Procaccianti Hotel Reit 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 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	2023
Document Fiscal Period Focus	Q3
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Class K Common Stock
Document Information
Entity Common Stock, Shares Outstanding		3,912,601
Class K-I Common Stock
Document Information
Entity Common Stock, Shares Outstanding		1,367,487
Class K-T Common Stock
Document Information
Entity Common Stock, Shares Outstanding		14,116
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 98,705,928	$ 100,985,680
Cash	8,528,761	8,011,506
Restricted cash	3,712,392	3,176,682
Accounts receivable, net	472,319	413,800
Prepaid expenses and other assets, net	1,367,501	996,804
Total Assets	112,812,993	113,846,620
Liabilities
Mortgage notes payable, net	64,554,369	64,969,299
Accounts payable, accrued expenses and other, net	3,109,594	2,587,008
Total Liabilities	69,680,951	69,566,380
Commitments and Contingencies
Noncontrolling interest of the Operating Partnership	1,402,962	1,319,912
Stockholders' Equity
Additional paid-in capital	47,357,124	47,700,045
Cumulative income	3,130,552	892,306
Cumulative distributions	(14,078,262)	(11,238,663)
Total Stockholders' Equity	36,469,240	37,413,825
Noncontrolling interest	5,259,840	5,546,503
Total Equity	41,729,080	42,960,328
Total Liabilities and Stockholders' Equity	112,812,993	113,846,620
Related Party, Affiliated Entity [Member]
ASSETS
Due from related parties	26,092	262,148
Liabilities
Due to related parties	2,016,988	2,010,073
Class K Common Stock
Stockholders' Equity
Common stock, value	39,020	39,325
Class K-I Common Stock
Stockholders' Equity
Common stock, value	13,602	13,455
Class K-T Common Stock
Stockholders' Equity
Common stock, value	140	293
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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	3,902,017	3,932,526
Common Stock, shares outstanding	3,902,017	3,932,526
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	1,360,226	1,345,518
Common Stock, shares outstanding	1,360,226	1,345,518
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	13,946	29,306
Common Stock, shares outstanding	13,946	29,306
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 10,986,213	$ 10,959,839	$ 24,418,689	$ 24,396,500
Expenses
Other property expenses	3,040,061	2,906,890	8,019,694	7,641,134
Property management fees to affiliates	329,697	328,867	732,936	706,587
Corporate general and administrative	320,940	348,781	1,026,274	1,052,282
Other fees to affiliates	209,558	262,628	644,041	702,442
Depreciation and amortization	1,031,180	990,626	3,060,341	2,852,336
Total expenses	7,191,959	7,111,912	19,184,803	17,395,967
Operating income	3,794,254	3,847,927	5,233,886	7,000,533
Gain on loan extinguishment			0	942,605
Loss on disposal of fixed assets		(10,535)		(10,535)
Interest expense, net	(744,035)	(716,108)	(2,159,796)	(2,026,484)
Gain (loss) on interest rate cap	(42,035)	62,109	(146,890)	147,218
Net income before income taxes	3,008,184	3,183,393	2,927,200	6,053,337
Income tax expense	(193,881)	(200,498)	(8,117)	(243,473)
Net income	2,814,303	2,982,895	2,919,083	5,809,864
Net income attributable to noncontrolling interest	184,066	214,792	646,469	1,033,968
Net income attributable to common stockholders	2,630,237	2,768,103	2,272,614	4,775,896
Net income attributable to common stockholders - diluted	2,630,237	2,768,103	2,272,614	4,775,896
Class K Common Stock
Expenses
Net income attributable to common stockholders	1,731,429	1,815,882	1,528,347	3,157,834
Net income attributable to common stockholders - diluted	$ 1,731,429	$ 1,815,882	$ 1,528,347	$ 3,157,834
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	3,906,944	3,915,774	3,917,945	3,930,059
Weighted average number of common shares outstanding - diluted (in shares)	3,906,944	3,915,774	3,917,945	3,930,059
Class K-I Common Stock
Expenses
Net income attributable to common stockholders	$ 601,656	$ 618,844	$ 528,069	$ 1,065,864
Net income attributable to common stockholders - diluted	$ 601,656	$ 618,844	$ 528,069	$ 1,065,864
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	1,357,628	1,334,480	1,353,707	1,326,513
Weighted average number of common shares outstanding - diluted (in shares)	1,357,628	1,334,480	1,353,707	1,326,513
Class K-T Common Stock
Expenses
