd Edgar Link pending
tmb-20240630x10q.htm Edgar Link pending
tmb-20240630xex31d1.htm Edgar Link pending
tmb-20240630xex31d2.htm Edgar Link pending
tmb-20240630x10q_htm.xml Edgar Link completed
tmb-20240630xex32d1.htm Edgar Link pending
tmb-20240630_cal.xml Edgar Link unprocessable
tmb-20240630_def.xml Edgar Link unprocessable
tmb-20240630_lab.xml Edgar Link unprocessable
tmb-20240630_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable