Procaccianti Hotel Reit 10-K 24 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Document Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Central Index Key	0001692345
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 62,672,295
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Boston, Massachusetts
Class K Common Stock
Document Information
Entity Common Stock, Shares Outstanding		3,937,421
Class K-I Common Stock
Document Information
Entity Common Stock, Shares Outstanding		1,353,937
Class K-T Common Stock
Document Information
Entity Common Stock, Shares Outstanding		15,594
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 ($)	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Property and equipment, net	$ 100,985,680	$ 102,236,979
Cash	8,011,506	6,850,026
Restricted cash	3,176,682	2,988,376
Accounts receivable, net	413,800	453,979
Due from related parties	262,148	153,113
Prepaid expenses and other assets, net	996,804	978,905
Total Assets	113,846,620	113,661,378
Liabilities
Mortgage notes payable, net	64,969,299	64,141,964
Other debt		942,605
Accounts payable, accrued expenses and other, net	2,587,008	2,700,281
Due to related parties	2,010,073	1,885,559
Total Liabilities	69,566,380	69,670,409
Commitments and Contingencies
Noncontrolling interest of the Operating Partnership	1,319,912	1,226,417
Stockholders' Equity
Additional paid-in capital	47,700,045	47,930,212
Cumulative income (loss)	892,306	(3,500,228)
Cumulative distributions	(11,238,663)	(7,428,718)
Total Stockholders' Equity	37,413,825	37,061,591
Noncontrolling interest	5,546,503	5,702,961
Total Equity	42,960,328	42,764,552
Total Liabilities and Stockholders' Equity	113,846,620	113,661,378
Class K Common Stock
Stockholders' Equity
Common stock, value	39,325	39,477
Class K-I Common Stock
Stockholders' Equity
Common stock, value	13,455	13,155
Class K-T Common Stock
Stockholders' Equity
Common stock, value	293	629
Class A Common Stock
Stockholders' Equity
Common stock, value	5,814	5,814
Class B Common Stock
Stockholders' Equity
Common stock, value	$ 1,250	$ 1,250

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	3,932,526
Common Stock, shares outstanding		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	1,345,518
Common Stock, shares outstanding		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	29,306
Common Stock, shares outstanding		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 ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 30,608,705	$ 24,913,826
Expenses
Other property expenses	9,846,677	8,093,696
Property management fees to affiliates	894,075	747,948
Corporate general and administrative	1,410,130	1,448,648
Other fees to affiliates	928,837	1,076,785
Depreciation and amortization	3,860,437	3,362,538
Total expenses	23,275,030	20,644,722
Operating income	7,333,675	4,269,104
Gain on loan extinguishment	942,605	1,502,984
Loss on disposal of fixed assets	(11,929)
Interest expense, net	(2,809,105)	(2,703,758)
Gain on interest rate cap/swap	170,459	295,087
Net income before income taxes	5,625,705	3,363,417
Income tax expense	(147,084)	(25,745)
Net income	5,478,621	3,337,672
Net income attributable to noncontrolling interest	1,086,087	745,479
Net income attributable to common stockholders	4,392,534	2,592,193
Class K Common Stock
Expenses
Net income attributable to common stockholders	$ 2,921,397	$ 1,807,855
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	3,926,441	3,815,288
Weighted average number of common shares outstanding - diluted (in shares)	3,926,441	3,815,288
Class K-I Common Stock
Expenses
Net income attributable to common stockholders	$ 990,015	$ 511,947
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	1,330,601	1,080,372
Weighted average number of common shares outstanding - diluted (in shares)	1,330,601	1,080,372
Class K-T Common Stock
Expenses
Net income attributable to common stockholders	$ 43,028	$ 26,172
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	57,815	55,231
Weighted average number of common shares outstanding - diluted (in shares)	57,815	55,231
Class A Common Stock
Expenses
Net income attributable to common stockholders	$ 432,590	$ 274,490
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	581,410	579,119
Weighted average number of common shares outstanding - diluted (in shares)	581,410	579,119
Class B Common Stock
Expenses
Net income attributable to common stockholders	$ 5,504	$ (28,271)
Net income (loss) per common share, basic (in dollars per share)	$ 0.04	$ (0.23)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.04	$ (0.23)
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000
Rooms
Revenues
Total revenues	$ 26,520,330	$ 22,342,543
Expenses
Costs	4,573,828	4,625,510
Food and beverage
Revenues
Total revenues	2,476,680	1,950,667
Expenses
Costs	1,761,046	1,289,597
Other operating
Revenues
Total revenues	$ 1,611,695	$ 620,616

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	$ 3,997		$ 6,261		$ 124		$ 440				9,284,487			9,295,309		9,295,309
Issuance of common stock (in shares)	399,708		626,169		12,468		44,000
Issuance of common stock pursuant to distribution reinvestment plan	$ 435		$ 226		$ 27						643,253			643,941		643,941
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	43,451		22,637		2,709
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(508,460)			(508,460)		(508,460)
Repurchase of common stock	$ (1,036)										(944,842)			(945,878)		(945,878)
Repurchase of common stock (in shares)	(103,579)
Other offering costs to affiliates											(887,302)			(887,302)		(887,302)
Net Income (Loss)												2,592,193		2,592,193	691,391	3,283,584
Distributions paid													(3,900,397)	(3,900,397)	(876,820)	(4,777,217)
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]
Issuance of common stock	$ 364				$ (356)						(8)
Issuance of common stock (in shares)	36,337				(35,587)
Conversion of common stock (in shares)						35,578
Issuance of common stock pursuant to distribution reinvestment plan	$ 476		$ 323		$ 30						792,481			793,310		793,310
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	47,728		32,254		2,947
Commissions on sales of common stock and related dealer manager fees and stockholder servicing fees											(5,310)			(5,310)		(5,310)
Repurchase of common stock	$ (992)		$ (23)		$ (10)						(1,017,330)			(1,018,355)		(1,018,355)
Repurchase of common stock (in shares)	(99,181)		(2,270)		(1,000)
Net Income (Loss)												4,392,534		4,392,534	992,592	5,385,126
Distributions paid													(3,809,945)	(3,809,945)	(1,149,050)	(4,958,995)
BALANCE at Dec. 31, 2022	$ 39,325		$ 13,455		$ 293		$ 5,814		$ 1,250		$ 47,700,045	$ 892,306	$ (11,238,663)	$ 37,413,825	$ 5,546,503	$ 42,960,328
BALANCE (in shares) at Dec. 31, 2022	3,932,526		1,345,518		29,306		581,410	581,410	125,000	125,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 5,478,621	$ 3,337,672
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,860,437	3,362,538
Amortization of deferred financing costs and debt discount as interest	(19,817)	6,276
Amortization of key money loans	(53,500)	(56,779)
Gain on loan extinguishment	(942,605)	(1,502,984)
Gain on interest rate cap/swap	(170,459)	(295,087)
Loss on disposal of fixed assets	11,929
Changes in operating assets and liabilities:
Accounts receivable	40,179	(329,077)
Due from related parties	(109,035)	(56,950)
Prepaid expenses and other assets	(33,374)	(91,838)
Accounts payable, accrued expenses and other	110,687	346,248
Due to related parties	124,514	(641,229)
Net cash provided by operating activities	8,297,577	4,078,790
Cash Flows from Investing Activities:
Acquisition of hotel property, net		(15,062,376)
Loan receivable funding		(7,689,594)
Loan receivable payment		7,689,594
Capital improvements	(2,605,592)	(932,960)
Net cash used in investing activities	(2,605,592)	(15,995,336)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock		9,295,309
Payment of commissions and dealer manager fees and stockholder servicing fees	(5,310)	(508,460)
Payment of other offering costs to affiliates		(1,037,201)
Proceeds from mortgage note	1,270,226	12,000,000
Proceeds from other debt		1,426,672
Payments of mortgage notes principal	(381,841)	(4,397,358)
Payment of deferred financing costs	(41,234)	(214,807)
Distributions to stockholders	(3,016,635)	(3,256,456)
Distributions to noncontrolling interest	(1,149,050)	(876,820)
Repurchase of common stock	(1,018,355)	(945,878)
Net cash (used in) provided by financing activities	(4,342,199)	11,485,001
Increase (decrease) in cash and cash equivalents and restricted cash	1,349,786	(431,545)
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	$ 11,188,188	$ 9,838,402

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosure of Cash Flow Information
Cash	$ 8,011,506	$ 6,850,026
Restricted cash	3,176,682	2,988,376
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	11,188,188	9,838,402
Cash paid for interest	2,677,103	2,749,799
Cash paid for income taxes	34,115	1,750
Supplemental Disclosure of Noncash Transactions
Common stock issued pursuant to distribution reinvestment plan	$ 793,310	$ 643,941