Net income attributable to common stockholders	$ 6,149	$ 27,845	$ 6,079	$ 50,037
Net income attributable to common stockholders - diluted	$ 6,149	$ 27,845	$ 6,079	$ 50,037
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	13,876	60,046	15,566	62,274
Weighted average number of common shares outstanding - diluted (in shares)	13,876	60,046	15,566	62,274
Class A Common Stock
Expenses
Net income attributable to common stockholders	$ 257,662	$ 269,620	$ 226,803	$ 467,168
Net income attributable to common stockholders - diluted	$ 257,662	$ 269,620	$ 226,803	$ 467,168
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	581,410	581,410	581,410	581,410
Weighted average number of common shares outstanding - diluted (in shares)	581,410	581,410	581,410	581,410
Class B Common Stock
Expenses
Net income attributable to common stockholders	$ 33,341	$ 35,912	$ (16,684)	$ 34,993
Net income attributable to common stockholders - diluted	$ 33,341	$ 35,912	$ (16,684)	$ 34,993
Net income per common share, basic (in dollars per share)	$ 0.27	$ 0.29	$ (0.13)	$ 0.28
Net income per common share, diluted (in dollars per share)	$ 0.27	$ 0.29	$ (0.13)	$ 0.28
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000	125,000	125,000
Rooms
Revenues
Total revenues	$ 9,577,029	$ 9,652,212	$ 21,492,976	$ 20,916,938
Expenses
Costs	1,710,208	1,684,324	4,453,127	3,190,483
Food and beverage
Revenues
Total revenues	1,061,479	1,038,870	2,095,574	2,036,163
Expenses
Costs	550,315	589,796	1,248,390	1,250,703
Other operating
Revenues
Total revenues	$ 347,705	$ 268,757	$ 830,139	$ 1,443,399

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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, 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		1,315,534		62,946		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common stock	$ 5				$ (5)
Conversion of common stock (in shares)	500				(500)
Issuance of common stock pursuant to distribution reinvestment plan	$ 123		$ 80		$ 8						197,195			197,406		197,406
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	12,344		7,993		753
Stockholder servicing fees											1,429			1,429		1,429
Repurchase of common stock	$ (75)		$ (16)								(84,617)			(84,708)		(84,708)
Repurchase of common stock (in shares)	(7,500)		(1,613)
Net income (loss)												(316,458)		(316,458)	314,391	(2,067)
Distributions paid													(958,121)	(958,121)	(122,500)	(1,080,621)
BALANCE at Mar. 31, 2022	$ 39,530		$ 13,219		$ 632		$ 5,814		$ 1,250		48,041,361	(3,816,686)	(8,386,839)	35,898,281	5,894,852	41,793,133
BALANCE (in shares) at Mar. 31, 2022	3,952,986		1,321,914		63,199		581,410		125,000
BALANCE at Dec. 31, 2021	$ 39,477		$ 13,155		$ 629		$ 5,814		$ 1,250		47,930,212	(3,500,228)	(7,428,718)	37,061,591	5,702,961	42,764,552
BALANCE (in shares) at Dec. 31, 2021	3,947,642		1,315,534		62,946		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to distribution reinvestment plan																596,103
BALANCE at Sep. 30, 2022	$ 39,091		$ 13,372		$ 569		$ 5,814		$ 1,250		47,671,267	1,275,668	(10,279,117)	38,727,914	5,802,337	44,530,251
BALANCE (in shares) at Sep. 30, 2022	3,909,144		1,337,250		56,919		581,410		125,000
BALANCE at Mar. 31, 2022	$ 39,530		$ 13,219		$ 632		$ 5,814		$ 1,250		48,041,361	(3,816,686)	(8,386,839)	35,898,281	5,894,852	41,793,133
BALANCE (in shares) at Mar. 31, 2022	3,952,986		1,321,914		63,199		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 122		$ 81		$ 8						197,069			197,280		197,280
Issuance of common stock (in shares)	12,261		8,053		762
Stockholder servicing fees											(1,440)			(1,440)		(1,440)
Repurchase of common stock	$ (375)										(369,000)			(369,375)		(369,375)
Repurchase of common stock (in shares)	(37,500)
Net income (loss)												2,324,251		2,324,251	462,063	2,786,314
Distributions paid													(941,800)	(941,800)	(355,250)	(1,297,050)
BALANCE at Jun. 30, 2022	$ 39,277		$ 13,300		$ 640		$ 5,814		$ 1,250		47,867,990	(1,492,435)	(9,328,639)	37,107,197	6,001,665	43,108,862
BALANCE (in shares) at Jun. 30, 2022	3,927,747		1,329,967		63,961		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common stock	$ 68				$ (68)
Conversion of common stock (in shares)	6,775				(6,775)
Issuance of common stock pursuant to distribution reinvestment plan	$ 119		$ 79		$ 7						201,212			201,417		201,417
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	11,924		7,940		733
