Procaccianti Hotel Reit 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-56272
Entity Registrant Name	PROCACCIANTI HOTEL REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-3661609
Entity Address, Address Line One	1140 Reservoir Avenue
Entity Address, City or Town	Cranston
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02920-6320
City Area Code	401
Local Phone Number	946-4600
Entity Central Index Key	0001692345
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Class K Common Stock
Document Information
Entity Common Stock, Shares Outstanding		3,906,119
Class K-I Common Stock
Document Information
Entity Common Stock, Shares Outstanding		1,337,250
Class K-T Common Stock
Document Information
Entity Common Stock, Shares Outstanding		59,944
Class A Common Stock
Document Information
Entity Common Stock, Shares Outstanding		581,410
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding		125,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Property and equipment, net	$ 102,236,042	$ 102,236,979
Cash	6,819,130	6,850,026
Restricted cash	3,623,673	2,988,376
Accounts receivable, net	773,008	453,979
Due from related parties	1,135,912	153,113
Prepaid expenses and other assets, net	1,250,853	978,905
Total Assets	115,838,618	113,661,378
Liabilities
Mortgage notes payable, net	64,852,899	64,141,964
Other debt		942,605
Accounts payable, accrued expenses and other, net	3,896,822	2,700,281
Due to related parties	2,710,896	1,885,559
Total Liabilities	71,460,617	69,670,409
Commitments and Contingencies
Commitments and Contingencies
Noncontrolling interest of the Operating Partnership	1,269,139	1,226,417
Stockholders' Equity
Additional paid-in capital	47,867,990	47,930,212
Cumulative loss	(1,492,435)	(3,500,228)
Cumulative distributions	(9,328,639)	(7,428,718)
Total Stockholders' Equity	37,107,197	37,061,591
Noncontrolling interest	6,001,665	5,702,961
Total Equity	43,108,862	42,764,552
Total Liabilities and Stockholders' Equity	115,838,618	113,661,378
Class K Common Stock
Stockholders' Equity
Common stock, value, issued	39,277	39,477
Class K-I Common Stock
Stockholders' Equity
Common stock, value, issued	13,300	13,155
Class K-T Common Stock
Stockholders' Equity
Common stock, value, issued	640	629
Class A Common Stock
Stockholders' Equity
Common stock, value, issued	5,814	5,814
Class B Common Stock
Stockholders' Equity
Common stock, value, issued	$ 1,250	$ 1,250

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common stock, shares authorized	248,125,000
Class K Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	55,500,000	55,500,000
Common stock, shares issued	3,927,747	3,947,642
Common Stock, shares outstanding	3,927,747	3,947,642
Class K-I Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	55,500,000	55,500,000
Common stock, shares issued	1,329,967	1,315,534
Common Stock, shares outstanding	1,329,967	1,315,534
Class K-T Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	116,000,000	116,000,000
Common stock, shares issued	63,961	62,946
Common Stock, shares outstanding	63,961	62,946
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	21,000,000	21,000,000
Common stock, shares issued	581,410	581,410
Common Stock, shares outstanding	581,410	581,410
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	125,000	125,000
Common stock, shares issued	125,000	125,000
Common Stock, shares outstanding	125,000	125,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 8,313,460	$ 6,274,401	$ 13,419,033	$ 9,186,510
Expenses
Other property expenses	2,508,599	1,953,749	4,641,640	3,451,554
Property management fees to affiliates	230,846	188,317	377,720	275,742
Corporate general and administrative	384,938	347,067	703,501	625,301
Other fees to affiliates	218,701	196,023	439,814	381,641
Depreciation and amortization	943,770	783,245	1,861,710	1,559,641
Total expenses	5,201,434	4,940,266	10,266,427	8,507,430
Operating income	3,112,026	1,334,135	3,152,606	679,080
Gain on loan extinguishment	405,605	635,317	942,605	635,317
Interest expense, net	(679,784)	(673,090)	(1,310,376)	(1,304,577)
Gain on interest rate cap/swap	39,926	102,798	85,109	203,251
Net income before income taxes	2,877,773	1,399,160	2,869,944	213,071
Income tax expense	(42,029)	(1,350)	(42,975)	(1,350)
Net income	2,835,744	1,397,810	2,826,969	211,721
Net income attributable to noncontrolling interest	511,493	345,736	819,176	270,320
Net income (loss) attributable to common stockholders	2,324,251	1,052,074	2,007,793	(58,599)
Class K Common Stock
Expenses
Net income (loss) attributable to common stockholders	$ 1,529,475	$ 730,429	$ 1,339,424	$ (10,598)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	3,927,565	3,761,959	3,937,320	3,701,519
Weighted average number of common shares outstanding - diluted (in shares)	3,927,565	3,761,959	3,937,320	3,701,519
Class K-I Common Stock
Expenses
Net income (loss) attributable to common stockholders	$ 516,703	$ 196,335	$ 449,877	$ (2,544)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	1,326,870	1,011,194	1,322,463	888,479
Weighted average number of common shares outstanding - diluted (in shares)	1,326,870	1,011,194	1,322,463	888,479
Class K-T Common Stock
Expenses
Net income (loss) attributable to common stockholders	$ 24,795	$ 9,967	$ 21,570	$ (142)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	63,669	51,338	63,407	49,563
Weighted average number of common shares outstanding - diluted (in shares)	63,669	51,338	63,407	49,563
Class A Common Stock
Expenses
Net income (loss) attributable to common stockholders	$ 226,415	$ 112,888	$ 197,789	$ (1,567)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	581,410	581,410	581,410	576,791
Weighted average number of common shares outstanding - diluted (in shares)	581,410	581,410	581,410	576,791
Class B Common Stock
Expenses
Net income (loss) attributable to common stockholders	$ 26,863	$ 2,455	$ (867)	$ (43,748)
Net income (loss) per common share, basic (in dollars per share)	$ 0.21	$ 0.02	$ (0.01)	$ (0.35)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.21	$ 0.02	$ (0.01)	$ (0.35)
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000	125,000	125,000
Rooms
Revenues
Total revenues	$ 6,792,295	$ 5,589,194	$ 11,264,726	$ 8,252,269
Expenses
Costs	452,747	1,154,082	1,506,159	1,769,194
Food and beverage
Revenues
Total revenues	713,750	513,997	997,293	661,200
Expenses
Costs	461,833	317,783	735,883	444,357
Other operating
Revenues
Total revenues	$ 807,415	$ 171,210	$ 1,157,014	$ 273,041

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST - USD ($)	Class K Common Stock Common Stock	Class K Common Stock	Class K-I Common Stock Common Stock	Class K-I Common Stock	Class K-T Common Stock Common Stock	Class K-T Common Stock	Class A Common Stock Common Stock	Class A Common Stock	Class B Common Stock Common Stock	Class B Common Stock	Additional Paid-in Capital	Cumulative Loss	Cumulative Distributions	Total Procaccianti Hotel REIT, Inc. Stockholders' Equity	Noncontrolling Interest	Total
BALANCE at Dec. 31, 2020	$ 36,081		$ 6,668		$ 478		$ 5,374		$ 1,250		$ 40,343,076	$ (6,092,421)	$ (3,528,321)	$ 30,772,185	$ 5,888,390	$ 36,660,575
BALANCE (in shares) at Dec. 31, 2020	3,608,062		666,728		47,769		537,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 801		$ 1,568				$ 440				2,368,158			2,370,967		2,370,967
Issuance of common stock (in shares)	80,181		156,830				44,000
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(104,773)			(104,773)		(104,773)
Repurchase of common stock	$ (10)										(7,910)			(7,920)		(7,920)
Repurchase of common stock (in shares)	(1,000)
Other offering costs to affiliates											(250,872)			(250,872)		(250,872)
Net Income (Loss)												(1,110,673)		(1,110,673)	(47,782)	(1,158,455)
BALANCE at Mar. 31, 2021	$ 36,872		$ 8,236		$ 478		$ 5,814		$ 1,250		42,347,679	(7,203,094)	(3,528,321)	31,668,914	5,840,608	37,509,522
BALANCE (in shares) at Mar. 31, 2021	3,687,243		823,558		47,769		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 2,101		$ 3,025		$ 99						4,315,087			4,320,312		4,320,312
Issuance of common stock (in shares)	210,150		302,562		9,930
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(254,489)			(254,489)		(254,489)
Repurchase of common stock	$ (347)										(289,074)			(289,421)		(289,421)
Repurchase of common stock (in shares)	(34,700)
Other offering costs to affiliates											(393,558)			(393,558)		(393,558)
Net Income (Loss)												1,052,074		1,052,074	321,364	1,373,438
Distributions paid															(591,430)	(591,430)
BALANCE at Jun. 30, 2021	$ 38,626		$ 11,261		$ 577		$ 5,814		$ 1,250		45,725,645	(6,151,020)	(3,528,321)	36,103,832	5,570,542	41,674,374
BALANCE (in shares) at Jun. 30, 2021	3,862,693		1,126,120		57,699		581,410		125,000
BALANCE at Dec. 31, 2021	$ 39,477		$ 13,155		$ 629		$ 5,814		$ 1,250		47,930,212	(3,500,228)	(7,428,718)	37,061,591	5,702,961	42,764,552
BALANCE (in shares) at Dec. 31, 2021	3,947,642	3,947,642	1,315,534	1,315,534	62,946	62,946	581,410	581,410	125,000	125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common stock	$ 5				$ (5)
Conversion of common stock (in shares)	500				500
Issuance of common stock pursuant to distribution reinvestment plan	$ 123		$ 80		$ 8						197,195			197,406		197,406
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	12,344		7,993		753
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(1,429)			(1,429)		(1,429)
Repurchase of common stock	$ (75)		$ (16)								(84,617)			(84,708)		(84,708)
Repurchase of common stock (in shares)	(7,500)		(1,613)
Net Income (Loss)												(316,458)		(316,458)	314,391	(2,067)
Distributions paid													(958,121)	(958,121)	(122,500)	(1,080,621)
BALANCE at Mar. 31, 2022	$ 39,530		$ 13,219		$ 632		$ 5,814		$ 1,250		48,041,361	(3,816,686)	(8,386,839)	35,898,281	5,894,852	41,793,133
BALANCE (in shares) at Mar. 31, 2022	3,952,986		1,321,914		63,199		581,410		125,000
BALANCE at Dec. 31, 2021	$ 39,477		$ 13,155		$ 629		$ 5,814		$ 1,250		47,930,212	(3,500,228)	(7,428,718)	37,061,591	5,702,961	42,764,552
BALANCE (in shares) at Dec. 31, 2021	3,947,642	3,947,642	1,315,534	1,315,534	62,946	62,946	581,410	581,410	125,000	125,000
BALANCE at Jun. 30, 2022	$ 39,277		$ 13,300		$ 640		$ 5,814		$ 1,250		47,867,990	(1,492,435)	(9,328,639)	37,107,197	6,001,665	43,108,862
BALANCE (in shares) at Jun. 30, 2022	3,927,747	3,927,747	1,329,967	1,329,967	63,961	63,961	581,410	581,410	125,000	125,000
BALANCE at Mar. 31, 2022	$ 39,530		$ 13,219		$ 632		$ 5,814		$ 1,250		48,041,361	(3,816,686)	(8,386,839)	35,898,281	5,894,852	41,793,133
BALANCE (in shares) at Mar. 31, 2022	3,952,986		1,321,914		63,199		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to distribution reinvestment plan	$ 122		$ 81		$ 8						197,069			197,280		197,280
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	12,261		8,053		762
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(1,440)			(1,440)		(1,440)
Repurchase of common stock	$ (375)										(369,000)			(369,375)		(369,375)
Repurchase of common stock (in shares)	(37,500)
Net Income (Loss)												2,324,251		2,324,251	462,063	2,786,314
Distributions paid													(941,800)	(941,800)	(355,250)	(1,297,050)
BALANCE at Jun. 30, 2022	$ 39,277		$ 13,300		$ 640		$ 5,814		$ 1,250		$ 47,867,990	$ (1,492,435)	$ (9,328,639)	$ 37,107,197	$ 6,001,665	$ 43,108,862
BALANCE (in shares) at Jun. 30, 2022	3,927,747	3,927,747	1,329,967	1,329,967	63,961	63,961	581,410	581,410	125,000	125,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 2,826,969	$ 211,721
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,861,710	1,559,641
Amortization of deferred financing costs and debt discount as interest	(18,437)	(4,942)
Amortization of key money loans	(26,750)	(30,029)
Gain on loan extinguishment	(942,605)	(635,317)
Gain on interest rate cap/swap	(85,109)	(203,251)
Changes in operating assets and liabilities:
Accounts receivable	(319,029)	(229,060)
Due from related parties	(982,799)	(99,732)
Prepaid expenses and other assets	(279,686)	(1,639,179)
Accounts payable, accrued expenses and other	1,308,400	1,723,825
Due to related parties	825,337	831,938
Net cash provided by operating activities	4,168,001	1,485,615
Cash Flows from Investing Activities:
Loan receivable funding		(7,689,594)
Capital improvements	(1,853,035)	(307,799)
Net cash used in investing activities	(1,853,035)	(7,997,393)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock		6,691,279
Payment of commissions and dealer manager fees and stockholder servicing fees	(2,869)	(359,262)
Payment of other offering costs to affiliates		(522,659)
Proceeds from mortgage note	939,181
Proceeds from other debt		1,426,672
Payments of mortgage notes principal	(209,809)	(200,922)
Distributions to stockholders	(1,505,235)
Distributions to noncontrolling interest	(477,750)	(591,430)
Repurchase of common stock	(454,083)	(297,341)
Net cash (used in) provided by financing activities	(1,710,565)	6,146,337
Increase (decrease) in cash and cash equivalents and restricted cash	604,401	(365,441)
Cash and cash equivalents and restricted cash, beginning of period	9,838,402	10,269,947
Cash and cash equivalents and restricted cash, end of period	$ 10,442,803	$ 9,904,506