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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) 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. As of December 31, 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.” On September 30, 2016, the Company commenced a private offering (“Private Offering”) of shares of Class K common stock, $0.01 par value per share (“K Shares”), and units, which are comprised of four K Shares and one share of Class A common stock (“A Shares”), each with a $0.01 par value per share (“Units”), for $10.00 per K Share and $50.00 per Unit, with a targeted maximum offering of $150,000,000 in K Shares (including K Shares sold as part of a Unit) to accredited investors only pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The Company terminated its 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 K Shares and A Shares, including Units, in the Private Offering. Of the $15,582,755 in gross proceeds raised, $2,954,095 was from the sale of A Shares to TPG Hotel REIT Investor, LLC (“THR”) to fund organization and offering expenses associated with the K Shares and Units. With the A Share proceeds from the Private Offering, the Company paid $782,705 in selling commissions, $275,794 in dealer manager fees and recognized $1,083,912 in other offering costs for the duration of the Private Offering. On August 14, 2018, the Company commenced its initial public offering (“Public Offering”) pursuant to a registration statement on Form S-11 (Registration No. 333-217578) (“Registration Statement”), filed under the Securities Act with the U.S. Securities and Exchange Commission (“SEC”), to offer up to $550,000,000 in shares of common stock, including $500,000,000 in shares of common stock pursuant to the primary offering, consisting of the following three share classes: K Shares, at an initial offering price of $10.00 per K Share, Class K-I common stock, (“K-I Shares”), at an initial offering price of $9.50 per K-I Share and Class K-T common stock (“K-T Shares”), at an initial offering price of $10.00 per K-T Share and $50,000,000 in shares of common stock pursuant to the Company’s distribution reinvestment plan (the “DRIP”) at $9.50 per K Share, $9.50 per K-I Share and $9.50 per K-T Share. On November 16, 2018, the Company revised the offering price per K-I Share in the primary offering from $9.50 to $9.30 per K-I Share, exclusive of the DRIP, which remained at $9.50 per K-I Share. On April 7, 2020, in response to the global pandemic of the novel coronavirus (“COVID-19”), 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 determined an estimated net asset value (“NAV”) per share of all classes of the Company’s capital stock, each calculated as of March 31, 2020, as follows: (i) $8.56 per K-Share; (ii) $8.55 per K-I Share; (iii) $8.56 per K-T Share; (iv) $0.00 per A Share; and (v) $0.00 per B Share and unanimously approved the resumption of the acceptance of subscriptions and the resumption of the operation of the DRIP, which became effective with the next authorized payment of distributions. On June 9, 2021, the Company’s board of directors determined an estimated NAV per share of all classes of the Company’s capital stock, each calculated as of March 31, 2021, as follows: (i) $9.85 per K Share, (ii) $9.77 per K-I Share (iii) $9.85 per K-T Share, (iv) $0.00 per A Share, and (v) $0.00 per B Share (as defined below) and revised the public offering share prices. The Company, with the approval of its board of directors, terminated the Public Offering on August 13, 2021. On June 24, 2021, the Company filed a Registration Statement on Form S-3 to register approximately 4,273,505 K shares K-I Shares common stock DRIP Offering The Company received approximately $40,482,318 in gross proceeds including the sale of K Shares, K-I Shares and K-T Shares through its Public Offering, including $995,064, $623,043 and $64,047 of gross proceeds from K Shares, K-I Shares and K-T Shares, respectively, issued pursuant to the DRIP through December 31, 2022. Additionally, the Company received $2,630,000 from the sale of A Shares to THR from a private placement, proceeds of which were used to fund the payment of organization and offering expenses related to the Public Offering and also to account for the difference between the applicable estimated NAV per K Share and the applicable offering price of K-I Shares sold in the primary offering 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). On February 27, 2020, 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”) valued at $10.00 per Class K OP Unit. Such issuance represents a total investment of $1,281,244 in Class K OP Units. Individuals with direct or indirect interests in the sellers of the Hilton Garden Inn Providence who are direct or indirect owners of the Procaccianti Companies, Inc. (the “Sponsor”) and Procaccianti Hotel Advisors, LLC (“PHA”) received only Class K OP Units and no cash as consideration. The Company is externally managed by PHA pursuant to an Advisory Agreement by and among the Company, its Operating Partnership and PHA. PHA is an affiliate of the Company’s Sponsor. ​ ​ Novel Coronavirus (COVID-19) ​ In December 2019, COVID-19 was identified in Wuhan, China, subsequently spread to other regions of the world, and was declared a global pandemic by the World Health Organization in March 2020. The Company 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. Given the current availability and effectiveness of the COVID-19 vaccines, in addition to a decrease in government related mandates, the Company has experienced an improvement in traveler sentiment. While such factors have helped contribute to improved conditions throughout 2021 and 2022, there is still the risk of an emergence of new virus strains and the corresponding availability of effective treatment 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	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. 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 December 31, 2022, the assets of our VIEs were $64,805,282, and consist primarily of land, building, furniture, fixtures, and equipment and are available to satisfy our VIEs' obligations. The liabilities of our VIEs were $43,055,994 at December 31, 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 consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investment in Real Estate Investment in real estate is stated at cost, less accumulated depreciation. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation expense is computed using the straight-line and accelerated methods based upon the following estimated useful lives: ​ ​ ​ ​ Building 39 years Improvements 7 - 15 years Furniture, fixtures and equipment 3 - 7 years ​ ​ Real Estate Purchase Price Allocation Upon the acquisition of hotel properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions the Company allocates the purchase price of properties to acquired tangible assets and any assumed debt based on their fair value. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs associated as incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. The tangible assets acquired consist of land, buildings, improvements, furniture, fixtures and equipment. The Company utilizes independent appraisals, as well as hotel construction costs and other available market data, to assist in the determination of the fair values of the tangible assets of an acquired property. The Company determines the fair value of any assumed debt by calculating the net present value of the scheduled mortgage payments using methods similar to those used by independent appraisers, including using a discounted cash flow analysis that uses appropriate discount or capitalization rates and available market information where applicable. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan as interest expense. In allocating the purchase price of each of the Company’s properties, the Company makes assumptions and uses various estimates, including, but not limited to, the estimated useful lives of the assets, the cost of replacing certain assets and discount rates used to determine present values. Many of these estimates are obtained from independent third-party appraisals. However, the Company is responsible for the source and use of these estimates. These estimates are based on judgment and subject to being imprecise; accordingly, if different estimates and assumptions were derived, the valuation of the various categories of the Company’s hotel properties or related intangibles could in turn result in a difference in the depreciation or amortization expense recorded in the Company’s consolidated financial statements. These variances could be material to the Company’s results of operations and financial condition. Impairment of Long-Lived Assets The Company reviews long-lived assets and certain identifiable intangibles, including franchise agreements with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Derivative Financial Instruments All derivative financial instruments are recorded at fair value in the Company’s consolidated balance sheet as an asset or liability. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. Derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as an unrealized gain or loss in the consolidated statements of operations. 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 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 driers 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 December 31, 2022, the estimated fair value of the mortgage notes payable was $60,531,065, compared to the carrying value of $65,154,631. The mortgage notes payable are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows discounted at a market rate for similar borrowings. Revenue Recognition Revenue is generally recognized as services are performed. Revenue represents primarily rooms, 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 expense. 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 the debt agreements. At December 31, 2022 and 2021, reserves for property taxes were $351,351 and $347,273, respectively, reserves for capital improvements were $2,650,238 and $2,587,963, respectively, and reserves for insurance were $60,109 and $0, respectively. The Company also included $114,984 and $53,140 of guest advance deposits as restricted cash at December 31, 2022 and 2021, respectively. Accounts Receivable The Company records its accounts receivable at cost. The Company provides an allowance for doubtful accounts, when deemed necessary, based on expected losses. The Company has determined that no allowance for doubtful accounts was necessary at December 31, 2022 and 2021. Prepaid Expenses and Other Assets Prepaid expenses include prepaid insurance and hotel operating expenses. Other assets include inventories at the hotel properties, consisting of food and beverage, are valued at the lower of cost and net realizable value, using the FIFO (first-in first-out) method of accounting. Other assets also include the Company’s deferred income tax asset. Deferred Franchise Fees Franchise fee represents the initial franchise fee paid by the Company. The initial franchise fees of the agreements are recorded at cost and amortized on a straight-line basis over the term of the franchise agreements. Deferred Financing Costs Deferred finance fees are bank fees and other costs incurred in obtaining financing that are amortized on a straight-line basis over the term of the related debt. Deferred finance fees are presented as a direct reduction of the carrying amount of the mortgage notes payable on the consolidated balance sheet. Amortization of deferred finances fees is included in interest expense. 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 consolidated balance sheet as it raised proceeds in its Public Offering, which was 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 December 31, 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 2019 through 2022 remaining subject to examination by federal and various state tax jurisdictions. Noncontrolling Interests 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 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 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 affiliate 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 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 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. Included in the calculation of basic EPS are 3,000 non-vested restricted K Shares held by the Company's independent directors as of December 31, 2022 because such shares have been issued and participate in distributions. The Company’s calculated earnings per share for the year ended December 31, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Net income attributable to common stockholders ​ $ 4,392,534 ​ $ 2,592,193 Less: Class K Common Stock dividends declared and accumulated ​ 2,748,495 ​ 2,670,747 Less: Class K-I Common Stock dividends declared and accumulated ​ 931,421 ​ 756,291 Less: Class K-T Common Stock dividends declared and accumulated ​ 40,482 ​ 38,663 Less: Class A Common Stock dividends declared and accumulated ​ 406,987 ​ 405,468 Undistributed net income (loss) ​ $ 265,149 ​ $ (1,278,976) Class K Common Stock: ​ ​ Undistributed net income (loss) ​ $ 172,902 ​ $ (862,892) Class K Common Stock dividends declared and accumulated ​ 2,748,495 ​ 2,670,747 Net income ​ $ 2,921,397 ​ $ 1,807,855 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 3,926,441 ​ 3,815,288 Class K-I Common Stock: ​ ​ ​ Undistributed net income (loss) ​ $ 58,594 ​ $ (244,344) Class K-I Common Stock dividends declared and accumulated ​ 931,421 ​ 756,291 Net income ​ $ 990,015 ​ $ 511,947 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 1,330,601 ​ 1,080,372 Class K-T Common Stock: ​ ​ Undistributed net income (loss) ​ $ 2,546 ​ $ (12,491) Class K-T Common Stock dividends declared and accumulated ​ 40,482 ​ 38,663 Net income ​ $ 43,028 ​ $ 26,172 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 57,815 ​ 55,231 Class A Common Stock: ​ ​ Undistributed net income (loss) ​ $ 25,603 ​ $ (130,978) Class A Common Stock dividends declared and accumulated ​ 406,987 ​ 405,468 Net income ​ $ 432,590 ​ $ 274,490 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 579,119 Class B Common Stock: ​ ​ ​ Undistributed net income (loss) ​ $ 5,504 ​ $ (28,271) Net income (loss) per common share, basic and diluted ​ $ 0.04 ​ $ (0.23) Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​

Investments in Hotels

Investments in Hotels	12 Months Ended
	Dec. 31, 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 December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Mortgage ​ ​ Date ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name * Acquired Location Interest Price (1) (2) Rooms Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,815,928 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,795,406 ​ 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 ​ $ 9,270,226 ​ ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington property (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg property (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 December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 89,048,018 ​ 88,767,739 Furniture, fixtures, and equipment ​ 11,179,909 ​ 8,896,732 Total cost ​ 114,678,465 ​ 112,115,009 Accumulated depreciation ​ (13,692,785) ​ (9,878,030) Property and equipment, net ​ $ 100,985,680 ​ $ 102,236,979 ​ ​ Depreciation expense for the years ended December 31, 2022 and 2021 was $3,844,962 and $3,347,058, respectively. Acquisition of the Cherry Tree Inn On July 30, 2021 (the “Final Closing”), the Company, through a wholly-owned subsidiary of its Operating Partnership, acquired the fee simple interest in the Cherry Tree Inn and Suites, located at 2345 N. US 31 North, East Bay Township, Grand Traverse County, Michigan (the “Cherry Tree Inn”), for a total purchase price of $15,000,000, exclusive of closing costs and typical hotel closing date adjustments. The Company also incurred an acquisition fee of $264,789 due to PHA (See Note 9). The Company financed the transaction with a combination of net proceeds from the Public Offering and proceeds from an initial $4,000,000 bridge loan (the “Bridge Loan”) from an affiliate of the Sponsor, which was repaid in full on November 23, 2021. The Company then entered into a December 31, 2021. An additional . The Company anticipates an additional advance of In connection with the Final Closing, the Ground Lease by and between a subsidiary of the Company and the seller, dated as of June 3, 2021, was terminated. Further, on July 30, 2021, the seller repaid in full the loan in the principal amount of $7,689,594 and the related loan agreement was terminated. The Company concluded its investment in the Cherry Tree Inn was an asset acquisition in accordance with ASC 805, Business Combinations (“Topic 805”). The Company allocated the purchase price of $15,000,000 to the acquired assets, consisting of land, building and improvements and furniture and fixtures, based on their respective fair values as determined by an independent third-party appraiser. ​ ​ ​ ​ ​ ​ Fair Value at ​ ​ July 30, 2021 Land ​ $ 2,850,000 Building and improvements ​ 10,920,000 Furniture, fixtures, and equipment ​ 1,230,000 Total assets acquired ​ $ 15,000,000 ​ Acquisition costs of $81,449 were capitalized and allocated pro-rata to acquired assets on their relative fair values. 0