Stockholder servicing fees											(1,409)			(1,409)		(1,409)
Repurchase of common stock	$ (373)		$ (7)		$ (10)						(396,526)			(396,916)		(396,916)
Repurchase of common stock (in shares)	(37,302)		(657)		(1,000)
Net income (loss)												2,768,103		2,768,103	155,922	2,924,025
Distributions paid													(950,478)	(950,478)	(355,250)	(1,305,728)
BALANCE at Sep. 30, 2022	$ 39,091		$ 13,372		$ 569		$ 5,814		$ 1,250		47,671,267	1,275,668	(10,279,117)	38,727,914	5,802,337	44,530,251
BALANCE (in shares) at Sep. 30, 2022	3,909,144		1,337,250		56,919		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(20,900)
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	3,932,526	1,345,518	1,345,518	29,306	29,306	581,410	581,410	125,000	125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common stock	$ 159				$ (159)
Conversion of common stock (in shares)	15,899				(15,899)
Issuance of common stock pursuant to distribution reinvestment plan	$ 119		$ 84		$ 2						200,319			200,524		200,524
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	11,896		8,419		187
Stockholder servicing fees											447			447		447
Repurchase of common stock	$ (209)										(211,308)			(211,517)		(211,517)
Repurchase of common stock (in shares)	(20,900)	(43,151)		(8,602)
Net income (loss)												(1,031,938)		(1,031,938)	248,515	(783,423)
Distributions paid													(958,261)	(958,261)	(232,750)	(1,191,011)
BALANCE at Mar. 31, 2023	$ 39,394		$ 13,539		$ 136		$ 5,814		$ 1,250		47,688,609	(139,632)	(12,196,924)	35,412,186	5,562,268	40,974,454
BALANCE (in shares) at Mar. 31, 2023	3,939,421		1,353,937		13,594		581,410		125,000
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	3,932,526	1,345,518	1,345,518	29,306	29,306	581,410	581,410	125,000	125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to distribution reinvestment plan																595,102
BALANCE at Sep. 30, 2023	$ 39,020		$ 13,602		$ 140		$ 5,814		$ 1,250		47,357,124	3,130,552	(14,078,262)	36,469,240	5,259,840	41,729,080
BALANCE (in shares) at Sep. 30, 2023	3,902,017	3,902,017	1,360,226	1,360,226	13,946	13,946	581,410	581,410	125,000	125,000
BALANCE at Mar. 31, 2023	$ 39,394		$ 13,539		$ 136		$ 5,814		$ 1,250		47,688,609	(139,632)	(12,196,924)	35,412,186	5,562,268	40,974,454
BALANCE (in shares) at Mar. 31, 2023	3,939,421		1,353,937		13,594		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 116		$ 84		$ 2						196,845			197,047		197,047
Issuance of common stock (in shares)	11,594		8,367		187
Stockholder servicing fees											(322)			(322)		(322)
Repurchase of common stock	$ (431)		$ (86)								(528,108)			(528,625)		(528,625)
Repurchase of common stock (in shares)	(43,151)	(16,090)	(8,602)	(1,101)
Noncontrolling interest valuation adjustment												(90,635)		(90,635)		(90,635)
Net income (loss)												674,315		674,315	221,473	895,788
Distributions paid													(937,017)	(937,017)	(343,000)	(1,280,017)
BALANCE at Jun. 30, 2023	$ 39,079		$ 13,537		$ 138		$ 5,814		$ 1,250		47,357,024	444,048	(13,133,941)	34,726,949	5,440,741	40,167,690
BALANCE (in shares) at Jun. 30, 2023	3,907,864		1,353,702		13,781		581,410		125,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 102		$ 76		$ 2						197,351			197,531		197,531
Issuance of common stock (in shares)	10,242		7,625		165
Stockholder servicing fees											(376)			(376)		(376)
Repurchase of common stock	$ (161)		$ (11)								(196,875)			(197,047)		(197,047)
Repurchase of common stock (in shares)	(16,089)		(1,101)
Noncontrolling interest valuation adjustment												56,267		56,267		56,267
Net income (loss)												2,630,237		2,630,237	127,799	2,758,036
Distributions paid													(944,321)	(944,321)	(308,700)	(1,253,021)
BALANCE at Sep. 30, 2023	$ 39,020		$ 13,602		$ 140		$ 5,814		$ 1,250		$ 47,357,124	$ 3,130,552	$ (14,078,262)	$ 36,469,240	$ 5,259,840	$ 41,729,080
BALANCE (in shares) at Sep. 30, 2023	3,902,017	3,902,017	1,360,226	1,360,226	13,946	13,946	581,410	581,410	125,000	125,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 2,919,083	$ 5,809,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,060,341	2,852,336
Amortization of deferred financing costs and debt discount as interest	(545)	(20,875)
Amortization of key money loans	(39,125)	(40,125)
Gain on loan extinguishment	0	(942,605)
Loss (Gain) on interest rate swap/cap	146,890	(147,218)