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Disclosure of Cash Flow Information
Cash	$ 6,819,130	$ 6,324,665
Restricted cash	3,623,673	3,579,841
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	10,442,803	9,904,506
Cash paid for interest	1,269,542	1,191,667
Cash paid for income taxes	1,280	$ 1,750
Supplemental Disclosure of Noncash Transactions
Common stock issued pursuant to distribution reinvestment plan	$ 394,686

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Organization and Description of Business
Organization and Description of Business	Note 1 - Organization and Description of Business 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 and own a diverse portfolio of hospitality properties consisting primarily of select-service, extended-stay, and compact full-service hotel properties throughout the United States (“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”). As of June 30, 2022, 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.” 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. 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. Since the commencement of the Public Offering and through June 30, 2022 we received approximately $40,088,619 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 $768,941 of K Shares, $464,531 of K-I Shares and $50,059 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 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. 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. ​ Novel Coronavirus (COVID-19) In December 2019, COVID-19 was identified in Wuhan, China, subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Since late February 2020, COVID-19 has had and continues to have a significant effect on the hospitality industry. Thus far, responses to the COVID-19 outbreak have included mandates from federal, state and/or local authorities that have restricted travel and the conduct of business, such as stay-at-home orders, quarantines, travel bans, border closings, business closures and other similar measures, which have significantly reduced overall lodging demand. In response to government mandates and health official orders, the Springhill Suites Wilmington (as defined below) was instructed to close effective March 30, 2020 and remained closed until May 1, 2020, and other of the Company’s hotel properties were required to close food and beverage outlets. Since the beginning of March 2020, the Company has experienced significant declines in occupancy and revenue per available room (“RevPAR”) associated with COVID-19 throughout its hotel portfolio, which has had a negative impact on the Company’s operations and financial results. The full financial impact of the reduction in hotel demand caused by the pandemic cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. Given the current availability and effectiveness of the COVID-19 vaccines, in addition to a decrease in government related mandates, the Company continues to experience an improvement in traveler sentiment. However, while the development and distribution of vaccines have helped contribute to improved conditions throughout 2021 and the first half of 2022, there can be no assurances that the vaccines will contain the spread of the virus and its variants and allow the economy to fully recover. Therefore, while the Company has experienced continued improvement in its operations through the first half of 2022 and expects continued improvement through the rest of the year, future results of operations, financial position and cash flow could be negatively impacted by, among other things, historical seasonal trends, an increase in COVID-19 cases, stay-at-home orders, quarantines, travel bans, border closings, business closures, deterioration of consumer sentiment or significant inflationary pressures. Accordingly, the Company expects that COVID-19 and the associated response could continue to negatively affect the Company’s results of operations, financial position and cash flow for a period of time. The Company believes cash and restricted cash on hand, cash generated from operations, and borrowings from other sources, including advances from the Company’s Sponsor, if necessary, will be sufficient to meet the Company’s anticipated cash needs for at least the next 12 months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair and consistent presentation, have been included in these condensed consolidated financial statements. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. The Company consolidates variable interest entities (“VIEs”) as defined under the Consolidation Topic (“Topic 810”) of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) when it has the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits from the VIE that could be significant. At June 30, 2022, the assets of our VIEs were $66,297,937, and consist primarily of land, building, furniture, fixtures, and equipment and are available to satisfy our VIEs’ obligations. The liabilities of our VIEs were $43,475,150 at June 30, 2022 and consist primarily of long-term debt. The Company has guaranteed certain obligations of its VIEs. The Company has no foreign operations or assets, and its operating structure includes only one segment. Use of Estimates 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. Fair Value of Financial Instruments Under GAAP, the Company is required to disclose the fair value of certain financial instruments on a recurring basis. The accompanying condensed consolidated balance sheets include the following financial instruments: cash, restricted cash, accounts receivable, accounts payable, mortgage notes payable and other debt. The Company considers the carrying value of cash, restricted cash, accounts receivable, accounts payable and other debt to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: ● Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ● Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. As of June 30, 2022, the estimated fair value of the mortgage notes payable was $62,405,451 compared to the carrying value of $65,047,289. These financial instruments are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows of the notes payable discounted at a market rate. Revenue Recognition Revenue is generally recognized as services are performed. Revenue represents primarily room rentals, food and beverage sales, and other fees. The Company collects sales tax from all nonexempt customers and remits the entire amount to the appropriate states upon collection from the customer. The Company’s accounting policy is to exclude the tax collected and remitted to the state from revenue and expenses. Included in other operating revenues for the three and six months ended June 30, 2022, is $631,168 and $846,828 , respectively, of business recovery grants awarded to the Springhill Suites Wilmington, Hotel Indigo Traverse City and the Hilton Garden Inn Providence hotels. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and highly liquid investments with original maturities of three months or less. Restricted Cash The Company maintains reserves for property taxes and capital improvements as required by its debt agreements. At June 30, 2022 and 2021, reserves for property taxes were $843,270 and $939,587, respectively, reserves for capital improvements were $2,655,624 and $2,407,494, respectively and reserves for insurance were $23,795 and $0, respectively. The Company also included $100,984 and $189,590 of guest advance deposits as restricted cash at June 30, 2022 and 2021, respectively. Organization and Offering Costs Organization and offering costs (“O&O Costs”) include selling commissions, dealer manager fees, stockholder servicing fees and any other elements of underwriting compensation, legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals. The Company charged O&O Costs against additional paid in capital on the condensed consolidated balance sheet as it raised proceeds in its Public Offering, which terminated on August 13, 2021. Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and has operated as a REIT, commencing with the taxable year ended December 31, 2018. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year following the year it initially elects to be taxed as a REIT, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to its stockholders. Because the Company is prohibited from operating hotel properties pursuant to certain tax laws relating to its qualification as a REIT, the entities through which the Company owns hotel properties will lease the hotel properties to one or more taxable REIT subsidiaries (“TRSs”). A TRS is a corporate subsidiary of a REIT that jointly elects, with the REIT, to be treated as a TRS of the REIT, and that pays U.S. federal income tax at regular corporate rates on its taxable income. The Company accounts for income taxes of its TRSs using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period prior to when the new rates become effective. The Company records a valuation allowance for net deferred tax assets that are not expected to be realized. The Company has reviewed tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. At June 30, 2022, the Company had no material uncertain tax positions. The preparation of the Company’s various tax returns requires the use of estimates for federal and state income tax purposes. These estimates may be subjected to review by the respective taxing authorities. A revision to an estimate may result in an assessment of additional taxes, penalties and interest. At this time, a range in which the Company’s estimates may change is not expected to be material. The Company will account for interest and penalties relating to uncertain tax positions in the current period results of operations, if necessary. The Company has tax years 2018 through 2021 remaining subject to examination by federal and various state tax jurisdictions. Noncontrolling Interest Noncontrolling interest represents the portion of equity of Procaccianti Convertible Fund, LLC ("PCF") held by owners other than the Company. Noncontrolling interest is reported in the condensed consolidated balance sheets within equity, separately from stockholders’ equity. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest are reported in the condensed consolidated statement of operations. Noncontrolling Interest of the Operating Partnership Noncontrolling interest of the Operating Partnership represents the value of the 128,124 Class K OP Units that were issued to a group of sellers in connection with the acquisition of the Hilton Garden Inn Providence. Noncontrolling interest of the Operating Partnership is reported in the mezzanine section of the condensed consolidated balance sheet, as the units are redeemable at the request of the holder for cash equal to the fair market value of a K Share as defined in the Amended and Restated Agreement of Limited Partnership of Procaccianti Hotel REIT, L.P. (the “Amended and Restated Operating Partnership Agreement”). The Company may elect to acquire any such unit presented for redemption for one K Share or cash. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest of the Operating Partnership are reported in the condensed consolidated statement of operations. Per Share Data The Company calculates its basic and diluted earnings per common share (“EPS”) utilizing the two-class method. Under the two-class method both basic and diluted EPS are calculated for each class of common stock considering distributions declared and accumulated and the rights of common shares and participating securities in any undistributed earnings. Undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. As of June 30, 2022, 3,750 restricted K Shares held by the Company's independent directors are included in the calculation of basic EPS because such shares have been issued and participate in distributions. The Company’s calculated earnings per share for the three and six months ended June 30, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Net income (loss) attributable to common stockholders ​ $ 2,324,251 ​ $ 1,052,074 ​ $ 2,007,793 ​ $ (58,599) Less: Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Less: Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Less: Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Less: Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Undistributed net income (loss) ​ $ 1,294,685 ​ $ 108,633 ​ $ (41,810) ​ $ (1,869,401) Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 844,044 ​ $ 73,890 ​ $ (27,301) ​ $ (1,295,481) Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Net income (loss) ​ $ 1,529,475 ​ $ 730,429 ​ $ 1,339,424 ​ $ (10,598) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 3,927,565 ​ 3,761,959 ​ 3,937,320 ​ 3,701,519 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 285,148 ​ $ 19,861 ​ $ (9,170) ​ $ (310,956) Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Net income (loss) ​ $ 516,703 ​ $ 196,335 ​ $ 449,877 ​ $ (2,544) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 1,326,870 ​ 1,011,194 ​ 1,322,463 ​ 888,479 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 13,683 ​ $ 1,007 ​ $ (440) ​ $ (17,347) Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Net income (loss) ​ $ 24,795 ​ $ 9,967 ​ $ 21,570 ​ $ (142) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 63,669 ​ 51,338 ​ 63,407 ​ 49,563 Class A Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 124,947 ​ $ 11,420 ​ $ (4,032) ​ $ (201,869) Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Net income (loss) ​ $ 226,415 ​ $ 112,888 ​ $ 197,789 ​ $ (1,567) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 576,791 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 26,863 ​ $ 2,455 ​ $ (867) ​ $ (43,748) Net income (loss) per common share, basic and diluted ​ $ 0.21 ​ $ 0.02 ​ $ (0.01) ​ $ (0.35) Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000 ​