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
Other Assets
Other Assets	Note 4 – Other Assets Included in other assets at December 31, 2022 and 2021, are franchise fees of $226,799 and $242,274, respectively. The Company’s hotel properties each are operated pursuant to franchise agreements. The term of each current franchise agreement is for a 15 to 25-year period and the agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. For the years ended December 31, 2022 and 2021, the Company amortized $15,475 and $15,476 of deferred franchise fees. These amounts are included in depreciation and amortization on the statement of operations. The future amortization of deferred franchise costs as of December 31, 2022 is as follows: ​ ​ ​ ​ ​ Years Ending December 31, ​ ​ 2023 ​ $ 15,475 2024 ​ 15,475 2025 ​ 15,475 2026 ​ 15,475 2027 ​ 15,475 Thereafter ​ 149,424 Total ​ $ 226,799 ​

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2022
Mortgage Notes Payable
Mortgage Notes Payable	Note 5 – Mortgage Notes Payable Included in mortgage notes payable at December 31, 2022, is a $12,795,406 mortgage payable secured by the Staybridge Suites St. Petersburg (the “St. Petersburg Note”), a $10,815,928 mortgage payable secured by the Springhill Suites Wilmington (the “Wilmington Note”), $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 $9,270,226 mortgage payable secured by the Cherry Tree Inn Traverse City (the “CTI Note”). The mortgage notes payable each contain customary affirmative covenants, negative covenants and events of default. The St. Petersburg Note required monthly 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 December 31, 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, requires monthly The TCI Note bears interest at SOFR plus a SOFR rate margin of 2.50% at December 31, 2022. The TCI Note provides for interest only monthly payments until maturity. The principal amount will be due on the maturity date, which is August 15, 2023. The maturity date may be extended by one additional one-year period, provided no default exists and with prior written notice of at least 45 days before scheduled maturity. 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 December 31, 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-year amortization schedule thereafter to maturity on May 15, 2025. The HGI Note is collateralized by the Hilton Garden Inn Providence, including equipment, and has been guaranteed by the Company. 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 were deferred until the date that was twelve months after the date each payment was originally due. The HGI Note resumed interest payments in October 2020. As of December 31, 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 December 31, 2022. Compliance with the note’s covenants commenced in 2022. As of December 31, 2022, the Cherry Tree Inn was compliant with its loan obligations, including applicable covenants. In addition to the $9,270,226 financed, the CTI Note allows for an additional $729,774 in borrowings for construction advances. However, the company expects to request an advance for only $135,500 of this amount in 2023. Although the Company has taken steps to enhance its ability to maintain sufficient liquidity, as noted here and elsewhere in this Annual Report on Form 10-K, the impact of the COVID-19 pandemic, including the emergence of new virus strains, availability of effective treatment, and potential regulatory and macroeconomic effects stemming from such impacts Scheduled principal payments of the mortgage notes payable as of December 31, 2022 are as follows: ​ ​ ​ ​ ​ Years Ending December 31, ​ ​ 2023 ​ $ 15,728,641 2024 ​ 23,428,622 2025 ​ 16,482,972 2026 ​ 9,270,226 Thereafter ​ — Total ​ $ 64,910,461 ​ Interest expense on mortgage notes payable for the year ended December 31, 2022 and 2021 was $2,776,863 and $2,593,227, respectively. Also included in mortgage notes payable as of December 31, 2022, is $167,109 of net deferred financing costs and debt discounts and premiums. For the years ended December 31, 2022 and 2021, the Company amortized ($19,817) and $6,276, respectively, of net deferred financing costs and debt discounts and premiums as a component of interest expense.

Interest Rate Swap_Cap

Interest Rate Swap/Cap	12 Months Ended
	Dec. 31, 2022
Interest Rate Swap/Cap
Interest Rate Swap/Cap	​ Note 6 – Interest Rate Swap/Cap The Company is exposed to certain risks relating to its ongoing business operations, including the effect of changes in interest rates. The Company had an interest rate swap agreement to manage interest rate risk exposure on $15,092,000 of the TCI Note that expired on August 15, 2021. As of December 31, 2022, the Company has an interest rate cap in place to manage its interest rate exposure on $15,092,000 of the TCI Note that expires on August 15, 2023. At December 31, 2022, the interest rate was capped at 3% and had a value of $176,133 included in accounts payable, accrued expenses and other, net.

Other Debt

Other Debt	12 Months Ended
	Dec. 31, 2022
Other Debt.
Other Debt	Note 7 – 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 and $942,605 was forgiven during the years ended December 31, 2021 and 2022, respectively, and recognized as gain on loan extinguishment in the consolidated statements of operations.