Loss on disposal of fixed assets		10,535
Changes in operating assets and liabilities:
Accounts receivable	(58,519)	49,023
Due from related parties	236,056	(165,026)
Prepaid expenses and other assets	(382,303)	(382,270)
Accounts payable, accrued expenses and other	414,822	844,129
Due to related parties	6,915	200,730
Net cash provided by operating activities	6,303,615	8,068,498
Cash Flow from Investing Activities:
Capital improvements	(768,983)	(2,300,075)
Cash used in investing activities	(768,983)	(2,300,075)
Cash Flows from Financing Activities:
Payment of stockholder servicing fees	(1,145)	(4,278)
Proceeds from mortgage note	135,495	1,270,226
Payments of mortgage notes principal	(511,347)	(275,915)
Payment of deferred financing costs	(38,534)	(41,234)
Distributions to stockholders	(2,244,497)	(2,254,296)
Distributions to noncontrolling interest	(884,450)	(833,000)
Repurchase of common stock	(937,189)	(850,999)
Net cash used in financing activities	(4,481,667)	(2,989,496)
Increase in cash and cash equivalents and restricted cash	1,052,965	2,778,927
Cash and cash equivalents and restricted cash, beginning of period	11,188,188	9,838,402
Cash and cash equivalents and restricted cash, end of period	$ 12,241,153	$ 12,617,329

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Supplemental Disclosure of Cash Flow Information
Cash	$ 8,528,761	$ 9,212,533
Restricted cash	3,712,392	3,404,796
Total cash and restricted cash shown on the condensed consolidated statements of cash flows	12,241,153	12,617,329
Cash paid for interest	2,252,157	1,888,748
Cash paid for income taxes	84,537	49,760
Supplemental Disclosure of Noncash Transactions
Common stock issued pursuant to distribution reinvestment plan	$ 595,102	$ 596,103

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization and Description of Business
Organization and Description of Business	Note 1 - Organization and Description of Business Procaccianti Hotel REIT, Inc. (the “Company”) was incorporated under the general corporation laws of the State of Maryland on August 24, 2016. The Company used the proceeds from its Private Offering (defined below) and its Public Offering (defined below), which terminated on August 13, 2021, to acquire a diverse portfolio of hospitality properties consisting primarily of select-service, extended-stay, and compact full-service hotel properties throughout the United States (the “U.S.”). The Company elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2018. Substantially all of the Company’s business is conducted through Procaccianti Hotel REIT, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The Company is externally managed by Procaccianti Hotel Advisors, LLC (“PHA”) pursuant to an Advisory Agreement by and among the Company, its Operating Partnership and PHA. PHA is an affiliate of Procaccianti Companies, Inc., the Company’s sponsor (the “Sponsor”). As of September 30, 2023, the Company owned interests in five select-service hotels located in four states with a total of 559 rooms. For more information on the Company’s real estate portfolio, see Note 3 – “Investments in Hotels.” The Company raised the equity capital for its real estate investments through a private offering (the “Private Offering”) and a public offering (the “Public Offering”, together with the Private Offering, the “Offerings”) from September 2016 through August 2021, and has offered shares through its distribution reinvestment plan (“DRIP”) pursuant to a Registration Statement on Form S-3 (the “DRIP Offering”) since August 2021. The Company terminated the Private Offering prior to the commencement of the Public Offering, and, as of such termination, received approximately $15,582,755 in gross proceeds from the sale of shares of Class K common stock (“K Shares”) and Class A common stock (“A Shares”), including Units (which were comprised of one K Share and one A Share), in the Private Offering. Of the $15,582,755 in gross proceeds received, $2,954,095 was from the sale of A Shares to TPG Hotel REIT Investor, LLC (“THR”), an affiliate of PHA, to fund organization and offering expenses associated with the K Shares and Units. Since the commencement of the Public Offering and through September 30, 2023, the Company received approximately $41,077,420 in gross proceeds from the sale of K Shares, shares of Class K-I common stock (“K-I Shares”) and