Investments in Hotels

Investments in Hotels	6 Months Ended
	Jun. 30, 2022
Investments in Hotels
Investments in Hotels	Note 3 – Investments in Hotels The following table sets forth summary information regarding the Company’s investments in hotel properties as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Mortgage ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name ​ Date Acquired ​ Location ​ Interest ​ Price (1)(2) ​ Rooms ​ Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,893,757 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,889,609 ​ Hotel Indigo Traverse City 08/15/2018 Traverse City, MI 100% ​ $ 26,050,000 107 ​ $ 15,092,000 ​ Hilton Garden Inn Providence ​ 02/27/2020 ​ Providence, RI ​ 100% ​ $ 28,500,000 ​ 137 ​ $ 16,936,901 ​ Cherry Tree Inn ​ 07/30/2021 ​ Traverse City, MI ​ 100% ​ $ 15,000,000 ​ 76 ​ $ 8,939,181 ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018. 2) Contract purchase price excludes acquisition fees and costs. Investments in hotel properties consisted of the following as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 88,852,947 ​ 88,767,739 Furniture, fixtures, and equipment ​ 10,664,559 ​ 8,896,732 Total cost ​ 113,968,044 ​ 112,115,009 Accumulated depreciation ​ (11,732,002) ​ (9,878,030) Property and equipment, net ​ $ 102,236,042 ​ $ 102,236,979 ​ Depreciation expense for the three months ended June 30, 2022 and 2021 was $939,901 and $779,374, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021 was $1,853,972 and $1,551,903, respectively.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2022
Mortgage Notes Payable
Mortgage Notes Payable	Note 4 – Mortgage Notes Payable Included in mortgage notes payable at June 30, 2022, is a $12,889,609 mortgage payable secured by the Staybridge Suites St. Petersburg (the “St. Petersburg Note”), a $10,893,757 mortgage payable secured by the Springhill Suites Wilmington (the “Wilmington Note”), a $15,092,000 mortgage payable secured by the Hotel Indigo Traverse City (the “TCI Note”), a $16,936,901 mortgage payable secured by the Hilton Garden Inn Providence (the “HGI Note”) and a $8,939,181 mortgage payable secured by the Cherry Tree Inn (the “CTI Note”). The mortgage notes payable each contain customary affirmative covenants, negative covenants and events of default. The St. Petersburg Note required monthly interest payments at 4.34% through August 1, 2020, and subsequent to August 1, 2020 guaranteed by TH Investment Holdings II, LLC, an affiliate of the Sponsor. All required payments have been made as of June 30, 2022. As a result of the negative impact of the COVID-19 pandemic, the Staybridge Suites St. Petersburg failed to maintain the required debt service coverage ratio as defined in the St. Petersburg Note loan documents starting with the period ended June 30, 2020. The lender approved a series of modifications of the debt service coverage tests for periods through December 31, 2021. Debt service coverage tests resumed on January 1, 2022, and as of June 30, 2022, the Staybridge Suites St. Petersburg is in compliance. The Wilmington Note required monthly interest payments at 4.49% through June 1, 2020, and subsequent to June 1, 2020 The TCI Note bears interest at LIBOR plus a LIBOR rate margin of 2.50% at June 30, 2022. The TCI Note provides for interest only monthly payments until maturity. The principal amount will be due on the maturity date, which was initially August 15, 2021; however, it was extended for two one-year periods to August 15, 2023. The maturity date may be extended by an additional one-year period, provided no default exists. The TCI Note is collateralized by the Hotel Indigo Traverse City, including equipment, and has been guaranteed by TH Investment Holdings II, LLC, an affiliate of the Sponsor. As of June 30, 2022, the Hotel Indigo Traverse City was compliant with its loan obligations, including applicable covenants, and all required payments have been made as agreed. The HGI Note requires monthly interest payments at a fixed rate of 4.25% through February 15, 2023 and monthly principal and interest payments based on a 30 On April 23, 2020, the Operating Partnership, through its subsidiary, and the Company entered into an Omnibus Amendment and Reaffirmation Agreement (the "Hilton Garden Inn Loan Modification Agreement") with the lender, to amend the terms of the mortgage loan and loan documents on the HGI Note. Pursuant to the Hilton Garden Inn Loan Modification Agreement, interest only payments that were due on the six consecutive payment dates starting with the payment scheduled for April 2020 are deferred until the date that is twelve months after the date each payment was originally due. The HGI Note resumed interest payments in October 2020. As of June 30, 2022, the deferred interest on the HGI Note has been repaid in full. As of June 30, 2022, the Hilton Garden Inn Providence was compliant with the above referenced loan arrangements. The CTI Note requires monthly interest payments at a fixed rate of 3.91% through November 23, 2023 and subsequent to November 23, 2023, monthly principal and interest payments of $52,601 through November 23, 2026, the maturity date. The CTI Note is collateralized by the Cherry Tree Inn & Suites, including equipment. All required payments have been made as of June 30, 2022. Annual compliance testing will commence as of December 31, 2022. In addition to the $8,939,181 outstanding as of June 30, 2022, the CTI Note allows for an additional $1,060,819 in borrowings for construction advances. Although the Company has taken steps to enhance its ability to maintain sufficient liquidity, as noted here and elsewhere in this Quarterly Report on Form 10-Q, a protracted negative economic impact resulting from the COVID-19 pandemic, inflation and rising interest rates may cause increased pressure on the Company's ability to satisfy its mortgage loan covenants. Interest expense on mortgage notes payable for the three months ended June 30, 2022 and 2021 was $661,472 and $654,025, respectively. Interest expense on mortgage notes payable for the six months ended June 30, 2022 and 2021 was $1,283,855 and $1,276,363, respectively. Also included in mortgage notes payable as of June 30, 2022 is $208,343 of net deferred financing costs and debt discounts and premiums. For the three months ended June 30, 2022 and 2021, the Company amortized $9,249 and $2,470, respectively, of net deferred financing costs and debt discounts and premiums as interest expense. For the six months ended June 30, 2022 and 2021, the Company amortized $18,437 and $4,942, respectively, of net deferred financing costs and debt discounts and premiums as interest expense.