Loans from Franchisors

Loans from Franchisors	12 Months Ended
	Dec. 31, 2022
Loans from Franchisors
Loans from Franchisors	Note 8 – Loans from Franchisors Included in accounts payable, accrued expenses and other liabilities on the balance sheet at December 31, 2022 and 2021, is $878,784 and $932,284, respectively, of net key money loans received from franchisors or assumed upon acquisition. In accordance with the loan agreement with the respective franchisor, funds were released to the applicable hotel properties upon completion of a change of ownership, property improvement plan, and inspection and subsequent approval of the completed work by the franchisor. The outstanding principal balances of the loans are reduced on a straight-line basis over the remaining life of the franchise agreement. As of December 31, 2022, the Company had received $750,000 in loans from franchisors relating to the Staybridge Suites St. Petersburg and assumed a liability of $364,430 in connection with the acquisition of the Hotel Indigo Traverse City. During each of the years ended December 31, 2022 and 2021, the Company amortized $53,500 of franchise fees, which are included in rooms and other property expenses on the statement of operations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	Note 9 – 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. Administrative Services PHA is required to allocate the cost of administrative 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. For the years ended December 31, 2022 and 2021, the Company’s Sponsor requested reimbursement for $156,038 and $187,198, respectively, of such administrative service expenses. These amounts are included in other fees to affiliates on the consolidated statement of operations. As of December 31, 2022 and 2021, there is $25,537 and $27,018, respectively, included in due to affiliates for reimbursable administrative expenses payable. Acquisition Fee The Company pays PHA acquisition fees as described below: Acquisition Fee at a cumulative, non-compounded rate of 6.0% per annum until the day immediately following the Fifth Anniversary (as defined herein), at which time such interest will cease to further accrue. There were no acquisition fees incurred for the year ended December 31, 2022. For the year ended December 31, 2021, the Company incurred $264,789 in acquisition fees related to the Cherry Tree Inn, Traverse City. Acquisition fees are included in other fees to affiliates on the consolidated statements of operations. As of December 31, 2022 and 2021, there were $1,244,139 of deferred acquisition fees included in due to related parties on the consolidated balance sheets. Interest expense on outstanding acquisition fees was $74,648 and $65,508, respectively, for the years ended December 31, 2022 and 2021, and is included in interest expense on the consolidated statement of operations and in due to related parties on the consolidated balance sheets. Asset Management Fee The Company pays PHA asset management fees as described below: Asset Management Fee For the years ended December 31, 2022 and 2021, the Company incurred $708,318 and $624,798, respectively, in asset management fees that are included in other fees to affiliates on the consolidated statements of operations. Interest expense on the outstanding asset management fees was $18,408 and $64,128 for the years ended December 31, 2022 and 2021, respectively, and is included in interest expense on the consolidated statements of operations. At December 31, 2022 and 2021, asset management fees and interest payable of $181,083 and $176,121, respectively, are included in due to related parties on the 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 years ended December 31, 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 December 31, 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 10 – “Stockholders’ Equity”. Certain O&O Costs have been incurred by PHA on behalf of the Company. As of December 31, 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 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 $1,394,296 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the company had no balances due to or from PHA for the reimbursement of O&O Costs. As of December 31, 2021, the Company had balances due from PHA for reimbursement of O&O Costs of $28,113, which is included in due from related parties in the consolidated balance sheets. 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 for the Staybridge Suites St. Petersburg and the Springhill Suites Wilmington expire March 28, 2023, with four automatic one-year extensions. The terms of the in-place management agreements expire August 14, 2023, February 26, 2025 and June 3, 2031, respectively, for the Hotel Indigo Traverse City, the Hilton Garden Inn Providence and the Cherry Tree Inn, respectively. Aggregate property management fees incurred for the years ended December 31, 2022 and 2021 were $894,075 and $747,948, respectively, and are included in property management fees to affiliates on the consolidated statements of operations. As of December 31, 2022 and 2021, $68,647 and $45,023, respectively, of accrued property management fees payable were included in due to related parties on the consolidated balance sheets. Aggregate net reimbursements for certain expenses for the years ended December 31, 2022 and 2021 were $762,324 and $281,929, respectively. As of December 31, 2022 and 2021, $61,982 and $9,995, respectively, of expense reimbursements were included in due to related parties on the consolidated balance sheets. During the years ended December 31, 2022 and 2021, the Company paid $460,222 and $512,884, respectively, to TPG Risk Services, LLC, an affiliate of the Company, for the reimbursement of prepaid insurance at the hotel properties. As of December 31, 2022, the Company had a balance of $76,718 due to TPG Risk Services, LLC and as of December 31, 2021, the Company had a balance due from TPG Risk Services LLC of $3,749 for prepaid insurance, such reimbursements are included in due from or due to related parties on the consolidated balance sheets, as appropriate. During the year ended December 31, 2022, the Company paid an affiliate $63,552 for expenses identified as incorrectly charged and included such in due from related parties on the consolidated balance sheet at December 31, 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. During the years ended December 31, 2022 and 2021, the Company reimbursed TPG Construction, LLC, an affiliate of the Sponsor, $1,752,746 and $287,210, respectively, for capital expenditure costs incurred at the hotel properties. As of December 31, 2022 and 2021, $1,952 and $114,674, respectively, of construction reimbursements were included in the due to related parties balance. As of December 31, 2022 and 2021, $198,596 and $125,000, respectively, were receivable from TPG Construction, LLC relating to working capital requests to provide funding for vendors and contractor deposits at the Cherry Tree Inn and the Hilton Garden Inn Providence were included in the due from related parties balance. 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 years ended December 31, 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 (“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 2.38% and 1.69% for the years ended December 31, 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 consolidated balance sheets at December 31, 2022 and 2021. Interest expense was $2,245 and $1,596 for the years ended December 31, 2022 and 2021, respectively, and is included in interest expense on the consolidated statements of operations and in due to related parties on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	Note 10 - Stockholders’ Equity Under the Company’s charter, the total number of shares of common 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 , with a par value of $0.01 per share. The Company’s K Shares, K-I Shares and K-T Shares entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote and to receive distributions as authorized by the Company’s board of directors. Holders of K Shares, K-I Shares and K-T Shares will be entitled to receive cumulative cash distributions on each share at the rate of 7.0% per annum of each share’s distribution base. Prior to March 31, 2020, distributions accrued at the rate of 6.0% per annum of each share’s distribution base. The distribution base will initially be $10.00 per K Share, $10.00 per K-I Share and $10.00 per K-T Share and will be reduced for distributions that the board of directors declares and pays out of net sales proceeds from the sale or disposition of assets to the extent such distributions are not used to pay accumulated, accrued, and unpaid dividends on such K Shares, K-I Shares, and K-T Shares. 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 Shares and K-T Shares would receive 50% of any such excess cash. Holders of K Shares, K-I Shares and K-T Shares would also generally be entitled to receive 50% of any remaining liquidation cash pro rata based on the number of K Shares, K-I Shares and K-T Shares outstanding. 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 Shares and K-T Shares and payment of any accrued asset management fees (and any interest thereon), each A Share will be entitled to receive distributions at a rate not to exceed 7.0% of the stated value of $10.00 per share from income and cash flow from ordinary operations on a cumulative basis. 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 A Shares will receive 37.5% of any such excess cash on a pro rata basis. A Shares would also generally be entitled to receive 37.5% of any remaining liquidation cash pro rata based on the number of A Shares outstanding. B Shares will have no voting rights, other than the right to vote on and approve any further issuances of an increase of 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 December 31, 2022, 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 December 31, 2022, the Company had issued 106,414 K Shares, 66,465 K-I Shares and 6,874 K-T Shares pursuant to the DRIP, resulting in gross proceeds pursuant to the DRIP of $995,064, $623,043 and $64,047 respectively, As of December 31, 2022, the Company had issued 250 restricted K As of December 31, 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 receivable balance as of December 31, 2019. As of December 31, 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. During the year ended December 31, 2022, pursuant to the DRIP, the Company issued 47,727 K Shares at a price of $9.56 per K Share for aggregate gross proceeds of $456,432, 32,254 K-I Shares at a price of $9.57 per K-I Share for aggregate gross proceeds of $308,704, and 2,946 K-T Shares at a price of $9.56 per K-T Share for aggregate gross proceeds of $28,175. During the year ended December 31, 2022, pursuant to section 5.2.7 of the Company’s charter, 35,578 K-T shares converted to 35,578 K shares. 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 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 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 December 31, 2021, the Company recognized $1,058,501 of selling commissions and dealer manager fees in connection with the Private Offering. There have been 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 Shares, K-I Shares K-T Shares of selling commissions and dealer manager fees in connection with the Public Offering. There have been 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 December 31, 2022, the Company recognized $16,085 of stockholder servicing fees with respect to K-T Shares sold in the primary portion of 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 Shares, K-T Shares to share, pro rata in accordance with the number of K Shares, K-I Shares K-T Shares PHA 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 Shares K-T Shares of such excess cash (unless all such A Shares previously have been repurchased in connection with a Non-cause Advisory Agreement Termination, in which case the excess cash otherwise apportioned to the A Shares would be distributed to the holders of the K Shares, K-I Shares and K-T Shares as noted above). The Company established a long-term incentive plan pursuant to which the Company’s board of directors (including independent directors), officer 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 restricted K Shares three restricted K Shares 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 Shares K-T Shares during the trailing 12 months prior to the end of the fiscal quarter for which repurchases are being paid (provided, however, that while shares subject to a repurchase requested upon the death of a stockholder will be included in calculating the maximum number of shares that may be repurchased, shares subject to a repurchase requested upon the death of a stockholder will not be subject to the percentage cap). Additionally, in the event that any stockholder fails to maintain a minimum balance of $2,000 of K Shares, K-I Shares K-T Shares 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 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 at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly repurchase requests on a pro-rata basis. Unfulfilled requests will be carried over automatically to subsequent repurchase periods unless a stockholder withdraws a request pursuant to the terms of the A&R SRP. Repurchases of K Shares, K-I Shares K-T Shares 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 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. During the year ended December 31, 2022, the Company fulfilled repurchase requests and repurchased K Shares, K-I Shares and K-T Shares pursuant to the share repurchase program as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number of ​ ​ ​ ​ ​ Shares Requested to ​ Total Number of ​ Average Price Paid For the Quarter Ended ​ be Repurchased ​ Shares Repurchased ​ per Share March 31, 2022 37,500 9,113 ​ $ 9.30 June 30, 2022 38,959 37,500 ​ $ 9.85 September 30, 2022 16,879 38,959 ​ $ 10.19 December 31, 2022 20,900 16,879 ​ $ 9.92 ​ 114,238 102,451 ​ ​ ​ ​ During the year ended December 31, 2022, the Company repurchased approximately $985,717 of K Shares, $22,348 of K-I Shares and $10,290 of K-T Shares, which represented all repurchase requests received in good order and eligible for repurchase through the December 31, 2022 Repurchase Date. The Company generally repurchases shares approximately 30 days following the end of the applicable quarter in which requests were received. As December 31, 2022, there were four outstanding and unfulfilled repurchase request for 20,900 K Shares, which were repurchased on January 12, 2023 for $211,517. Distributions During the year ended December 31, 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 8/5/2022 6/30/2022 8/1/2022 8/3/2022 $0.001917808 ​ 685,440 ​ 231,566 ​ 11,112 ​ 22,360 $ 950,478 11/1/2022 9/30/2022 10/28/2022 10/31/2022 $0.001917808 ​ 690,892 ​ 235,453 ​ 10,594 ​ 22,606 $ 959,545 ​ ​ ​ ​ ​ $ 2,751,692 $ 925,033 $ 43,532 $ 89,687 $ 3,809,944 ​ During the year ended December 31, 2021, 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 9/24/2021 9/30/2020 9/24/2021 9/27/2021 $0.0013387978 $ 409,394 $ 78,393 $ 5,911 $ — $ 493,698 9/29/2021 12/31/2020 9/24/2021 9/24/2021 $0.0019125683 ​ 610,721 ​ 116,169 ​ 8,422 ​ — $ 735,312 11/18/2021 3/31/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 628,342 ​ 131,938 ​ 8,245 ​ — $ 768,525 11/22/2021 6/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 656,519 ​ 176,438 ​ 8,959 ​ — $ 841,916 11/24/2021 9/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 691,711 ​ 217,307 ​ 10,528 ​ — $ 919,546 12/23/21 3/31/2020 4/29/2020 4/30/2020 $0.0016393443 ​ ​ ​ ​ ​ ​ ​ 6,932 $ 6,932 12/23/21 6/30/2020 10/27/2020 10/30/2020 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,299 $ 22,299 12/23/21 9/30/2020 9/24/2021 9/24/2021 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,544 $ 22,544 12/23/21 12/31/2020 9/24/2021 9/24/2021 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,544 $ 22,544 12/23/21 3/31/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,115 $ 22,115 12/23/21 6/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,360 $ 22,360 12/23/21 9/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,606 $ 22,606 ​ ​ ​ ​ ​ $ 2,996,687 $ 720,245 $ 42,065 $ 141,400 $ 3,900,397 ​ On March 3, 2020, the Company’s stockholders approved to amend the Company’s charter (1) to increase the rate at which cash distributions on K Shares, K-I Shares and K-T Shares automatically accrue under the Company’s charter from 6% to 7% per annum of the K Share Distribution Base of such K Share, K-I Share K-T Share The Company paid quarterly distributions with respect to all 2021 and 2022 quarters with operating cash flow from its hotel properties, consistent with prior distributions. 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 11 - Income Taxes The Company recognized consolidated income tax expense of $147,084 and $25,745 for the years ended December 31, 2022 and 2021, respectively. These amounts relate to the operations of the Company’s TRSs, which had consolidated net income for the years ended December 31, 2022 and 2021. At December 31, 2022 and 2021, the Company had net deferred tax assets of $40,198 and $40,532, respectively, due to temporary differences between the timing of the GAAP recognition and tax recognition of certain expenses and net operating losses. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined it is more likely than not that the Company will not recognize the benefits of the deferred tax assets, except for the net operating losses that can be carried back to offset income in prior years. As such, a valuation allowance has been established upon such deferred tax assets as of December 31, 2022. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 12 - Commitments and Contingencies Economic Dependency The Company depends on PHA for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments, management of the daily operations of the Company’s real estate portfolio, and other general and administrative responsibilities. In the event that PHA is unable to provide these services to the Company, the Company will be required to obtain such services from other sources, and the Company’s failure to identify such other sources could have an adverse impact on the Company’s financial condition and results of operations. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental All real properties and the operations conducted on real properties are subject to federal, state and local laws and regulations relating to environmental protection and human health and safety. In connection with ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. The Company intends to take commercially reasonable steps to protect ourselves from the impact of these laws, including obtaining environmental assessments of all properties that the Company acquires.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following: On February 6, 2023, the Company’s board of directors authorized the payment of distributions, with respect to each K Share, K-I Share and K-T Share outstanding as of December 31, 2022, to the holders of record of K Shares, K-I Shares and K-T Shares as of the close of business on February 8, 2023. With respect to the K Shares, K-I Shares and K-T Shares outstanding as of December 31, 2022, the cumulative amount of distributions that had accrued on a daily basis with respect to each K Share, K-I Share and K-T Share since September 30, 2022, was $690,868, or $0.001917808 per K Share per day, $236,910, or $0.001917808 per K-I Share per day, and $7,877, or $0.001917808 per K-T Share per day, respectively. Such distributions were paid to stockholders in cash or in additional shares pursuant to the DRIP on February 9, 2023. Subsequent to December 31, 2022 and through March 24, 2023, pursuant to the DRIP Offering, the Company sold approximately 11,897 K Shares at a weighted average price of $9.78 per share for gross proceeds of $116,351, approximately 8,419 K-I Shares at a weighted average price of $9.78 per share for gross proceeds of $82,335 and approximately 188 K-T Shares at a weighted average price of $9.78 per share for gross proceeds of $1,837, for total gross proceeds of $200,524 in the DRIP Offering. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. 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 December 31, 2022, the assets of our VIEs were $64,805,282, and consist primarily of land, building, furniture, fixtures, and equipment and are available to satisfy our VIEs' obligations. The liabilities of our VIEs were $43,055,994 at December 31, 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 consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investment in Real Estate	Investment in Real Estate Investment in real estate is stated at cost, less accumulated depreciation. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation expense is computed using the straight-line and accelerated methods based upon the following estimated useful lives: ​ ​ ​ ​ Building 39 years Improvements 7 - 15 years Furniture, fixtures and equipment 3 - 7 years ​
Real Estate Purchase Price Allocation	Real Estate Purchase Price Allocation Upon the acquisition of hotel properties, the Company evaluates whether the acquisition is a business combination or an asset acquisition. For both business combinations and asset acquisitions the Company allocates the purchase price of properties to acquired tangible assets and any assumed debt based on their fair value. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs associated as incurred and allocates the purchase price based on the estimated fair value of each separately identifiable asset and liability. The tangible assets acquired consist of land, buildings, improvements, furniture, fixtures and equipment. The Company utilizes independent appraisals, as well as hotel construction costs and other available market data, to assist in the determination of the fair values of the tangible assets of an acquired property. The Company determines the fair value of any assumed debt by calculating the net present value of the scheduled mortgage payments using methods similar to those used by independent appraisers, including using a discounted cash flow analysis that uses appropriate discount or capitalization rates and available market information where applicable. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan as interest expense. In allocating the purchase price of each of the Company’s properties, the Company makes assumptions and uses various estimates, including, but not limited to, the estimated useful lives of the assets, the cost of replacing certain assets and discount rates used to determine present values. Many of these estimates are obtained from independent third-party appraisals. However, the Company is responsible for the source and use of these estimates. These estimates are based on judgment and subject to being imprecise; accordingly, if different estimates and assumptions were derived, the valuation of the various categories of the Company’s hotel properties or related intangibles could in turn result in a difference in the depreciation or amortization expense recorded in the Company’s consolidated financial statements. These variances could be material to the Company’s results of operations and financial condition.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets and certain identifiable intangibles, including franchise agreements with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.
Derivative Financial Instruments	Derivative Financial Instruments All derivative financial instruments are recorded at fair value in the Company’s consolidated balance sheet as an asset or liability. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. Derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as an unrealized gain or loss in the consolidated statements of operations.
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 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 driers 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 December 31, 2022, the estimated fair value of the mortgage notes payable was $60,531,065, compared to the carrying value of $65,154,631. The mortgage notes payable are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows discounted at a market rate for similar borrowings.
Revenue Recognition	Revenue Recognition Revenue is generally recognized as services are performed. Revenue represents primarily rooms, 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 expense.
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 the debt agreements. At December 31, 2022 and 2021, reserves for property taxes were $351,351 and $347,273, respectively, reserves for capital improvements were $2,650,238 and $2,587,963, respectively, and reserves for insurance were $60,109 and $0, respectively. The Company also included $114,984 and $53,140 of guest advance deposits as restricted cash at December 31, 2022 and 2021, respectively.
Accounts Receivable	Accounts Receivable The Company records its accounts receivable at cost. The Company provides an allowance for doubtful accounts, when deemed necessary, based on expected losses. The Company has determined that no allowance for doubtful accounts was necessary at December 31, 2022 and 2021.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses include prepaid insurance and hotel operating expenses. Other assets include inventories at the hotel properties, consisting of food and beverage, are valued at the lower of cost and net realizable value, using the FIFO (first-in first-out) method of accounting. Other assets also include the Company’s deferred income tax asset.
Deferred Franchise Fees	Deferred Franchise Fees Franchise fee represents the initial franchise fee paid by the Company. The initial franchise fees of the agreements are recorded at cost and amortized on a straight-line basis over the term of the franchise agreements.
Deferred Financing Costs	Deferred Financing Costs Deferred finance fees are bank fees and other costs incurred in obtaining financing that are amortized on a straight-line basis over the term of the related debt. Deferred finance fees are presented as a direct reduction of the carrying amount of the mortgage notes payable on the consolidated balance sheet. Amortization of deferred finances fees is included in interest expense.
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 consolidated balance sheet as it raised proceeds in its Public Offering, which was 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 December 31, 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 2019 through 2022 remaining subject to examination by federal and various state tax jurisdictions.
Noncontrolling Interests	Noncontrolling Interests 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 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 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 affiliate 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 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 consolidated statement of operations. ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of estimated useful lives of fixed assets	​ ​ ​ ​ Building 39 years Improvements 7 - 15 years Furniture, fixtures and equipment 3 - 7 years ​
Schedule of EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Net income attributable to common stockholders ​ $ 4,392,534 ​ $ 2,592,193 Less: Class K Common Stock dividends declared and accumulated ​ 2,748,495 ​ 2,670,747 Less: Class K-I Common Stock dividends declared and accumulated ​ 931,421 ​ 756,291 Less: Class K-T Common Stock dividends declared and accumulated ​ 40,482 ​ 38,663 Less: Class A Common Stock dividends declared and accumulated ​ 406,987 ​ 405,468 Undistributed net income (loss) ​ $ 265,149 ​ $ (1,278,976) Class K Common Stock: ​ ​ Undistributed net income (loss) ​ $ 172,902 ​ $ (862,892) Class K Common Stock dividends declared and accumulated ​ 2,748,495 ​ 2,670,747 Net income ​ $ 2,921,397 ​ $ 1,807,855 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 3,926,441 ​ 3,815,288 Class K-I Common Stock: ​ ​ ​ Undistributed net income (loss) ​ $ 58,594 ​ $ (244,344) Class K-I Common Stock dividends declared and accumulated ​ 931,421 ​ 756,291 Net income ​ $ 990,015 ​ $ 511,947 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 1,330,601 ​ 1,080,372 Class K-T Common Stock: ​ ​ Undistributed net income (loss) ​ $ 2,546 ​ $ (12,491) Class K-T Common Stock dividends declared and accumulated ​ 40,482 ​ 38,663 Net income ​ $ 43,028 ​ $ 26,172 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 57,815 ​ 55,231 Class A Common Stock: ​ ​ Undistributed net income (loss) ​ $ 25,603 ​ $ (130,978) Class A Common Stock dividends declared and accumulated ​ 406,987 ​ 405,468 Net income ​ $ 432,590 ​ $ 274,490 Net income per common share, basic and diluted ​ $ 0.74 ​ $ 0.47 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 579,119 Class B Common Stock: ​ ​ ​ Undistributed net income (loss) ​ $ 5,504 ​ $ (28,271) Net income (loss) per common share, basic and diluted ​ $ 0.04 ​ $ (0.23) Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000

Investments in Hotels (Tables)

Investments in Hotels (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in Hotels
Schedule of investments in hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ ​ ​ Mortgage ​ ​ Date ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name * Acquired Location Interest Price (1) (2) Rooms Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,815,928 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,795,406 ​ 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 ​ $ 9,270,226 ​ ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington property (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg property (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	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 89,048,018 ​ 88,767,739 Furniture, fixtures, and equipment ​ 11,179,909 ​ 8,896,732 Total cost ​ 114,678,465 ​ 112,115,009 Accumulated depreciation ​ (13,692,785) ​ (9,878,030) Property and equipment, net ​ $ 100,985,680 ​ $ 102,236,979 ​
Schedule of fair value of the assets acquired and liabilities assumed in the acquisition	​ ​ ​ ​ ​ ​ Fair Value at ​ ​ July 30, 2021 Land ​ $ 2,850,000 Building and improvements ​ 10,920,000 Furniture, fixtures, and equipment ​ 1,230,000 Total assets acquired ​ $ 15,000,000

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets
Schedule of future amortization of deferred franchise costs	​ ​ ​ ​ ​ Years Ending December 31, ​ ​ 2023 ​ $ 15,475 2024 ​ 15,475 2025 ​ 15,475 2026 ​ 15,475 2027 ​ 15,475 Thereafter ​ 149,424 Total ​ $ 226,799

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Mortgage Notes Payable
Scheduled of maturities of the mortgage notes payable	​ ​ ​ ​ ​ Years Ending December 31, ​ ​ 2023 ​ $ 15,728,641 2024 ​ 23,428,622 2025 ​ 16,482,972 2026 ​ 9,270,226 Thereafter ​ — Total ​ $ 64,910,461 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 repurchase program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number of ​ ​ ​ ​ ​ Shares Requested to ​ Total Number of ​ Average Price Paid For the Quarter Ended ​ be Repurchased ​ Shares Repurchased ​ per Share March 31, 2022 37,500 9,113 ​ $ 9.30 June 30, 2022 38,959 37,500 ​ $ 9.85 September 30, 2022 16,879 38,959 ​ $ 10.19 December 31, 2022 20,900 16,879 ​ $ 9.92 ​ 114,238 102,451 ​ ​ ​ ​
Schedule of share distributions	During the year ended December 31, 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 8/5/2022 6/30/2022 8/1/2022 8/3/2022 $0.001917808 ​ 685,440 ​ 231,566 ​ 11,112 ​ 22,360 $ 950,478 11/1/2022 9/30/2022 10/28/2022 10/31/2022 $0.001917808 ​ 690,892 ​ 235,453 ​ 10,594 ​ 22,606 $ 959,545 ​ ​ ​ ​ ​ $ 2,751,692 $ 925,033 $ 43,532 $ 89,687 $ 3,809,944 ​ During the year ended December 31, 2021, 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 9/24/2021 9/30/2020 9/24/2021 9/27/2021 $0.0013387978 $ 409,394 $ 78,393 $ 5,911 $ — $ 493,698 9/29/2021 12/31/2020 9/24/2021 9/24/2021 $0.0019125683 ​ 610,721 ​ 116,169 ​ 8,422 ​ — $ 735,312 11/18/2021 3/31/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 628,342 ​ 131,938 ​ 8,245 ​ — $ 768,525 11/22/2021 6/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 656,519 ​ 176,438 ​ 8,959 ​ — $ 841,916 11/24/2021 9/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ 691,711 ​ 217,307 ​ 10,528 ​ — $ 919,546 12/23/21 3/31/2020 4/29/2020 4/30/2020 $0.0016393443 ​ ​ ​ ​ ​ ​ ​ 6,932 $ 6,932 12/23/21 6/30/2020 10/27/2020 10/30/2020 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,299 $ 22,299 12/23/21 9/30/2020 9/24/2021 9/24/2021 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,544 $ 22,544 12/23/21 12/31/2020 9/24/2021 9/24/2021 $0.0019125683 ​ ​ ​ ​ ​ ​ ​ 22,544 $ 22,544 12/23/21 3/31/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,115 $ 22,115 12/23/21 6/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,360 $ 22,360 12/23/21 9/30/2021 11/16/2021 11/17/2021 $0.0019178082 ​ ​ ​ ​ ​ ​ ​ 22,606 $ 22,606 ​ ​ ​ ​ ​ $ 2,996,687 $ 720,245 $ 42,065 $ 141,400 $ 3,900,397 ​