Other Debt

Other Debt	6 Months Ended
	Jun. 30, 2022
Other Debt.
Other Debt	Note 5 – Other Debt On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was adopted by the Federal Government, which, among other things, provided emergency assistance to qualifying businesses and individuals as a result of the COVID-19 pandemic. The CARES Act also included the establishment of the Paycheck Protection Program ("PPP"), a U.S. Small Business Administration (the “SBA”) loan to businesses with fewer than 500 employees that may be fully or partially forgivable. The loans’ principal and accrued interest are forgivable to the extent that the proceeds are used for eligible purposes, subject to limitations and ongoing rulemaking by the SBA, and that the Company maintains its payroll levels over a twenty-four week period following the loan date. During 2020 and 2021, the Company received PPP loans aggregating to $2,445,589, of which, $1,502,984 was forgiven during the year ended December 31, 2021. In the six months ended June 30, 2022, the Company received forgiveness for the remaining outstanding balance of its PPP loans and recognized a gain on extinguishment of $942,605 in the consolidated statement of operations.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions
Related Party Transactions	Note 6 – Related Party Transactions On August 2, 2018, the Company entered into the Amended and Restated Advisory Agreement with PHA and the Operating Partnership (as amended and renewed, the “Advisory Agreement”). The Advisory Agreement has a one-year term, subject to renewals upon mutual consent of PHA and the Company’s independent directors for an unlimited number of successive one-year periods. On November 22, 2019, the Company, the Operating Partnership and PHA entered into the Second Amendment to the Advisory Agreement (the “Advisory Agreement Amendment”) in order to revise certain terms regarding the accrual of interest on deferred acquisition, disposition and asset management fees, as well as the deferral of asset management fees paid to PHA. On July 28, 2022, the board of directors of the Company, including all independent directors of the Company, after review of PHA’s performance during the last year, authorized the Company to execute a mutual consent to renew the Advisory Agreement, by and among the Company, the Operating Partnership and PHA for a one-year term effective on August 2, 2022. Pursuant to the Advisory Agreement, PHA oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, and other administrative services. PHA also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which include maintaining required financial records and preparing reports to stockholders and filings with the SEC. In addition, PHA assists an independent valuation firm and the Company’s board of directors in calculating and determining the Company’s NAV, and assists the Company in overseeing the preparation and filing of tax returns, payment of expenses and for the performance of administrative and professional services rendered to the Company by others. The Company reimburses PHA for certain expenses and pays PHA certain fees pertaining to services provided. Operating Expenses The Company is also required to reimburse PHA for costs incurred in providing these administrative services. PHA is required to allocate the cost of such services to the Company based on objective factors such as total assets, revenues and/or time allocations. At least annually, the Company’s board of directors will review the amount of administrative services expense reimbursable to PHA to determine whether such amounts are reasonable in relation to the services provided. In the three months ended June 30, 2022 and 2021, the Company’s Sponsor requested reimbursement for $41,727 and $52,095, respectively, of such administrative service expenses. In the six months ended June 30, 2022 and 2021, the Company’s Sponsor requested reimbursement for $87,693 and $94,099, respectively, of such administrative service expenses. These amounts are included in other fees to affiliates on the condensed consolidated statement of operations. Acquisition Fee The Company will pay PHA acquisition fees as described below: Acquisition Fee : Fee for providing services including selecting, evaluating and acquiring potential investments (the “acquisition fee”). The total acquisition fee payable to PHA shall equal There were no acquisition fees for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and 2021, there were $1,244,139 and $979,350, respectively, of deferred acquisition fees included in due to related parties on the condensed consolidated balance sheets. Interest expense on outstanding acquisition fees was $18,611 and $14,690, respectively, for the three months ended June 30, 2022 and 2021 and $37,017 and $29,140 for the six months ended June 30, 2022 and 2021, respectively. These are included in interest expense on the condensed consolidated statement of operations and in due to related parties on the condensed consolidated balance sheets. Asset Management Fee The Company will pay PHA asset management fees as described below: Asset Management Fee Shares, K-T Shares and any parity security. Any such deferred asset management fees will accrue interest at a cumulative, non-compounded rate of 6.0% per annum. If the Company has not completed a liquidation event by the fifth anniversary of the date the Company terminates the Public Offering (including any follow-on offering) (the "Fifth Anniversary"), on the day immediately following the Fifth Anniversary, (i) the asset management fees payable pursuant to the Advisory Agreement cease to accrue and (ii) interest that accrued at a non-compounded rate of 6.0% per annum on the deferred asset management fees will cease to accrue. For the avoidance of doubt, all accrued and unpaid principal and interest amounts in connection with the asset management fee at the Fifth Anniversary will remain outstanding. For the three months ended June 30, 2022 and 2021, the Company incurred $176,974 and $143,928, respectively, in asset management fees. For the six months ended June 30, 2022 and 2021, the Company incurred $352,121 and $287,543, respectively, in asset management fees. Asset management fees are included in other fees to affiliates on the condensed consolidated statements of operations. Interest expense on the outstanding asset management fees was $7,863 and $20,422 for the three months ended June 30, 2022 and 2021, respectively, $13,021 and $38,436 for the six months ended June 30, 2022 and 2021, respectively and are included in interest expense on the condensed consolidated statements of operations. At June 30, 2022 and 2021, asset management fees and interest payable of $541,262 and $1,484,089, respectively, are included in due to related parties on the condensed consolidated balance sheets. Disposition Fee The Company will pay PHA disposition fees as described below: Disposition Fee There were no disposition fees incurred for the three and six months ended June 30, 2022 and 2021. Acquisition Expenses The Company will reimburse PHA for acquisition expenses actually incurred (excluding personnel costs) related to selecting, evaluating, and making investments on the Company’s behalf. All acquisition expenses as of June 30, 2022 and 2021 were paid directly by the Company and there have been no reimbursements to PHA. Organization and Offering Costs O&O Costs include selling commissions, dealer manager fees, stockholder servicing fees and any other elements of underwriting compensation, as well as legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals. For more information regarding selling commissions, dealer manager fees, stockholder servicing fees and any other elements of underwriting compensation, see Note 7 – “Stockholders’ Equity”. Certain O&O Costs have been incurred by PHA on behalf of the Company. As of June 30, 2022, the total amount of O&O Costs, exclusive of selling commissions, dealer manager fees and stockholder servicing fees, incurred by PHA and its affiliates related to the Private Offering and the Public Offering was $8,752,997, of which $1,026,564 has been reimbursed through the issuance of A Shares to an affiliate of PHA and through cash payments to PHA of $3,312,833. The Company recorded O&O Costs as charges against additional paid in capital on the consolidated balance sheets as the Company raised proceeds in its continuous Public Offering for amounts incurred up to 15% of the gross offering proceeds of the Public Offering, the maximum amount allowed in accordance with the rules established by FINRA and the Company’s charter. The Company recognized O&O Costs of $0 and $644,430 for the six months ended June 30, 2022 and 2021, respectively. Property Management Fee and Reimbursement Wholly owned subsidiaries of PCF and the Operating Partnership entered into hotel management agreements with affiliates of the Company for the management of each of the Company's hotels. Under the terms of the management agreements, the manager operates and manages each hotel, including making all human resource decisions. The employees of the hotels are employed by the managers, however, pursuant to the management agreements, all compensation of hotel personnel is recorded as a direct operating expense of the hotel. The manager of each hotel is paid a base management fee equal to 3% of the respective hotel’s gross revenues and is also reimbursed for certain expenses and centralized service costs. The terms of the in-place management agreements expire March 28, 2023, March 28, 2023, August 14, 2023, February 26, 2025 and June 3, 2031 for the Staybridge Suites St. Petersburg, the Springhill Suites Wilmington, the Hotel Indigo Traverse City, the Hilton Garden Inn Providence and the Cherry Tree Inn, respectively. Aggregate property management fees incurred were $230,846 and $188,317 for the three months ended June 30, 2022 and 2021, respectively, $377,720 and $275,742 for the six months ended June 30, 2022 and 2021, respectively, and are included in property management fees to affiliates on the condensed consolidated statements of operations. As of June 30, 2022, $100,453 of accrued property management fees payable were included in due to related parties on the condensed consolidated balance sheet. Aggregate net reimbursements for certain expenses were $167,591 and $71,941 for the three months ended June 30, 2022 and 2021, respectively, and $252,762 and $133,429 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, $86,663 of expense reimbursements were included in due to related parties on the condensed consolidated balance sheet. During the three months ended June 30, 2022 and 2021, the Company paid $954 and $29,196, respectively, to TPG Risk Services, LLC, an affiliate of the Sponsor, for the reimbursement of prepaid insurance at the hotel properties. During the six months ended June 30, 2022 and 2021, the Company paid $954 and $51,553, respectively, to TPG Risk Services, LLC, an affiliate of the Sponsor, for the reimbursement of prepaid insurance at the hotel properties. As of June 30, 2022, the Company had a balance of $31,428 due to TPG Risk Services, LLC, which is included in the due to related parties on the condensed consolidated balance sheet. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provides an employee retention tax credit, which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers and equal to 50% of qualified wages paid per quarter through December 31, 2020 and up to $10,000 per employee and equal to 70% of qualified wages paid per quarter through September 30, 2021. An affiliate of the Company’s hotel property managers qualified for the employee retention tax credit. The Company has a $860,899 receivable balance from its affiliate for qualified amounts related to wages reimbursed by the Company pursuant to its property management agreements included in Due from related parties in the Company’s condensed consolidated balance sheet as of June 30, 2022. ​ Construction Management Fee The Company pays its property managers or third parties selected by PHA, after requesting bids from such parties, a construction management fee (which may include expense reimbursements) based on market rates for such services in the markets in which the hotel properties are located and will take into account the nature of the services to be performed, which generally will constitute the supervision or coordination of any construction, improvements, refurbishments, renovations, or restorations of the Company’s hotel properties. If PHA selects the property manager or another affiliate of the Sponsor to perform such services, any resulting agreement must be approved by a majority of the Company’s board of directors, including a majority of its independent directors. The Company reimbursed TPG Construction, LLC, an affiliate of the Sponsor, Additional Service Fees If the Company requests that PHA or its affiliates perform other services, including but not limited to, renovation evaluations, the compensation terms for those services must be approved by a majority of the Company’s board of directors, including a majority of the independent directors. No such fees for additional services were incurred for the three and six months ended June 30, 2022 and 2021. Payment Upon Listing of Shares If the Company lists any of its shares of capital stock on a national securities exchange (which automatically results in a termination of the Advisory Agreement), the Company will be obligated to pay PHA the amount PHA would be entitled to receive on account of deferred asset management fees, acquisition fees, and disposition fees (and any accrued interest thereon) as if the Company liquidated and received liquidation proceeds equal to the market value of the Company, which is limited to the excess of market value over the liquidation preference on K Shares, K-I Shares and K-T Shares. Payment Upon a Merger or Acquisition Transaction If the Company terminates the Advisory Agreement in connection with or in contemplation of a transaction involving a merger or acquisition, the Company would be obligated to pay PHA the amount PHA would be entitled to receive as if the Company liquidated and received net liquidation proceeds equal to the consideration paid to the stockholders in such transaction. Payment Upon Other Advisory Agreement Termination The Company may elect not to renew the Advisory Agreement. The Company has the right to terminate the Advisory Agreement without cause, or other than in connection with a listing of the Company’s shares or a transaction involving a merger or acquisition or other than for cause (“Non-cause Advisory Agreement Termination”). If a Non-cause Advisory Agreement Termination were to occur, the Company would be obligated to make a cash payment to PHA in the amount of any deferred asset management fees, plus any interest accrued thereon, the full acquisition fees previously earned, plus interest accrued thereon, and the full disposition fees previously earned, plus any interest accrued thereon, regardless of the value of the Company’s assets or net assets. The Company would be obligated to repurchase its A Shares for an amount equal to the greater of: (1) any accrued common ordinary distributions on the A Shares plus the stated value of the outstanding A Shares ($10.00 per A Share) or (2) the amount the holders of A Shares would be entitled to receive if the Company liquidated and received net liquidation proceeds equal to the fair market value (determined by appraisals as of the termination date) of the Company’s investments less any loans secured by such investments, limited in the case of non-recourse loans to the value of investments securing such loans. Any shares of Class B common stock, with a par value of $0.01 per share (“B Shares”), then outstanding would remain outstanding. The amounts payable on account of the repurchase of A Shares may be paid, in the discretion of a majority of the Company’s board of directors, including a majority of the Company’s independent directors, in the form of promissory notes bearing interest at the then-current rate, as determined in good faith by a majority of the Company’s independent directors. Payment Upon Advisory Agreement Termination for Cause If the Company terminates the Advisory Agreement for cause, the Company would not have a current obligation to make any payments to PHA or to S2K Servicing LLC (formerly known as Colony S2K Servicing LLC), an affiliate of S2K Financial LLC (the “Dealer Manager”). However, any A Shares and B Shares held by them or their affiliates would remain outstanding. In addition, any deferred asset management fees, plus any interest accrued thereon, the full acquisition fees previously earned, plus any interest accrued thereon, and the full disposition fees previously earned, plus any interest accrued thereon, would remain outstanding obligations, and the deferred fees would continue to accrue interest at a non-compounded annual rate of 6.0%. Such deferred fees and interest thereon would be payable upon a liquidation event. Amended and Restated Operating Partnership Agreement In connection with the Hilton Garden Inn Providence acquisition, effective February 27, 2020, the Company, as general partner of the Operating Partnership, Procaccianti Hotel REIT, LP, LLC and certain principals and affiliates of the Sponsor that were issued Class K OP Units entered into an Amended and Restated Operating Partnership Agreement. Loans from Affiliates The Company has combined subordinated promissory notes of $94,194 from PHA that bear interest at the current blended long term applicable federal rate (“AFR”). The blended long term AFR was 2.50% and 1.71% for the three months ended June 30, 2022 and 2021, respectively, and 2.26% and 1.68% for the six months ended June 30, 2022 and 2021, respectively. The maturity date of the notes is the date after all outstanding K Shares have received all accumulated, accrued and unpaid distributions due and owing under the terms of the Company’s organization documents and the liquidation preference on the K Shares pursuant to the Company’s organization documents has been paid in full, as well as upon any event of default. These amounts are included in due to related parties on the condensed consolidated balance sheets at June 30, 2022 and December 31, 2021. Interest expense was $587 and $400 for the three months ended June 30, 2022 and 2021, respectively, $1,057 and $786 for the three months ended June 30, 2022 and 2021, respectively, and is included in interest expense on the condensed consolidated statements of operations and in due to related parties on the condensed consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity
Stockholders' Equity	Note 7 - Stockholders’ Equity Under the Company’s charter, the total number of shares of capital stock authorized for issuance is 248,125,000, consisting of 55,500,000 K Shares, 55,500,000 K-I Shares, 116,000,000 K-T Shares, 21,000,000 A Shares, and 125,000 B Shares. The Company’s K Shares, K-I K-T K-I K-T annum each K Shares, K-I Shares and K-T Shares will rank, on a pro rata basis, senior to all other classes of stock with respect to distribution rights and rights upon the Company’s liquidation. In certain situations (other than upon liquidation), the Company may have excess cash available for distribution and the board of directors may authorize special distributions in which case the holders of K Shares, K-I K-T K-I K-T A Shares entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote and to receive distributions and other distributions of excess cash as authorized by the Company’s board of directors. Following the payment of all accumulated, accrued and unpaid distributions on K Shares, K-I K-T B Shares will have no voting rights, other than the right to vote on and approve any further issuances of or an increase in the authorized number of B Shares. In addition, if the Company were to list any shares of its common stock on a national securities exchange, the Company will repurchase its B Shares in accordance with its charter. Holders of B Shares are not entitled to distributions; however, in certain situations (other than upon liquidation) the Company may have excess cash available for distribution and the board of directors may authorize special distributions in which case the holders of B Shares would receive 12.5% of any such excess cash on a pro rata basis. Holders of B Shares would also generally be entitled to receive 12.5% of any remaining liquidation cash pro rata based on the number of B Shares outstanding. At the termination of the Private Offering, the Company had issued 1,253,618 K Shares and 23,000 A Shares to unaffiliated investors, resulting in receipt of gross proceeds of $12,398,660 from K Share issuances and $230,000 from A Share issuances. A Shares sold to unaffiliated investors were issued as part of a Unit. As of the termination of the offering, under the Public Offering, the Company had issued 2,787,944 K Shares, 1,287,644 K-I Shares, and 60,008 K-T Shares to unaffiliated investors, resulting in receipt of gross proceeds of $26,939,836 from K Share issuances, $11,274,927 from K-I Share issuances, and $585,400 from K-T Share issuances. As of June 30, 2022, the Company had issued 83,293 K Shares, 50,258 K-I Shares and 5,444 K-T Shares pursuant to the DRIP, resulting in gross proceeds pursuant to the DRIP of $768,941, $464,531 and $50,059, respectively. As of June 30, 2022, the Company had issued 1,250 restricted K Shares each As of June 30, 2022, the Company had issued 428,410 A Shares to THR, an affiliate of PHA, for aggregate proceeds of $4,284,095, or $10.00 per share. In addition, the Company issued 130,000 additional A Shares to THR in exchange for notes receivable, payable to the Company upon demand. The note receivable from THR was reduced for amounts reimbursed to PHA by the Company for certain costs incurred on the Company’s behalf, with no remaining balance as of June 30, 2022. As of June 30, 2022, the Company sold 10 K-I Shares for aggregate proceeds of $100, or $10.00 per K-I Share and sold 10 K-T Shares for aggregate proceeds of $100, or $10.00 per K-T Share, to an affiliate of the Company. In addition, on September 29, 2016, the Company issued 125,000 B shares to S2K Servicing LLC. On February 27, 2020, as partial consideration for the Company’s acquisition of the Hilton Garden Inn Providence, the Operating Partnership issued 128,124 Class K OP Units valued at $10.00 per Class K OP Unit. Such issuance represents a total investment of $1,281,244 in Class K OP Units of the Operating Partnership. Individuals with direct or indirect interests in the sellers of the Hilton Garden Inn Providence who are direct or indirect owners of the Company’s Sponsor and PHA received only Class K OP Units and no cash as consideration. In response to adverse effects of the COVID-19 pandemic, the Company’s board of directors unanimously approved the temporary suspension of (i) the sale of K Shares, K-I Shares and K-T Shares in the Public Offering, effective as of April 7, 2020 and (ii) the operation of the DRIP, effective as of April 17, 2020. On June 10, 2020, the Company’s board of directors unanimously approved the resumption of the acceptance of subscriptions and the resumption of the operation of the DRIP. PHA was obligated to purchase sufficient A Shares to fund payment of O&O Costs associated with the Private Offering and is obligated to purchase sufficient A Shares to fund payment of O&O Costs related to the Public Offering and also to account for the difference between the applicable NAV per K-I Share and the applicable offering price per K-I Share and any amount equal to any discount to the applicable offering price of K Shares, K-I Shares and K-T Shares (excluding volume discounts). PHA’s obligation can be fulfilled by its affiliates, including the Sponsor or entities affiliated with the Sponsor. The Company paid the Dealer Manager, as dealer manager of the Private Offering, selling commissions of up to 7% of the gross offering proceeds from the sale of K Shares and Units in the Private Offering. The Dealer Manager re-allowed all selling commissions to participating broker-dealers. The Company also paid the Dealer Manager, through the termination of the Public Offering, a dealer manager fee of up to 3% of the gross offering proceeds from the sale of K Shares and Units. The Dealer Manager could re-allow a portion of its dealer manager fees to participating broker-dealers. Selling commissions and dealer manager fees were paid with proceeds from the sale of A Shares to PHA or its affiliates. There were no selling commissions or dealer manager fees payable on account of shares of any class purchased by PHA, S2K Servicing LLC, or their affiliates. As of June 30, 2022, the Company recognized $1,058,501 of selling commissions and dealer manager fees in connection with the Private Offering. The Company paid the Dealer Manager selling commissions of up to 7% of the gross offering proceeds from the sale of K Shares and selling commissions of up to 3% of the gross offering proceeds from the sale of K-T Shares in the primary portion of the Public Offering. No selling commissions were payable in connection with the sale of K-I Shares. The Dealer Manager was able to re-allow all selling commissions to participating broker-dealers. The Company also paid the Dealer Manager a dealer manager fee of up to 3% of the gross offering proceeds from the sale of K K-I The Company also pays the Dealer Manager with respect to each K-T Share sold in the primary portion of the Public Offering, a stockholder servicing fee equal to 1%, annualized, of the amount of the Company’s estimated NAV per K-T Share for each K-T Share purchased in the primary portion of the Public Offering, for providing services to a holder of K-T Shares. The stockholder servicing fee accrues daily and is payable monthly in arrears. The Dealer Manager will reallow all or a portion of the stockholder servicing fee to participating broker-dealers and servicing broker-dealers. The Company will cease paying the stockholder servicing fee with respect to K-T Shares sold in the primary portion of the Public Offering in accordance with the terms set forth in the prospectus portion of the Registration Statement. As of June 30, 2022, the Company recognized $13,644 of stockholder servicing fees in connection with the Public Offering. If the Company’s board of directors determines, in any year, that the Company has excess cash, the Company’s board of directors will declare a special distribution entitling (a) the holders of K Shares, K-I K-T Upon a liquidation event, any remaining liquidation cash will be paid as a special distribution (a) to the holders of K Shares, K-I Shares and K-T Shares, pro rata in accordance with the number of K Shares, K-I K-T The Company established a long-term incentive plan pursuant to which the Company’s board of directors (including independent directors), officers and employees, PHA and its affiliates and their respective employees, employees of entities that provide services to the Company, managers of the Company’s advisor or directors or managers of entities that provide services to the Company and their respective employees, certain of the Company’s consultants and certain consultants to PHA and its affiliates or entities that provide services to the Company and their respective employees may be granted incentive awards in the form of restricted stock, options, and other equity-based awards. In accordance with the Company’s long-term incentive plan, each new independent director that joins the Company’s board of directors is awarded 250 restricted K Shares in connection to his or her initial election to the board of directors. In addition, in connection with an independent director’s re-election to the Company’s board of directors at each annual meeting of stockholders, he or she will receive an additional 250 restricted K Shares. Restricted K Shares issued to independent directors will vest in equal amounts annually over a four-year period on and following the first anniversary of the date of grant in increments of 25% per annum; provided, however, that the restricted K Shares will become fully vested on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. On February 11, 2019, the Company issued 500 restricted K Shares each three Shares independent Share Repurchase Program and Redeemable Common Stock The Company’s share repurchase program may provide eligible stockholders with limited, interim liquidity by enabling them to sell shares back to the Company, subject to restrictions and applicable law. The Company is not required to repurchase shares. The share repurchase program is only intended to provide interim liquidity to stockholders until a liquidity event occurs, such as the commencement of execution on a plan of liquidation, the listing of the K Shares, K-I Shares or K-T Shares (or successor security) on a national securities exchange, or the Company’s merger with a listed company. The Company cannot guarantee that a liquidity event will occur. On October 26, 2018, the Company’s board of directors approved and adopted the Amended and Restated Share Repurchase Program (the “A&R SRP”). The A&R SRP provides that the Company will not repurchase in excess of 5.0% of the weighted average number of K Shares, K-I K-T K-I K-T In addition, the Company’s repurchase of any shares will be limited to the extent that the Company does not have, as determined in the Company’s board of directors’ discretion, sufficient funds available to fund any such repurchase. Most of the Company’s assets will consist of properties which cannot be readily liquidated without affecting the Company’s ability to realize full value upon their disposition. Therefore, the Company may not have sufficient liquid resources to satisfy all repurchase requests. In addition, the Company’s board of directors may amend, suspend (in whole or in part) or terminate the A&R SRP at any time upon 30 days’ notice to stockholders. Further, the Company’s board of directors reserves the right, in its sole discretion, to reject any requests for repurchases. In the event the Company cannot repurchase all shares presented for repurchase in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares it may repurchase, the Company would give first priority to the repurchase of deceased stockholders’ shares. The Company would next give priority to (i) requests of stockholders with “qualifying disabilities” (as defined in the A&R SRP), and in the discretion of the Company’s board of directors, stockholders with another involuntary exigent circumstance, such as bankruptcy, and (ii) next, to requests for full repurchases of accounts with a balance of 100 or less shares Repurchases of K Shares, K-I following five No shares can be repurchased under the Company’s A&R SRP until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. Additionally, any shares purchased pursuant to the Company’s DRIP will be excluded from the one-year holding requirement. For stockholders that have made more than one purchase of K Shares, K-I Shares or K-T Shares in the Public Offering and/or Private Offering, the one-year holding period will be calculated separately with respect to each such purchase. Repurchases of K Shares, K-I Shares and K-T Shares, when requested, are at the Company’s sole discretion and generally will be made quarterly. Shares repurchased under the A&R SRP program will become unissued shares and will not be resold unless such sales are made pursuant to transactions that are registered or exempt from registration under applicable securities laws. The Company will not pay its Sponsor, board of directors, PHA or their affiliates any fees to complete transactions under the A&R SRP. The per share repurchase price will depend on the length of time the stockholder has held such shares as follows: ​ ​ ​ ​ Share Purchase Anniversary Repurchase Price on Repurchase Date Less than 1 year No Repurchase Allowed 1 year 92.5% of most recent Estimated Per Share NAV 2 years 95.0% of most recent Estimated Per Share NAV 3 years 97.5% of most recent Estimated Per Share NAV 4 years 100.0% of most recent Estimated Per Share NAV In the event of a stockholder’s death or disability 100.0% of most recent Estimated Per Share NAV ​ Notwithstanding the foregoing, pursuant to securities laws and regulations, at any time the Company is engaged in an offering, the repurchase amount shall never be more than the current offering price of such shares. Shares repurchased in connection with a stockholder’s bankruptcy or other exigent circumstance, in the sole discretion of the Company’s board of directors, within one year from the purchase date will be repurchased at a price per share equal to the price per share the Company would pay had the stockholder held the shares for one year from the purchase date. The purchase price for repurchased shares will be adjusted for any stock dividends, combinations, splits, recapitalizations, or similar corporate actions with respect to the Company’s common stock. If the Company has sold any properties and have made one or more special distributions to stockholders of all or a portion of the net proceeds from such sales, the per share repurchase price will be reduced by the net sale proceeds per share distributed to stockholders prior to the Repurchase Date to the extent such distributions are not used to pay accumulated, accrued and unpaid distributions on such K Shares, K-I Shares and K-T Shares. The Company’s board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While the Company’s board of directors does not have specific criteria for determining a special distribution, the Company expects that a special distribution will occur only upon the sale of a property and the subsequent distribution of net sale proceeds. On March 20, 2020, the Company’s board of directors decided to temporarily suspend repurchases under the A&R SRP due to the negative impact of the COVID-19 pandemic on the Company’s portfolio at the time, effective with repurchase requests that would have been processed in April 2020; provided, however, the Company continued to process repurchases due to death in accordance with the terms of the A&R SRP. On June 10, 2020, the Company’s board of directors determined to fully reopen the share repurchase program to all repurchase requests commencing with the next quarter Repurchase Date, beginning in July 2020. Shares will be repurchased subject to and upon the terms and conditions of the A&R SRP. The Company generally repurchases shares approximately 30 days following the end of the applicable quarter in which requests were received. The Company's board of directors approved outstanding repurchase requests received during the three months ended March 31, 2022, and, on April 12, 2022, the Company repurchased 37,500 K Shares for $369,375, or $9.85 per K Share. The Company’s board of directors approved outstanding repurchase requests received during the three months ended June 30, 2022, and on August 5, 2022, the Company repurchased 37,302 K Shares for $380,036, or $10.19 per K Share, 657 K-I Shares for $6,590, or $10.03 per K-I Share and 1,000 K-T Shares for $10,290, or $10.29 per K-T Share. Distributions During the six months ended June 30, 2022, the Company’s board of directors authorized the payment of distributions as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ ​ ​ ​ ​ Date Outstanding Date Record Per Share Distributions Paid Date Authorized Date Per Day K Share K-I Share K-T Share OP Units Total 2/16/2022 12/31/2021 2/11/2022 2/14/22 $0.001917808 $ 694,066 $ 230,522 $ 10,927 $ 22,606 $ 958,121 5/6/2022 3/31/2022 4/29/2022 5/2/2022 $0.001917808 ​ 681,294 ​ 227,492 ​ 10,899 ​ ​ ​ 919,685 5/11/2022 3/31/2022 4/29/2022 5/2/2022 $0.001917808 ​ ​ ​ ​ ​ ​ ​ 22,115 $ 22,115 ​ ​ ​ ​ ​ $ 1,375,360 $ 458,014 $ 21,826 $ 44,721 $ 1,899,921 ​ No distributions were authorized or paid during the three months ended June 30, 2021. The Company's board of directors will make determinations as to the payment of future distributions on a quarter-by-quarter basis; however, distributions will continue to accumulate pursuant to the Company's charter. With respect to the K Shares, K-I Shares and K-T Shares outstanding as of June 30, 2022, the cumulative amount of distributions that had accumulated on a daily basis with respect to each K Share, K-I Share and K-T Share since March 31, 2022 was $685,431, or $0.001917808 per K Share per day, $231,555, or $0.001917808 per K-I Share per day, and $11,112, or $0.001917808 per K-T Share per day, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 8 - Income Taxes The Company recognized consolidated income tax expense of $42,029 and $1,350 for the three months ended June 30, 2022 and 2021, respectively. The Company recognized consolidated income tax expense of $42,975 and $1,350 for the six months ended June 30, 2022 and 2021, respectively. These amounts relate to the operations of the Company’s TRSs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair and consistent presentation, have been included in these condensed consolidated financial statements. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. The Company consolidates variable interest entities (“VIEs”) as defined under the Consolidation Topic (“Topic 810”) of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) when it has the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits from the VIE that could be significant. At June 30, 2022, the assets of our VIEs were $66,297,937, and consist primarily of land, building, furniture, fixtures, and equipment and are available to satisfy our VIEs’ obligations. The liabilities of our VIEs were $43,475,150 at June 30, 2022 and consist primarily of long-term debt. The Company has guaranteed certain obligations of its VIEs. The Company has no foreign operations or assets, and its operating structure includes only one segment.
Use of Estimates	Use of Estimates 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under GAAP, the Company is required to disclose the fair value of certain financial instruments on a recurring basis. The accompanying condensed consolidated balance sheets include the following financial instruments: cash, restricted cash, accounts receivable, accounts payable, mortgage notes payable and other debt. The Company considers the carrying value of cash, restricted cash, accounts receivable, accounts payable and other debt to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: ● Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ● Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. As of June 30, 2022, the estimated fair value of the mortgage notes payable was $62,405,451 compared to the carrying value of $65,047,289. These financial instruments are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows of the notes payable discounted at a market rate.
Revenue Recognition	Revenue Recognition Revenue is generally recognized as services are performed. Revenue represents primarily room rentals, food and beverage sales, and other fees. The Company collects sales tax from all nonexempt customers and remits the entire amount to the appropriate states upon collection from the customer. The Company’s accounting policy is to exclude the tax collected and remitted to the state from revenue and expenses. Included in other operating revenues for the three and six months ended June 30, 2022, is $631,168 and $846,828 , respectively, of business recovery grants awarded to the Springhill Suites Wilmington, Hotel Indigo Traverse City and the Hilton Garden Inn Providence hotels.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and highly liquid investments with original maturities of three months or less.
Restricted Cash	Restricted Cash The Company maintains reserves for property taxes and capital improvements as required by its debt agreements. At June 30, 2022 and 2021, reserves for property taxes were $843,270 and $939,587, respectively, reserves for capital improvements were $2,655,624 and $2,407,494, respectively and reserves for insurance were $23,795 and $0, respectively. The Company also included $100,984 and $189,590 of guest advance deposits as restricted cash at June 30, 2022 and 2021, respectively.
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs (“O&O Costs”) include selling commissions, dealer manager fees, stockholder servicing fees and any other elements of underwriting compensation, legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals. The Company charged O&O Costs against additional paid in capital on the condensed consolidated balance sheet as it raised proceeds in its Public Offering, which terminated on August 13, 2021.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and has operated as a REIT, commencing with the taxable year ended December 31, 2018. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year following the year it initially elects to be taxed as a REIT, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to its stockholders. Because the Company is prohibited from operating hotel properties pursuant to certain tax laws relating to its qualification as a REIT, the entities through which the Company owns hotel properties will lease the hotel properties to one or more taxable REIT subsidiaries (“TRSs”). A TRS is a corporate subsidiary of a REIT that jointly elects, with the REIT, to be treated as a TRS of the REIT, and that pays U.S. federal income tax at regular corporate rates on its taxable income. The Company accounts for income taxes of its TRSs using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period prior to when the new rates become effective. The Company records a valuation allowance for net deferred tax assets that are not expected to be realized. The Company has reviewed tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. At June 30, 2022, the Company had no material uncertain tax positions. The preparation of the Company’s various tax returns requires the use of estimates for federal and state income tax purposes. These estimates may be subjected to review by the respective taxing authorities. A revision to an estimate may result in an assessment of additional taxes, penalties and interest. At this time, a range in which the Company’s estimates may change is not expected to be material. The Company will account for interest and penalties relating to uncertain tax positions in the current period results of operations, if necessary. The Company has tax years 2018 through 2021 remaining subject to examination by federal and various state tax jurisdictions.
Noncontrolling Interests	Noncontrolling Interest Noncontrolling interest represents the portion of equity of Procaccianti Convertible Fund, LLC ("PCF") held by owners other than the Company. Noncontrolling interest is reported in the condensed consolidated balance sheets within equity, separately from stockholders’ equity. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest are reported in the condensed consolidated statement of operations.
Noncontrolling Interest of the Operating Partnership	Noncontrolling Interest of the Operating Partnership Noncontrolling interest of the Operating Partnership represents the value of the 128,124 Class K OP Units that were issued to a group of sellers in connection with the acquisition of the Hilton Garden Inn Providence. Noncontrolling interest of the Operating Partnership is reported in the mezzanine section of the condensed consolidated balance sheet, as the units are redeemable at the request of the holder for cash equal to the fair market value of a K Share as defined in the Amended and Restated Agreement of Limited Partnership of Procaccianti Hotel REIT, L.P. (the “Amended and Restated Operating Partnership Agreement”). The Company may elect to acquire any such unit presented for redemption for one K Share or cash. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest of the Operating Partnership are reported in the condensed consolidated statement of operations.
Per Share Data	Per Share Data The Company calculates its basic and diluted earnings per common share (“EPS”) utilizing the two-class method. Under the two-class method both basic and diluted EPS are calculated for each class of common stock considering distributions declared and accumulated and the rights of common shares and participating securities in any undistributed earnings. Undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. As of June 30, 2022, 3,750 restricted K Shares held by the Company's independent directors are included in the calculation of basic EPS because such shares have been issued and participate in distributions. The Company’s calculated earnings per share for the three and six months ended June 30, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Net income (loss) attributable to common stockholders ​ $ 2,324,251 ​ $ 1,052,074 ​ $ 2,007,793 ​ $ (58,599) Less: Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Less: Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Less: Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Less: Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Undistributed net income (loss) ​ $ 1,294,685 ​ $ 108,633 ​ $ (41,810) ​ $ (1,869,401) Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 844,044 ​ $ 73,890 ​ $ (27,301) ​ $ (1,295,481) Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Net income (loss) ​ $ 1,529,475 ​ $ 730,429 ​ $ 1,339,424 ​ $ (10,598) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 3,927,565 ​ 3,761,959 ​ 3,937,320 ​ 3,701,519 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 285,148 ​ $ 19,861 ​ $ (9,170) ​ $ (310,956) Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Net income (loss) ​ $ 516,703 ​ $ 196,335 ​ $ 449,877 ​ $ (2,544) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 1,326,870 ​ 1,011,194 ​ 1,322,463 ​ 888,479 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 13,683 ​ $ 1,007 ​ $ (440) ​ $ (17,347) Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Net income (loss) ​ $ 24,795 ​ $ 9,967 ​ $ 21,570 ​ $ (142) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 63,669 ​ 51,338 ​ 63,407 ​ 49,563 Class A Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 124,947 ​ $ 11,420 ​ $ (4,032) ​ $ (201,869) Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Net income (loss) ​ $ 226,415 ​ $ 112,888 ​ $ 197,789 ​ $ (1,567) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 576,791 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 26,863 ​ $ 2,455 ​ $ (867) ​ $ (43,748) Net income (loss) per common share, basic and diluted ​ $ 0.21 ​ $ 0.02 ​ $ (0.01) ​ $ (0.35) Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Schedule of EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Net income (loss) attributable to common stockholders ​ $ 2,324,251 ​ $ 1,052,074 ​ $ 2,007,793 ​ $ (58,599) Less: Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Less: Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Less: Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Less: Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Undistributed net income (loss) ​ $ 1,294,685 ​ $ 108,633 ​ $ (41,810) ​ $ (1,869,401) Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 844,044 ​ $ 73,890 ​ $ (27,301) ​ $ (1,295,481) Class K Common Stock dividends declared and accumulated ​ 685,431 ​ 656,539 ​ 1,366,725 ​ 1,284,883 Net income (loss) ​ $ 1,529,475 ​ $ 730,429 ​ $ 1,339,424 ​ $ (10,598) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 3,927,565 ​ 3,761,959 ​ 3,937,320 ​ 3,701,519 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 285,148 ​ $ 19,861 ​ $ (9,170) ​ $ (310,956) Class K-I Common Stock dividends declared and accumulated ​ 231,555 ​ 176,474 ​ 459,047 ​ 308,412 Net income (loss) ​ $ 516,703 ​ $ 196,335 ​ $ 449,877 ​ $ (2,544) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 1,326,870 ​ 1,011,194 ​ 1,322,463 ​ 888,479 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 13,683 ​ $ 1,007 ​ $ (440) ​ $ (17,347) Class K-T Common Stock dividends declared and accumulated ​ 11,112 ​ 8,960 ​ 22,010 ​ 17,205 Net income (loss) ​ $ 24,795 ​ $ 9,967 ​ $ 21,570 ​ $ (142) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 63,669 ​ 51,338 ​ 63,407 ​ 49,563 Class A Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 124,947 ​ $ 11,420 ​ $ (4,032) ​ $ (201,869) Class A Common Stock dividends declared and accumulated ​ 101,468 ​ 101,468 ​ 201,821 ​ 200,302 Net income (loss) ​ $ 226,415 ​ $ 112,888 ​ $ 197,789 ​ $ (1,567) Net income per common share, basic and diluted ​ $ 0.39 ​ $ 0.19 ​ $ 0.34 ​ $ 0.00 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 576,791 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 26,863 ​ $ 2,455 ​ $ (867) ​ $ (43,748) Net income (loss) per common share, basic and diluted ​ $ 0.21 ​ $ 0.02 ​ $ (0.01) ​ $ (0.35) Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000