Organization and Description _2

Organization and Description of Business (Details)				1 Months Ended	12 Months Ended
	Jun. 24, 2021 USD ($) shares	Feb. 27, 2020 $ / shares shares	Aug. 14, 2018 USD ($) $ / shares	Sep. 30, 2016 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) room item state $ / shares	Dec. 31, 2021 $ / shares	May 23, 2019 USD ($) $ / shares	Nov. 16, 2018 $ / shares
Subsidiary, Sale of Stock
Number of owned interests in select - service hotels | item					5
Number of states select service hotels located | state					4
Number of select service hotels rooms | room					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
Distribution reinvestment plan
Subsidiary, Sale of Stock
Estimated net asset value | $							$ 50,000,000
Initial public offering
Subsidiary, Sale of Stock
Amount of shares sold for termination of private offering prior to commencement of public offering | $					$ 40,482,318
Amount of shares authorized under IPO | $			$ 550,000,000
Amount of shares offered | $			$ 500,000,000
Private offering
Subsidiary, Sale of Stock
Units issued, price per unit				$ 50
Class A Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	$ 0.01
Class A Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares				1
Common stock, par value per share (in dollars per share)				$ 0.01
Amount of shares sold for termination of private offering prior to commencement of public offering | $				$ 2,954,095	$ 2,630,000
Selling commissions | $				782,705
Dealer manager fees | $				275,794
Other offering costs | $				1,083,912
Class B Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 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
Class K Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Initial offering price per share							$ 9.50
Proceeds from DRIP | $					$ 995,064
Class K Common Stock | Initial public offering
Subsidiary, Sale of Stock
Initial offering price per share			$ 10
Class K Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares				4
Targeted maximum offering | $				$ 150,000,000
Common stock, par value per share (in dollars per share)				$ 0.01
Shares issued price per share				$ 10
Class K Common Stock | DRIP Offering
Subsidiary, Sale of Stock
Number of shares issued | shares	4,273,505
Amount of shares offered | $	$ 40,000,000
Class K-I Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	0.01
Shares issued price per share					$ 10
Class K-I Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Initial offering price per share							9.50
Proceeds from DRIP | $					$ 623,043
Class K-I Common Stock | Initial public offering
Subsidiary, Sale of Stock
Initial offering price per share			9.50					$ 9.30
Class K-I Common Stock | Initial public offering | Distribution reinvestment plan
Subsidiary, Sale of Stock
Initial offering price per share								$ 9.50
Class K-I Common Stock | DRIP Offering
Subsidiary, Sale of Stock
Number of shares issued | shares	4,273,505
Amount of shares offered | $	$ 40,000,000
Class K-T Common Stock
Subsidiary, Sale of Stock
Common stock, par value per share (in dollars per share)					$ 0.01	$ 0.01
Shares issued price per share					$ 10
Class K-T Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Initial offering price per share							$ 9.50
Proceeds from DRIP | $					$ 64,047
Class K-T Common Stock | Initial public offering
Subsidiary, Sale of Stock
Initial offering price per share			$ 10
Class K-T Common Stock | DRIP Offering
Subsidiary, Sale of Stock
Number of shares issued | shares	4,273,505
Amount of shares offered | $	$ 40,000,000

Organization and Description _3

Organization and Description of Business - Estimated NAV Per Share (Details) - $ / shares	Jun. 09, 2021	Jun. 10, 2020
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Net Asset Value Per Share	$ 0	$ 0
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Net Asset Value Per Share	0	0
Class K Common Stock
Subsidiary, Sale of Stock [Line Items]
Net Asset Value Per Share	9.85	8.56
Class K-I Common Stock
Subsidiary, Sale of Stock [Line Items]
Net Asset Value Per Share	9.77	8.55
Class K-T Common Stock
Subsidiary, Sale of Stock [Line Items]
Net Asset Value Per Share	$ 9.85	$ 8.56

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Feb. 27, 2020 shares	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($)
Total of VIE and asset acquisition:
Assets		$ 113,846,620	$ 113,661,378
Liabilities		$ 69,566,380	69,670,409
Number of segment | segment		1
Carrying value of mortgage notes payable		$ 64,969,299	64,141,964
Allowance for doubtful accounts		0	0
Uncertain tax positions		0
Revenue		30,608,705	24,913,826
Other operating
Total of VIE and asset acquisition:
Revenue		1,611,695	620,616
Hilton Garden Inn Providence
Total of VIE and asset acquisition:
Number of operating partnership units issued | shares	128,124
Procaccianti Convertible Fund, LLC (PCF)
Total of VIE and asset acquisition:
Fair value of mortgage notes payable		60,531,065
Carrying value of mortgage notes payable		65,154,631
Reserves for property taxes		351,351	347,273
Reserves for capital improvements		2,650,238	2,587,963
Advance deposits		$ 114,984	53,140
Percentages of annual taxable income to stockholders		90%
Reserves for insurance		$ 60,109	$ 0
Procaccianti Convertible Fund, LLC (PCF) | Restricted K shares | Director
Total of VIE and asset acquisition:
Number of shares issued and participate in dividends | shares		3,000
Procaccianti Convertible Fund, LLC (PCF) | Variable Interest Entity, Primary Beneficiary
Total of VIE and asset acquisition:
Assets		$ 64,805,282
Liabilities		$ 43,055,994

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	39 years
Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	7 years
Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	15 years
Furniture, fixtures and equipment [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and equipment [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - EPS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share
Net income	$ 4,392,534	$ 2,592,193
Undistributed net income (loss)	265,149	(1,278,976)
Class K Common Stock
Earnings Per Share
Net income	2,921,397	1,807,855
Common Stock dividends declared and accumulated	2,748,495	2,670,747
Undistributed net income (loss)	$ 172,902	$ (862,892)
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	3,926,441	3,815,288
Weighted average number of common shares outstanding - diluted (in shares)	3,926,441	3,815,288
Class K-I Common Stock
Earnings Per Share
Net income	$ 990,015	$ 511,947
Common Stock dividends declared and accumulated	931,421	756,291
Undistributed net income (loss)	$ 58,594	$ (244,344)
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	1,330,601	1,080,372
Weighted average number of common shares outstanding - diluted (in shares)	1,330,601	1,080,372
Class K-T Common Stock
Earnings Per Share
Net income	$ 43,028	$ 26,172
Common Stock dividends declared and accumulated	40,482	38,663
Undistributed net income (loss)	$ 2,546	$ (12,491)
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	57,815	55,231
Weighted average number of common shares outstanding - diluted (in shares)	57,815	55,231
Class A Common Stock
Earnings Per Share
Net income	$ 432,590	$ 274,490
Common Stock dividends declared and accumulated	406,987	405,468
Undistributed net income (loss)	$ 25,603	$ (130,978)
Net income (loss) per common share, basic (in dollars per share)	$ 0.74	$ 0.47
Net income (loss) per common share, diluted (in dollars per share)	$ 0.74	$ 0.47
Weighted average number of common shares outstanding - basic (in shares)	581,410	579,119
Weighted average number of common shares outstanding - diluted (in shares)	581,410	579,119
Class B Common Stock
Earnings Per Share
Net income	$ 5,504	$ (28,271)
Undistributed net income (loss)	$ 5,504	$ (28,271)
Net income (loss) per common share, basic (in dollars per share)	$ 0.04	$ (0.23)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.04	$ (0.23)
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000

Investments in Hotels - Investm

Investments in Hotels - Investments in hotel properties (Details)	12 Months Ended
	Dec. 31, 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	$ 10,815,928
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	$ 12,795,406
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	$ 9,270,226

Investments in Hotels - Inves_2

Investments in Hotels - Investment in hotel properties consist of fixed assets (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Investments in Hotels
Land	$ 14,450,538	$ 14,450,538
Building and improvements	89,048,018	88,767,739
Furniture, fixtures, and equipment	11,179,909	8,896,732
Total cost	114,678,465	112,115,009
Accumulated depreciation	(13,692,785)	(9,878,030)
Property and equipment, net	$ 100,985,680	$ 102,236,979

Investments in Hotels - Additio

Investments in Hotels - Additional Information (Details) - USD ($)		12 Months Ended
	Jul. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 29, 2018
Business Acquisition [Line Items]
Depreciation		$ 3,844,962	$ 3,347,058
Carrying value of mortgage notes payable		64,969,299	64,141,964
Mortgage note, additional amount to be advanced		729,774
Repayment of loan			7,689,594
Procaccianti Convertible Fund, LLC (PCF)
Business Acquisition [Line Items]
Entity ownership percentage				51%
Carrying value of mortgage notes payable		65,154,631
Acquisition of Cherry Tree Inn
Business Acquisition [Line Items]
Carrying value of mortgage notes payable		9,270,226	$ 8,000,000
Mortgage note, additional amount advanced		1,270,226
Mortgage note, additional amount to be advanced		135,500
Repayment of loan	$ 7,689,594
Acquisition cost capitalized		81,449
Acquisition of Cherry Tree Inn | Cherry Tree Inn
Business Acquisition [Line Items]
Purchase price	15,000,000
Acquisition of Cherry Tree Inn | Bridge Loan
Business Acquisition [Line Items]
Proceeds from loan	$ 4,000,000
Secured Debt | Acquisition of Cherry Tree Inn
Business Acquisition [Line Items]
Mortgage loan		$ 10,000,000

Investments in Hotels - Acquisi

Investments in Hotels - Acquisition of Cherry Tree Inn (Details) - Acquisition of Cherry Tree Inn	Jul. 30, 2021 USD ($)
Business Acquisition [Line Items]
Land	$ 2,850,000
Building and improvements	10,920,000
Furniture, fixtures, and equipment	1,230,000
Total assets acquired	$ 15,000,000

Other Assets - Future Amortizat

Other Assets - Future Amortization of Deferred Franchise Costs (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Other Assets
2023	$ 15,475
2024	15,475
2025	15,475
2026	15,475
2027	15,475
Thereafter	149,424
Total	$ 226,799

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Line Items]
Franchise fees	$ 226,799	$ 242,274
Amortization of deferred franchise fees	$ 15,475	$ 15,476
Minimum [Member]
Other Assets [Line Items]
Term franchise agreement	15 years
Maximum [Member]
Other Assets [Line Items]
Term franchise agreement	25 years

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) - USD ($)			12 Months Ended
	Aug. 15, 2021	Aug. 15, 2018	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgage notes payable, net			$ 64,969,299	$ 64,141,964
Mortgage note, additional amount to be advanced			729,774
Interest expense on mortgage notes payable			2,776,863	2,593,227
Deferred finance costs and debt discounts			(19,817)	$ 6,276
Interest rate swap
Debt Instrument [Line Items]
Mortgage note due date	Aug. 15, 2021
Mortgage payable secured by Staybridge Suites St Petersburg
Debt Instrument [Line Items]
Mortgage notes payable, net			$ 12,795,406
Interest rate			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
Debt Instrument [Line Items]
Deferred finance costs and debt discounts			$ 167,109
Mortgage payable secured by the Springhill Suites Wilmington (the "Wilmington Note")
Debt Instrument [Line Items]
Mortgage notes payable, net			$ 10,815,928
Interest rate			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
Debt Instrument, Basis Spread on Variable Rate			2.50%
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, 2023
Mortgage payable secured by the Hilton Garden Inn Providence (the "HGI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net			$ 16,936,901
Interest rate			4.25%
Interest payment starting date			Feb. 15, 2023
Interest payment ending date			May 15, 2025
Description of variable rate			monthly
Amortization schedule			30 years
Mortgage payable secured by the Cherry Tree Inn (the "CTI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net			$ 9,270,226
Mortgage note, additional amount to be advanced			$ 135,500
Interest rate			3.91%
Interest payments			$ 52,601

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Scheduled of Maturities (Details)	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 15,728,641
2024	23,428,622
2025	16,482,972
2026	9,270,226
Total	$ 64,910,461

Interest Rate Swap_Cap - Summar

Interest Rate Swap/Cap - Summary of Outstanding Interest Rate Swap (Details) - USD ($)		12 Months Ended
	Aug. 15, 2021	Dec. 31, 2022
Accounts payable, accrued expenses and other, net
Derivatives, Fair Value [Line Items]
Notional Amount		$ 176,133
Interest rate swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,092,000
Maturity Date	Aug. 15, 2021
Interest rate cap
Derivatives, Fair Value [Line Items]
Notional Amount		$ 15,092,000
Interest Rate		3%
Maturity Date		Aug. 15, 2023

Other Debt (Details)

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

Loans from Franchisors - (Detai

Loans from Franchisors - (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities [Line Items]
Key money liability	$ 878,784	$ 932,284
Deferred revenue amortized	53,500
PCF
Other Liabilities [Line Items]
PCF key money loan	750,000
TCI
Other Liabilities [Line Items]
TCI key money loan assumed	$ 364,430

Related Party Transactions - Ac

Related Party Transactions - Acquisition Fee, Asset Management Fee and Disposition Fee (Details) - USD ($)			12 Months Ended
	Jul. 30, 2021	Aug. 02, 2018	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Reimbursements Expenses			$ 61,982	$ 9,995
Acquisition fee	$ 264,789		0	264,789
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements Expenses			156,038	187,198
Administrative service expenses			$ 25,537	27,018
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
Percentage of total acquisition fee payable to PHA			1.50%
Non-compounded rate of interest on deferred acquisition fees			6%
Acquisition fees in due to related parties			$ 1,244,139	1,244,139
Accrued interest on outstanding acquisition fees			$ 74,648	65,508
One fourth of percentage of quarterly asset management fee			0.75%
Accumulated, accrued, and unpaid distributions percentage			6%
Non-compounded rate of interest on deferred asset management fees			6%
Asset management fees			$ 708,318	624,798
Accrued interest on outstanding asset management fees			18,408	64,128
Asset management fees and interest payable			$ 181,083	$ 176,121
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)		12 Months Ended
	Aug. 02, 2018	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Related Party Transactions
Due from related parties		$ 262,148	$ 153,113
Due from affiliates		63,552
Aggregate property management fees		894,075	747,948
Accrued property management fees payable		68,647	45,023
Aggregate net reimbursements		762,324	281,929
Reimbursement of prepaid insurance			3,749
Reimbursements expenses		61,982	9,995
Disposition fees		0	0
Additional service fees		0	0
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements expenses		156,038	187,198
TPG Risk Services, LLC
Related Party Transactions
Due from related parties		76,718
Reimbursement of prepaid insurance		460,222	512,884
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	1,394,296
Percentage of gross proceeds on public offering		15%
Organization and offering costs incurred by PHA and its affiliates		$ 8,752,997
Reimbursement of organization and offering costs through issuance of A shares		1,026,564
Reimbursement of common shares issuance to affiliate		3,312,833
Due from related parties		$ 0	$ 28,113
Hotel management agreement with PHR St. Petersburg Hotel Manager, LLC
Related Party Transactions
Percentage of hotel's gross revenues as base management fee		3%
Hotel management agreement with Staybridge Suites St. Petersburg and the Springhill Suites Wilmington [Member]
Related Party Transactions
Number Of Automatic Term Extensions | item		4
Term of agreement, extension		1 year

Related Party Transactions - Co

Related Party Transactions - Construction Management Fee, Payment Upon Advisory Agreement Termination for Cause and Loans from Affiliates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Due from related parties	$ 262,148	$ 153,113
Due to related parties	2,010,073	1,885,559
TPG Construction, LLC
Related Party Transactions
Reimbursement of capital expenditure costs	1,752,746	287,210
Due to related parties	1,952	$ 114,674
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Principal amount	$ 94,194
Long Term Applicable Federal Rate	2.38%	1.69%
Interest Expense	$ 2,245	$ 1,596
Hilton Garden Inn Providence
Related Party Transactions
Due from related parties	$ 198,596	125,000
Advisory agreement with PHA and Operating Partnership
Related Party Transactions
Stated value of A shares repurchased in Non-cause Advisory Agreement Termination	$ 10
Non-compounded annual rate of accrued interest on deferred fees if agreement terminates for cause	6%
Advisory agreement with PHA and Operating Partnership | Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Due from related parties	$ 0	$ 28,113

Stockholders' Equity - Per shar

Stockholders' Equity - Per share repurchase price (Details)	12 Months Ended
	Dec. 31, 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		12 Months Ended
	Mar. 31, 2020	Dec. 31, 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
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) - Long-term incentive plan - Restricted K shares - shares		12 Months Ended
	Feb. 11, 2019	Dec. 31, 2022
Director
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
Independent director two.
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Independent director three.
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Three independent directors
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)			12 Months Ended
	Jan. 12, 2023 USD ($)	Oct. 26, 2018 USD ($)	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Value of share repurchase			$ 1,018,355	$ 945,878
Class K-I Common Stock
Class of Stock [Line Items]
Shares issued price per share | $ / shares			$ 10
Class K-T Common Stock
Class of Stock [Line Items]
Shares issued price per share | $ / shares			$ 10
A&R SRP
Class of Stock [Line Items]
Number of outstanding and unfulfilled repurchase request | item			4
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 | shares			100
Amount of share repurchased			$ 985,717
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 | shares			100
Amount of share repurchased			$ 22,348
Prior period of share repurchase			30 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 | shares			100
Amount of share repurchased			$ 10,290
Prior period of share repurchase			5 days
Repurchase requests period			2 years
Three unfilled standard repurchase requests
Class of Stock [Line Items]
Value of share repurchase	$ 211,517
Three unfilled standard repurchase requests | Class K Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares) | shares			20,900

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchase requests and repurchased K Shares pursuant to the share repurchase program (Details) - Common Class K, K-I, K-T - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Class of Stock
Total Number of Shares Requested to be Repurchased	20,900	16,879	38,959	37,500	114,238
Number of share repurchase request	16,879	38,959	37,500	9,113	102,451
Average Price Paid per Share	$ 9.92	$ 10.19	$ 9.85	$ 9.30