Investments in Hotels (Tables)

Investments in Hotels (Tables)	6 Months Ended
	Jun. 30, 2022
Investments in Hotels
Schedule of investments in hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Mortgage ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name ​ Date Acquired ​ Location ​ Interest ​ Price (1)(2) ​ Rooms ​ Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,893,757 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,889,609 ​ Hotel Indigo Traverse City 08/15/2018 Traverse City, MI 100% ​ $ 26,050,000 107 ​ $ 15,092,000 ​ Hilton Garden Inn Providence ​ 02/27/2020 ​ Providence, RI ​ 100% ​ $ 28,500,000 ​ 137 ​ $ 16,936,901 ​ Cherry Tree Inn ​ 07/30/2021 ​ Traverse City, MI ​ 100% ​ $ 15,000,000 ​ 76 ​ $ 8,939,181 ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018. 2) Contract purchase price excludes acquisition fees and costs.
Schedule of investments in hotel properties, fixed assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 88,852,947 ​ 88,767,739 Furniture, fixtures, and equipment ​ 10,664,559 ​ 8,896,732 Total cost ​ 113,968,044 ​ 112,115,009 Accumulated depreciation ​ (11,732,002) ​ (9,878,030) Property and equipment, net ​ $ 102,236,042 ​ $ 102,236,979

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity
Schedule of length of time use to calculate repurchase price	​ ​ ​ ​ Share Purchase Anniversary Repurchase Price on Repurchase Date Less than 1 year No Repurchase Allowed 1 year 92.5% of most recent Estimated Per Share NAV 2 years 95.0% of most recent Estimated Per Share NAV 3 years 97.5% of most recent Estimated Per Share NAV 4 years 100.0% of most recent Estimated Per Share NAV In the event of a stockholder’s death or disability 100.0% of most recent Estimated Per Share NAV ​
Schedule of share distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ ​ ​ ​ ​ Date Outstanding Date Record Per Share Distributions Paid Date Authorized Date Per Day K Share K-I Share K-T Share OP Units Total 2/16/2022 12/31/2021 2/11/2022 2/14/22 $0.001917808 $ 694,066 $ 230,522 $ 10,927 $ 22,606 $ 958,121 5/6/2022 3/31/2022 4/29/2022 5/2/2022 $0.001917808 ​ 681,294 ​ 227,492 ​ 10,899 ​ ​ ​ 919,685 5/11/2022 3/31/2022 4/29/2022 5/2/2022 $0.001917808 ​ ​ ​ ​ ​ ​ ​ 22,115 $ 22,115 ​ ​ ​ ​ ​ $ 1,375,360 $ 458,014 $ 21,826 $ 44,721 $ 1,899,921

Organization and Description _2

Organization and Description of Business (Details)					6 Months Ended	70 Months Ended
	Jan. 19, 2021 USD ($)	Feb. 27, 2020 $ / shares shares	Jun. 10, 2019 USD ($)	Oct. 26, 2018 USD ($)	Jun. 30, 2022 USD ($) state item room $ / shares shares	Jun. 30, 2022 USD ($) state room $ / shares	Dec. 31, 2021 $ / shares
Subsidiary, Sale of Stock
Number of owned interests in select - service hotels | item					5
Number of states select service hotels located | state					4	4
Number of select service hotels rooms | room					559	559
Hilton Garden Inn Providence
Subsidiary, Sale of Stock
Number of Class K OP Units issued | shares		128,124
Value of Class K OP Units issued (in dollars per share)		$ 10
Initial public offering
Subsidiary, Sale of Stock
Amount of shares sold for termination of private offering prior to commencement of public offering | $						$ 40,088,619
Class A Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	$ 0.01	$ 0.01
Class A Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares					1
Amount of shares sold for termination of private offering prior to commencement of public offering | $	$ 440,000		$ 690,000	$ 1,500,000	$ 2,954,095
Class B Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	0.01	0.01
Class K Shares and Class A shares | Private offering
Subsidiary, Sale of Stock
Amount of shares sold for termination of private offering prior to commencement of public offering | $					$ 15,582,755
Class K Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	$ 0.01	0.01
Class K Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP | $						$ 768,941
Class K Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares					1
Class K-I Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	$ 0.01	0.01
Shares issued price per share					10	$ 10
Class K-I Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP | $						$ 464,531
Class K-T Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					0.01	$ 0.01	$ 0.01
Shares issued price per share					$ 10	$ 10
Class K-T Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP | $						$ 50,059

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended		6 Months Ended
	Feb. 27, 2020 shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Total of VIE and asset acquisition:
Assets		$ 115,838,618		$ 115,838,618		$ 113,661,378
Liabilities		71,460,617		$ 71,460,617		69,670,409
Number of segment | segment				1
Carrying value of mortgage notes payable		64,852,899		$ 64,852,899		$ 64,141,964
Uncertain tax positions		0		0
Revenue		8,313,460	$ 6,274,401	13,419,033	$ 9,186,510
Reserves for insurance		23,795	0	23,795	0
Other operating
Total of VIE and asset acquisition:
Revenue		807,415	171,210	1,157,014	273,041
Hilton Garden Inn Providence
Total of VIE and asset acquisition:
Number Of Operating Partnership Units Issued | shares	128,124
Springhill Suites Wilmington, Hotel Indigo Traverse City, and Hilton Garden Inn Providence Hotels [Member] | Other operating
Total of VIE and asset acquisition:
Revenue		631,168		846,828
Procaccianti Convertible Fund, LLC (PCF)
Total of VIE and asset acquisition:
Fair value of mortgage notes payable		62,405,451		62,405,451
Carrying value of mortgage notes payable		65,047,289		65,047,289
Reserves for property taxes		843,270	939,587	843,270	939,587
Reserves for capital improvements		2,655,624	2,407,494	2,655,624	2,407,494
Advance deposits		100,984	$ 189,590	$ 100,984	$ 189,590
Percentages of annual taxable income to stockholders				90%
Procaccianti Convertible Fund, LLC (PCF) | Variable Interest Entity, Primary Beneficiary
Total of VIE and asset acquisition:
Assets		66,297,937		$ 66,297,937
Liabilities		$ 43,475,150		$ 43,475,150

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - EPS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share
Net income (loss)	$ 2,324,251	$ 1,052,074	$ 2,007,793	$ (58,599)
Undistributed net income (loss)	1,294,685	108,633	(41,810)	(1,869,401)
Class K Common Stock
Earnings Per Share
Net income (loss)	1,529,475	730,429	1,339,424	(10,598)
Common Stock dividends declared and accumulated	685,431	656,539	1,366,725	1,284,883
Undistributed net income (loss)	$ 844,044	$ 73,890	$ (27,301)	$ (1,295,481)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	3,927,565	3,761,959	3,937,320	3,701,519
Weighted average number of common shares outstanding - diluted (in shares)	3,927,565	3,761,959	3,937,320	3,701,519
Shares held by the Company's independent directors			3,750
Class K-I Common Stock
Earnings Per Share
Net income (loss)	$ 516,703	$ 196,335	$ 449,877	$ (2,544)
Common Stock dividends declared and accumulated	231,555	176,474	459,047	308,412
Undistributed net income (loss)	$ 285,148	$ 19,861	$ (9,170)	$ (310,956)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	1,326,870	1,011,194	1,322,463	888,479
Weighted average number of common shares outstanding - diluted (in shares)	1,326,870	1,011,194	1,322,463	888,479
Class K-T Common Stock
Earnings Per Share
Net income (loss)	$ 24,795	$ 9,967	$ 21,570	$ (142)
Common Stock dividends declared and accumulated	11,112	8,960	22,010	17,205
Undistributed net income (loss)	$ 13,683	$ 1,007	$ (440)	$ (17,347)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	63,669	51,338	63,407	49,563
Weighted average number of common shares outstanding - diluted (in shares)	63,669	51,338	63,407	49,563
Class A Common Stock
Earnings Per Share
Net income (loss)	$ 226,415	$ 112,888	$ 197,789	$ (1,567)
Common Stock dividends declared and accumulated	101,468	101,468	201,821	200,302
Undistributed net income (loss)	$ 124,947	$ 11,420	$ (4,032)	$ (201,869)
Net income (loss) per common share, basic (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.39	$ 0.19	$ 0.34	$ 0
Weighted average number of common shares outstanding - basic (in shares)	581,410	581,410	581,410	576,791
Weighted average number of common shares outstanding - diluted (in shares)	581,410	581,410	581,410	576,791
Class B Common Stock
Earnings Per Share
Net income (loss)	$ 26,863	$ 2,455	$ (867)	$ (43,748)
Undistributed net income (loss)	$ 26,863	$ 2,455	$ (867)	$ (43,748)
Net income (loss) per common share, basic (in dollars per share)	$ 0.21	$ 0.02	$ (0.01)	$ (0.35)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.21	$ 0.02	$ (0.01)	$ (0.35)
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000	125,000	125,000

Investments in Hotels - Investm

Investments in Hotels - Investments in hotel properties (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) room
Springhill Suites Wilmington
Schedule of Investments
Date Acquired	May 24, 2017
Location	Wilmington, NC
Ownership interest	51%
Contract Purchase Price	$ 18,000,000
Rooms | room	120
Mortgage debt Outstanding	$ 10,893,757
Staybridge Suites St. Petersburg
Schedule of Investments
Date Acquired	Jun. 29, 2017
Location	St. Petersburg, FL
Ownership interest	51%
Contract Purchase Price	$ 20,500,000
Rooms | room	119
Mortgage debt Outstanding	$ 12,889,609
Hotel Indigo Traverse City
Schedule of Investments
Date Acquired	Aug. 15, 2018
Location	Traverse City, MI
Ownership interest	100%
Contract Purchase Price	$ 26,050,000
Rooms | room	107
Mortgage debt Outstanding	$ 15,092,000
Hilton Garden Inn Providence
Schedule of Investments
Date Acquired	Feb. 27, 2020
Location	Providence, RI
Ownership interest	100%
Contract Purchase Price	$ 28,500,000
Rooms | room	137
Mortgage debt Outstanding	$ 16,936,901
Cherry Tree East Bay
Schedule of Investments
Date Acquired	Jul. 30, 2021
Location	Traverse City, MI
Ownership interest	100%
Contract Purchase Price	$ 15,000,000
Rooms | room	76
Mortgage debt Outstanding	$ 8,939,181

Investments in Hotels - Inves_2

Investments in Hotels - Investment in hotel properties consist of fixed assets (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments in Hotels
Land	$ 14,450,538	$ 14,450,538
Building and improvements	88,852,947	88,767,739
Furniture, fixtures, and equipment	10,664,559	8,896,732
Total cost	113,968,044	112,115,009
Accumulated depreciation	(11,732,002)	(9,878,030)
Property and equipment, net	$ 102,236,042	$ 102,236,979

Investments in Hotels - Additio

Investments in Hotels - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 29, 2018
Business Acquisition [Line Items]
Depreciation	$ 939,901	$ 779,374	$ 1,853,972	$ 1,551,903
Procaccianti Convertible Fund, LLC (PCF)
Business Acquisition [Line Items]
Entity ownership percentage					51%

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details)		3 Months Ended		6 Months Ended
	Aug. 15, 2018	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 64,852,899		$ 64,852,899		$ 64,141,964
Deferred finance costs and debt discounts		(9,249)	$ (2,470)	(18,437)	$ (4,942)
Interest expense on mortgage notes payable		$ 661,472	$ 654,025	$ 1,283,855	$ 1,276,363
Number of time mortgage notes extended | item		2		2
Mortgage payable
Debt Instrument [Line Items]
Deferred finance costs and debt discounts				$ 208,343
Mortgage payable secured by the St. Pete Hotel (the "St. Petersburg Note")
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 12,889,609		$ 12,889,609
Interest rate		4.34%		4.34%
Interest payments				$ 66,255
Interest payment starting date				Aug. 01, 2020
Interest payment ending date				Jul. 01, 2024
Description of variable rate				Monthly
Mortgage payable secured by the Springhill Suites Wilmington (the "Wilmington Note")
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 10,893,757		$ 10,893,757
Interest rate		4.49%		4.49%
Interest payments				$ 57,026
Interest payment starting date				Jun. 01, 2020
Interest payment ending date				Jun. 01, 2024
Description of variable rate				Monthly
Mortgage payable secured by the Hotel Indigo Traverse City (the "TCI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 15,092,000		$ 15,092,000
Debt Instrument, Basis Spread on Variable Rate				2.50%
Extension term				1 year
Mortgage payable secured by the Hotel Indigo Traverse City (the "TCI Note") | Interest rate swap
Debt Instrument [Line Items]
Mortgage note due date	Aug. 15, 2021
Mortgage payable secured by the Hilton Garden Inn Providence (the "HGI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 16,936,901		$ 16,936,901
Interest rate		4.25%		4.25%
Interest payment starting date				Feb. 15, 2023
Interest payment ending date				May 15, 2025
Amortization schedule				30 years
Mortgage payable secured by the Cherry Tree Inn (the "CTI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 8,939,181		$ 8,939,181
Mortgage note, additional amount to be advanced		$ 1,060,819		$ 1,060,819
Interest rate		3.91%		3.91%
Interest payments				$ 52,601

Other Debt (Details)

Other Debt (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Gain on loan extinguishment	$ 405,605	$ 635,317	$ 942,605	$ 635,317
PPP Loan
Debt Instrument [Line Items]
Proceeds from loan					$ 2,445,589	$ 2,445,589
Loans forgiven amount					$ 1,502,984
Gain on loan extinguishment			$ 942,605

Related Party Transactions - Ac

Related Party Transactions - Acquisition Fee, Asset Management Fee and Disposition Fee (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 02, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions
Acquisition fee		$ 0	$ 0	$ 0	$ 0
Acquisition fees in due to related parties				1,244,139	979,350
Due to Related Party
Related Party Transactions
Reimbursements Expenses				86,663
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements Expenses		41,727	52,095	87,693	94,099
Advisory agreement with PHA and Operating Partnership
Related Party Transactions
Term of agreement	1 year
Accrued interest on outstanding acquisition fees		18,611	14,690	37,017	29,140
Asset management fees		176,974	143,928	352,121	287,543
Accrued interest on outstanding asset management fees		7,863	20,422	13,021	38,436
Advisory agreement with PHA and Operating Partnership | Due to Related Party
Related Party Transactions
Deferred asset management fees		$ 541,262	$ 1,484,089	$ 541,262	$ 1,484,089
Advisory agreement with PHA and Operating Partnership | Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Percentage of total acquisition fee payable to PHA				1.50%
Non-compounded rate of interest on deferred acquisition fees				6%
One fourth of percentage of quarterly asset management fee				0.75%
Accumulated, accrued, and unpaid distributions percentage				7%
Non-compounded rate of interest on deferred asset management fees				6%
Maximum percentage of sales price of real estate investment as disposition fee				1.50%
Non-compounded rate of interest on deferred disposition fees				6%

Related Party Transactions - Or

Related Party Transactions - Organization and Offering Costs, Advances to PHA and Property Management Fee and Reimbursement (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 02, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions
Due from related parties		$ 1,135,912		$ 1,135,912		$ 153,113
Aggregate property management fees		230,846	$ 188,317	377,720	$ 275,742
Aggregate net reimbursements		167,591	71,941	252,762	133,429
Disposition fees		0	0	0	0
Additional service fees		0	0	0	0
Reimbursement of wages		860,899		860,899
Due to Related Party
Related Party Transactions
Accrued property management fees payable		100,453		100,453
Reimbursements expenses				86,663
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements expenses		41,727	52,095	87,693	94,099
TPG Risk Services, LLC
Related Party Transactions
Due from related parties		31,428		31,428
Reimbursement of prepaid insurance		954	$ 29,196	954	51,553
Advisory agreement with PHA and Operating Partnership
Related Party Transactions
Term of agreement	1 year
Advisory agreement with PHA and Operating Partnership | Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Recognized organization and offering costs				$ 0	$ 644,430
Percentage of gross proceeds on public offering				15%
Organization and offering costs incurred by PHA and its affiliates		8,752,997		$ 8,752,997
Reimbursement of organization and offering costs through issuance of A shares		1,026,564		1,026,564
Reimbursement of common shares issuance to affiliate		$ 3,312,833		$ 3,312,833
Hotel management agreement with PHR St. Petersburg Hotel Manager, LLC
Related Party Transactions
Percentage of hotel's gross revenues as base management fee				3%