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions - (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 03, 2020
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 4,958,995	$ 4,777,217
Distributions	11,238,663	7,428,718
Distributions
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	3,809,944	3,900,397
Distributions | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	89,687	141,400
Distributions | Class A Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day			$ 10
Distributions | Class A Common Stock | Minimum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			6%
Distributions | Class A Common Stock | Maximum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			7%
Distributions | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	2,751,692	2,996,687
Distributions | Class K Common Stock | Minimum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			6%
Distributions | Class K Common Stock | Maximum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			7%
Distributions | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	925,033	720,245
Distributions | Class K-I Common Stock | Minimum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			6%
Distributions | Class K-I Common Stock | Maximum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			7%
Distributions | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 43,532	$ 42,065
Distributions | Class K-T Common Stock | Minimum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			6%
Distributions | Class K-T Common Stock | Maximum [Member]
Distribution Made to Limited Liability Company (LLC) Member
Charter Distribution Percentage			7%
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 paid	$ 958,121
Distributions | 2/16/2022 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	22,606
Distributions | 2/16/2022 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	694,066
Distributions | 2/16/2022 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	230,522
Distributions | 2/16/2022 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 10,927
Distributions | 5/6/2022
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 paid	$ 919,685
Distributions | 5/6/2022 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	681,294
Distributions | 5/6/2022 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	227,492
Distributions | 5/6/2022 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 10,899
Distributions | 5/11/2022
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 paid	$ 22,115
Distributions | 5/11/2022 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 22,115
Distributions | 8/5/2022
Distribution Made to Limited Liability Company (LLC) Member
Date Paid	Aug. 05, 2022
Shares Outstanding Date	Jun. 30, 2022
Date Authorized	Aug. 01, 2022
Record Date	Aug. 03, 2022
Amount Per Share Per Day	$ 0.001917808
Distributions paid	$ 950,478
Distributions | 8/5/2022 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	22,360
Distributions | 8/5/2022 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	685,440
Distributions | 8/5/2022 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	231,566
Distributions | 8/5/2022 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 11,112
Distributions | 11/1/2022
Distribution Made to Limited Liability Company (LLC) Member
Date Paid	Nov. 01, 2022
Shares Outstanding Date	Sep. 30, 2022
Date Authorized	Oct. 28, 2022
Record Date	Oct. 31, 2022
Amount Per Share Per Day	$ 0.001917808
Distributions paid	$ 959,545
Distributions | 11/1/2022 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	22,606
Distributions | 11/1/2022 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	690,892
Distributions | 11/1/2022 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	235,453
Distributions | 11/1/2022 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 10,594
Distributions | 9/24/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Sep. 24, 2021
Shares Outstanding Date		Sep. 30, 2020
Date Authorized		Sep. 24, 2021
Record Date		Sep. 27, 2021
Amount Per Share Per Day		$ 0.0013387978
Distributions paid		$ 493,698
Distributions | 9/24/2021 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		409,394
Distributions | 9/24/2021 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		78,393
Distributions | 9/24/2021 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 5,911
Distributions | 9/24/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Sep. 29, 2021
Shares Outstanding Date		Dec. 31, 2020
Date Authorized		Sep. 24, 2021
Record Date		Sep. 24, 2021
Amount Per Share Per Day		$ 0.0019125683
Distributions paid		$ 735,312
Distributions | 9/24/2021 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		610,721
Distributions | 9/24/2021 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		116,169
Distributions | 9/24/2021 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 8,422
Distributions | 11/18/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Nov. 18, 2021
Shares Outstanding Date		Mar. 31, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 768,525
Distributions | 11/18/2021 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		628,342
Distributions | 11/18/2021 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		131,938
Distributions | 11/18/2021 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 8,245
Distributions | 11/22/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Nov. 22, 2021
Shares Outstanding Date		Jun. 30, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 841,916
Distributions | 11/22/2021 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		656,519
Distributions | 11/22/2021 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		176,438
Distributions | 11/22/2021 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 8,959
Distributions | 11/24/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Nov. 24, 2021
Shares Outstanding Date		Sep. 30, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 919,546
Distributions | 11/24/2021 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		691,711
Distributions | 11/24/2021 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		217,307
Distributions | 11/24/2021 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 10,528
Distributions | 4/29/2020
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Mar. 31, 2020
Date Authorized		Apr. 29, 2020
Record Date		Apr. 30, 2020
Amount Per Share Per Day		$ 0.0016393443
Distributions paid		$ 6,932
Distributions | 4/29/2020 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 6,932
Distributions | 10/27/2020..
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Jun. 30, 2020
Date Authorized		Oct. 27, 2020
Record Date		Oct. 30, 2020
Amount Per Share Per Day		$ 0.0019125683
Distributions paid		$ 22,299
Distributions | 10/27/2020.. | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,299
Distributions | 9/24/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Sep. 30, 2020
Date Authorized		Sep. 24, 2021
Record Date		Sep. 24, 2021
Amount Per Share Per Day		$ 0.0019125683
Distributions paid		$ 22,544
Distributions | 9/24/2021 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,544
Distributions | 9/24/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Dec. 31, 2020
Date Authorized		Sep. 24, 2021
Record Date		Sep. 24, 2021
Amount Per Share Per Day		$ 0.0019125683
Distributions paid		$ 22,544
Distributions | 9/24/2021 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,544
Distributions | 11/16/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Mar. 31, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 22,115
Distributions | 11/16/2021 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,115
Distributions | 11/16/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Jun. 30, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 22,360
Distributions | 11/16/2021 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,360
Distributions | 11/16/2021
Distribution Made to Limited Liability Company (LLC) Member
Date Paid		Dec. 23, 2021
Shares Outstanding Date		Sep. 30, 2021
Date Authorized		Nov. 16, 2021
Record Date		Nov. 17, 2021
Amount Per Share Per Day		$ 0.0019178082
Distributions paid		$ 22,606
Distributions | 11/16/2021 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid		$ 22,606

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information 1 (Details)		1 Months Ended	12 Months Ended		36 Months Ended
	Feb. 27, 2020 USD ($) $ / shares shares	Sep. 29, 2016 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 11, 2019 director	Sep. 30, 2016 $ / shares
Class of Stock
Proceeds from issuance of common stock				$ 9,295,309
Value of issuance of common stock				9,295,309
Total investment			$ 100,985,680	102,236,979	$ 100,985,680
Director
Class of Stock
Number of independent directors | director						3
Hilton Garden Inn Providence
Class of Stock
Number of Class K OP Units issued | shares	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
Initial public offering
Class of Stock
Additional selling commissions and dealer manager fees				$ 0
Private offering
Class of Stock
Selling commissions and dealer manager fees			1,058,501		1,058,501
Dealer Manager | Initial public offering
Class of Stock
Selling commissions and dealer manager fees			2,986,465		2,986,465
Dealer Manager | Initial public offering | Distribution reinvestment plan
Class of Stock
Selling commissions and dealer manager fees			0		0
Procaccianti Hotel Advisors, LLC ("PHA") | Initial public offering
Class of Stock
Selling commissions and dealer manager fees			$ 0		$ 0
Class K Common Stock
Class of Stock
Common stock, shares issued | shares			3,932,526		3,932,526
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%
Cash consideration received by individuals with direct or indirect interests in the sellers of the hotel			$ 35,578
Class K Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares) | shares			106,414
Value of issuance of common stock			$ 995,064
Class K Common Stock | Private offering
Class of Stock
Shares issued price per share | $ / shares							$ 10
Class K Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued | shares			2,787,944		2,787,944
Proceeds from issuance of common stock					$ 26,939,836
Class K Common Stock | Unaffiliated investors | Private offering
Class of Stock
Common stock, shares issued | shares			1,253,618		1,253,618
Proceeds from issuance of common stock					$ 12,398,660
Selling commissions and dealer manager fees			$ 3		$ 3
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%
Class K Common Stock | Investors | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares) | shares			47,727
Shares issued price per share | $ / shares			$ 9.56		$ 9.56
Value of issuance of common stock			$ 456,432
Class K Common Stock | Three Independent director
Class of Stock
Number of restricted shares issued | shares			4,500
Class K Common Stock | Independent director one
Class of Stock
Number of restricted shares issued | shares			250
Class K Common Stock | Independent director two
Class of Stock
Number of restricted shares issued | shares			250
Class K Common Stock | Independent director three
Class of Stock
Number of restricted shares issued | shares			250
Class A Common Stock
Class of Stock
Common stock, shares issued | shares			581,410	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 | shares			23,000		23,000
Proceeds from issuance of common stock					$ 230,000
Class A Common Stock | TPG Hotel REIT Investor, LLC (THR)
Class of Stock
Common stock, shares issued | shares			428,410		428,410
Number of shares issued in exchange of notes receivable | shares			130,000
Shares issued price per share | $ / shares			$ 10		$ 10
Proceeds from issuance of common stock					$ 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 | shares			125,000	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 | shares		125,000
Class K-I Common Stock
Class of Stock
Common stock, shares issued | shares			1,345,518		1,345,518
Shares issued price per share | $ / shares			$ 10		$ 10
Number of shares sold (in shares) | shares			10
Value of shares sold			$ 100
Percentage of excess 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) | shares			66,465
Value of issuance of common stock			$ 623,043
Class K-I Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued | shares			1,287,644		1,287,644
Proceeds from issuance of common stock					$ 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		$ 0
Class K-I Common Stock | Investors | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares) | shares			32,254
Shares issued price per share | $ / shares			$ 9.57		$ 9.57
Value of issuance of common stock			$ 308,704
Class K-T Common Stock
Class of Stock
Common stock, shares issued | shares			29,306		29,306
Shares issued price per share | $ / shares			$ 10		$ 10
Number of shares sold (in shares) | 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%
Conversion of common stock (in shares) | shares			35,578
Class K-T Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares) | shares			6,874
Value of issuance of common stock			$ 64,047
Class K-T Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued | shares			60,008		60,008
Proceeds from issuance of common stock					$ 585,400
Class K-T Common Stock | Dealer Manager | Initial public offering
Class of Stock
Selling commissions, percentage			3%
Dealer manager fee, percentage			3%
Stockholder servicing fee, percentage			1%
Value of stockholder servicing fee			$ 16,085
Class K-T Common Stock | Investors | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares) | shares			2,946
Shares issued price per share | $ / shares			$ 9.56		$ 9.56
Value of issuance of common stock			$ 28,175

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income tax (expense) benefit	$ 147,084	$ 25,745
Net deferred tax asset	$ 40,198	$ 40,532

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)			3 Months Ended	12 Months Ended
	Feb. 08, 2023	Jun. 24, 2021	Mar. 24, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 03, 2020
Subsequent Event [Line Items]
Dividends				$ 4,958,995	$ 4,777,217
Proceeds from Issuance of Common Stock					9,295,309
Class K Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued		4,273,505
Class K-I Common Stock
Subsequent Event [Line Items]
Shares issued price per share				$ 10
Class K-I Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued		4,273,505
Class K-T Common Stock
Subsequent Event [Line Items]
Shares issued price per share				$ 10
Class K-T Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued		4,273,505
Distributions
Subsequent Event [Line Items]
Dividends				$ 3,809,944	3,900,397
Distributions | Class A Common Stock
Subsequent Event [Line Items]
Amount Per Share Per Day						$ 10
Distributions | Class K Common Stock
Subsequent Event [Line Items]
Dividends				2,751,692	2,996,687
Distributions | Class K-I Common Stock
Subsequent Event [Line Items]
Dividends				925,033	720,245
Distributions | Class K-T Common Stock
Subsequent Event [Line Items]
Dividends				$ 43,532	$ 42,065
Subsequent event | DRIP Offering
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock			$ 200,524
Subsequent event | Class K Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued			11,897
Shares issued price per share			$ 9.78
Proceeds from Issuance of Common Stock			$ 116,351
Subsequent event | Class K-I Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued			8,419
Shares issued price per share			$ 9.78
Proceeds from Issuance of Common Stock			$ 82,335
Subsequent event | Class K-T Common Stock | DRIP Offering
Subsequent Event [Line Items]
Number of shares issued			188
Shares issued price per share			$ 9.78
Proceeds from Issuance of Common Stock			$ 1,837
Subsequent event | Distributions | Class K Common Stock
Subsequent Event [Line Items]
Dividends	$ 690,868
Amount Per Share Per Day	$ 0.001917808
Subsequent event | Distributions | Class K-I Common Stock
Subsequent Event [Line Items]
Dividends	$ 236,910
Amount Per Share Per Day	$ 0.001917808
Subsequent event | Distributions | Class K-T Common Stock
Subsequent Event [Line Items]
Dividends	$ 7,877
Amount Per Share Per Day	$ 0.001917808