Related Party Transactions - Co

Related Party Transactions - Construction Management Fee, Payment Upon Advisory Agreement Termination for Cause and Loans from Affiliates (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transactions
Due from related parties	$ 1,135,912		$ 1,135,912		$ 153,113
Due to related parties	2,710,896		2,710,896		$ 1,885,559
TPG Construction, LLC
Related Party Transactions
Reimbursement of capital expenditure costs	961,257	$ 150,536	1,254,119	$ 163,211
Due to related parties	364,919	$ 3,100	364,919	$ 3,100
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Principal amount	$ 94,194		$ 94,194
Long Term Applicable Federal Rate	2.50%	1.71%	2.26%	1.68%
Interest Expense	$ 587	$ 400	$ 1,057	$ 786
Hilton Garden Inn Providence
Related Party Transactions
Due from related parties	250,000		250,000
Cherry Tree Inn
Related Party Transactions
Due from related parties	$ 25,013		$ 25,013
Class B Common Stock
Related Party Transactions
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Advisory agreement with PHA and Operating Partnership
Related Party Transactions
Stated value of A shares repurchased in Non-cause Advisory Agreement Termination	$ 10		$ 10
Non-compounded annual rate of accrued interest on deferred fees if agreement terminates for cause	6%		6%
Advisory agreement with PHA and Operating Partnership | Class B Common Stock
Related Party Transactions
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01

Stockholders' Equity - Per shar

Stockholders' Equity - Per share repurchase price (Details)	6 Months Ended
	Jun. 30, 2022
Less than 1 year
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	No Repurchase Allowed
1 year
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	92.5% of most recent Estimated Per Share NAV
2 years
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	95.0% of most recent Estimated Per Share NAV
3 years
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	97.5% of most recent Estimated Per Share NAV
4 years
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	100.0% of most recent Estimated Per Share NAV
In the event of a stockholder's death or disability
Class of Stock [Line Items]
Repurchase Price on Repurchase Date	100.0% of most recent Estimated Per Share NAV

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares		6 Months Ended
	Mar. 31, 2020	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized		248,125,000
Class K Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		55,500,000	55,500,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class K-I Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		55,500,000	55,500,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class K-T Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		116,000,000	116,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		21,000,000	21,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions		7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		37.50%
Percentage of remaining liquidation cash distribution on pro rata basis		37.50%
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		125,000	125,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		no voting rights
Percentage of excess cash available for distribution		12.50%
Percentage of remaining liquidation cash distribution on pro rata basis		12.50%

Stockholders' Equity - Long-ter

Stockholders' Equity - Long-term incentive plan - (Details) - shares		6 Months Ended
	Feb. 11, 2019	Jun. 30, 2022
Director
Class of Stock [Line Items]
Number of shares awarded	1,500
Long-term incentive plan | Director | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500	250
Additional number of shares awarded		250
Award vesting period		4 years
Award vesting increments percentage		25%
Award terms		(1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company.
Number of shares issuable in future	250
Long-term incentive plan | Independent director two. | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Long-term incentive plan | Independent director three. | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Long-term incentive plan | Three independent directors | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	1,500

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program and Redeemable Common Stock - (Details) - USD ($)				3 Months Ended				6 Months Ended
	Aug. 05, 2022	Apr. 12, 2022	Oct. 26, 2018	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022
Class of Stock [Line Items]
Value of share repurchase				$ 369,375	$ 84,708	$ 289,421	$ 7,920
Class K-I Common Stock
Class of Stock [Line Items]
Shares issued price per share				$ 10				$ 10
Class K-T Common Stock
Class of Stock [Line Items]
Shares issued price per share				$ 10				$ 10
A&R SRP | Class K Common Stock
Class of Stock [Line Items]
Percentage of weighted average number of shares outstanding			5%
Minimum balance required to be maintained by stockholders			$ 2,000
Maximum balance of shares requested to be repurchased								100
Prior period of share repurchase								15 days
Repurchase requests period								30 days
A&R SRP | Class K-I Common Stock
Class of Stock [Line Items]
Percentage of weighted average number of shares outstanding			5%
Minimum balance required to be maintained by stockholders			$ 2,000
Maximum balance of shares requested to be repurchased								100
Prior period of share repurchase								15 days
Repurchase requests period								30 days
A&R SRP | Class K-T Common Stock
Class of Stock [Line Items]
Percentage of weighted average number of shares outstanding			5%
Minimum balance required to be maintained by stockholders			$ 2,000
Maximum balance of shares requested to be repurchased								100
Prior period of share repurchase								5 days
Repurchase requests period								2 years
Two outstanding repurchase requests | Class K Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)		37,500
Value of share repurchase	$ 380,036	$ 369,375
Average Price Paid per Share	$ 10.19	$ 9.85
Two outstanding repurchase requests | Class K-I Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	657
Value of share repurchase	$ 6,590
Average Price Paid per Share	$ 10.03
Two outstanding repurchase requests | Class K-T Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	1,000
Value of share repurchase	$ 10,290
Average Price Paid per Share	$ 10.29
Nine outstanding repurchase requests | Class K Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	37,302

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions - (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Distribution Made to Limited Liability Company (LLC) Member
Distributions	$ 9,328,639	$ 7,428,718
Distributions
Distribution Made to Limited Liability Company (LLC) Member
Distributions	1,899,921
Distributions | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions	$ 44,721
Distributions | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808
Distributions to be paid	$ 685,431
Distributions	$ 1,375,360
Distributions | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808
Distributions to be paid	$ 231,555
Distributions	$ 458,014
Distributions | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808
Distributions to be paid	$ 11,112
Distributions	$ 21,826
Distributions | 2/16/2022
Distribution Made to Limited Liability Company (LLC) Member
Date Paid	Feb. 16, 2022
Shares Outstanding Date	Dec. 31, 2021
Date Authorized	Feb. 11, 2022
Record Date	Feb. 14, 2022
Amount Per Share Per Day	$ 0.001917808
Distributions	$ 958,121
Distributions | 2/16/2022 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions	22,606
Distributions | 2/16/2022 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	694,066
Distributions | 2/16/2022 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	230,522
Distributions | 2/16/2022 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	$ 10,927
Distributions | 4/29/2020
Distribution Made to Limited Liability Company (LLC) Member
Date Paid	May 06, 2022
Shares Outstanding Date	Mar. 31, 2022
Date Authorized	Apr. 29, 2022
Record Date	May 02, 2022
Amount Per Share Per Day	$ 0.001917808
Distributions	$ 919,685
Distributions | 4/29/2020 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	681,294
Distributions | 4/29/2020 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	227,492
Distributions | 4/29/2020 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions	$ 10,899
Distributions | 10/27/2020
Distribution Made to Limited Liability Company (LLC) Member
Date Paid	May 11, 2022
Shares Outstanding Date	Mar. 31, 2022
Date Authorized	Apr. 29, 2022
Record Date	May 02, 2022
Amount Per Share Per Day	$ 0.001917808
Distributions	$ 22,115
Distributions | 10/27/2020 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions	$ 22,115

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information 1 (Details)			1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 27, 2020 USD ($) $ / shares shares	Feb. 11, 2019 shares	Sep. 29, 2016 shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) director $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Class of Stock
Proceeds from issuance of common stock | $							$ 6,691,279
Value of issuance of common stock | $				$ 4,320,312	$ 2,370,967
Total investment | $						$ 102,236,042		$ 102,236,979
Director
Class of Stock
Issuance of common stock (in shares)		1,500
Hilton Garden Inn Providence
Class of Stock
Number of Class K OP Units issued	128,124
Value of Class K OP Units issued (in dollars per share) | $ / shares	$ 10
Total investment | $	$ 1,281,244
Cash consideration received by individuals with direct or indirect interests in the sellers of the hotel | $	$ 0
Dealer Manager | Initial public offering
Class of Stock
Selling commissions and dealer manager fees | $						2,986,465
Value of stockholder servicing fee | $						13,644
Dealer Manager | Initial public offering | Distribution reinvestment plan
Class of Stock
Selling commissions and dealer manager fees | $						0
Dealer Manager | Private offering
Class of Stock
Selling commissions and dealer manager fees | $						1,058,501
Procaccianti Hotel Advisors, LLC ("PHA") | Initial public offering
Class of Stock
Selling commissions and dealer manager fees | $						$ 0
Class K Common Stock
Class of Stock
Common stock, shares issued						3,927,747		3,947,642
Percentage of excess cash as special distribution declared on pro rata basis						50%
Class K Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)						83,293
Value of issuance of common stock | $						$ 768,941
Class K Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued						2,787,944
Proceeds From Issuance Of Shares In Private Placement | $						$ 26,939,836
Class K Common Stock | Unaffiliated investors | Private offering
Class of Stock
Common stock, shares issued						1,253,618
Proceeds From Issuance Of Shares In Private Placement | $						$ 12,398,660
Class K Common Stock | Dealer Manager | Initial public offering
Class of Stock
Dealer manager selling commissions percentage						7%
Dealer manager fee, percentage						3%
Class K Common Stock | Dealer Manager | Private offering
Class of Stock
Dealer manager selling commissions percentage						7%
Selling commissions, percentage						3%
Class K Common Stock | Three Independent director
Class of Stock
Number of restricted shares issued						3,750
Number of independent directors | director						3
Class K Common Stock | Independent director one
Class of Stock
Number of restricted shares issued						1,250
Class K Common Stock | Independent director two
Class of Stock
Number of restricted shares issued						1,250
Class K Common Stock | Independent director three
Class of Stock
Number of restricted shares issued						1,250
Class A Common Stock
Class of Stock
Common stock, shares issued						581,410		581,410
Percentage of excess liquidation cash if A shares repurchased in Non-cause Advisory Agreement Termination						87.50%
Class A Common Stock | Unaffiliated investors | Private offering
Class of Stock
Common stock, shares issued						23,000
Proceeds From Issuance Of Shares In Private Placement | $						$ 230,000
Class A Common Stock | TPG Hotel REIT Investor, LLC (THR)
Class of Stock
Common stock, shares issued						428,410
Number of shares issued in exchange of notes receivable						130,000
Shares issued price per share | $ / shares						$ 10
Proceeds From Issuance Of Shares In Private Placement | $						$ 4,284,095
Class A Common Stock | Procaccianti Hotel Advisors, LLC ("PHA")
Class of Stock
Percentage of excess cash if A shares repurchased in Non-cause Advisory Agreement Termination						37.50%
Percentage of excess liquidation cash if A shares repurchased in Non-cause Advisory Agreement Termination						37.50%
Class B Common Stock
Class of Stock
Common stock, shares issued						125,000		125,000
Percentage of excess liquidation cash if A shares repurchased in Non-cause Advisory Agreement Termination						12.50%
Class B Common Stock | Dealer Manager
Class of Stock
Number of shares issued in exchange of notes receivable			125,000
Class K-I Common Stock
Class of Stock
Common stock, shares issued						1,329,967		1,315,534
Shares issued price per share | $ / shares						$ 10
Number of shares sold (in shares)						10
Value of shares sold | $						$ 100
Percentage of excess cash as special distribution declared on pro rata basis						50%
Percentage of excess liquidation cash as special distribution declared on pro rata basis						50%
Class K-I Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)						50,258
Value of issuance of common stock | $						$ 464,531
Class K-I Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued						1,287,644
Proceeds From Issuance Of Shares In Private Placement | $						$ 11,274,927
Class K-I Common Stock | Dealer Manager | Initial public offering
Class of Stock
Dealer manager fee, percentage						3%
Selling commissions and dealer manager fees | $						$ 0
Class K-T Common Stock
Class of Stock
Common stock, shares issued						63,961		62,946
Shares issued price per share | $ / shares						$ 10
Number of shares sold (in shares)						10
Value of shares sold | $						$ 100
Percentage of excess cash as special distribution declared on pro rata basis						50%
Percentage of excess liquidation cash as special distribution declared on pro rata basis						50%
Class K-T Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)						5,444
Value of issuance of common stock | $						$ 50,059
Class K-T Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued						60,008
Proceeds From Issuance Of Shares In Private Placement | $						$ 585,400
Class K-T Common Stock | Dealer Manager | Initial public offering
Class of Stock
Dealer manager selling commissions percentage						3%
Dealer manager fee, percentage						3%
Stockholder servicing fee, percentage						1%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes
Income tax (expense) benefit	$ 42,029	$ 1,350	$ 42,975	$ 1,350