shares of Class K-T common shares (“K-T Shares”) in the Public Offering, inclusive of proceeds from the sale of $1,336,956 of K Shares, $870,709 of K-I Shares and $69,593 of K-T Shares pursuant to the DRIP. Additionally, on October 26, 2018, June 10, 2019 and January 19, 2021, the Company received $1,500,000, $690,000 and $440,000, respectively, from the sale of A Shares to THR in private placements, the proceeds of which were used to pay the selling commissions, dealer manager fees, stockholder servicing fees, and other organizational and offering expenses related to the K Shares, K-I Shares and K-T Shares sold in the primary offering portion of the Public Offering. In addition, the Company allocated proceeds from the sale of A Shares in amounts that represent the difference between (i) the applicable estimated net asset value (“NAV”) per K-I Share and the applicable offering price of K-I Shares sold in the primary offering and (ii) any discount to the applicable offering price of K Shares, K-I Shares and K-T Shares arising from reduced or waived selling commissions (other than reduced selling commissions for volume discounts) or dealer manager fees. On February 27, 2020, through a separate private placement and as partial consideration for the Company’s acquisition of the Hilton Garden Inn hotel property located in Providence, Rhode Island (“Hilton Garden Inn Providence”), the Operating Partnership issued 128,124 Class K units of limited partnership interests in the Operating Partnership (“Class K OP Units”) at $10.00 per Class K OP Unit.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair and consistent presentation, have been included in these condensed consolidated financial statements. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. The Company consolidates variable interest entities (“VIEs”) as defined under the Consolidation Topic (“Topic 810”) of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) when it has the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits from the VIE that could be significant. At September 30, 2023, the assets of the Company’s VIEs were $63,934,314, and consisted primarily of land, building, furniture, fixtures, and equipment and were available to satisfy our VIEs’ obligations. At September 30, 2023, the liabilities of the Company’s VIEs were $42,618,155, and consisted primarily of long-term debt. The Company has guaranteed certain obligations of its VIEs. The Company has no foreign operations or assets, and its operating structure includes only one segment. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assumptions and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Under GAAP, the Company is required to disclose the fair value of certain financial instruments on a recurring basis. The accompanying condensed consolidated balance sheets include the following financial instruments: cash, restricted cash, accounts receivable, accounts payable and mortgage notes payable. The Company considers the carrying value of cash, restricted cash, accounts receivable and accounts payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: ● Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ● Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. As of September 30, 2023, the estimated fair value of the mortgage notes payable was $60,544,439 compared to the carrying value of $64,701,272. These financial instruments are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows of the notes payable discounted at a market rate. Revenue Recognition Revenue is generally recognized as services are performed. Revenue primarily represents room rental fees, food and beverage sales, and other fees. The Company collects sales tax from all nonexempt customers and remits the entire amount to the appropriate states upon collection from the customer. The Company’s accounting policy is to exclude the tax collected and remitted to the state from revenue and expenses. Included in other operating revenues for the three and nine months ended September 30, 2022, is $0 and $846,828, respectively, of business recovery grants awarded to the Springhill Suites Wilmington, Hotel Indigo Traverse City and the Hilton Garden Inn Providence hotels. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and highly liquid investments with original maturities of three months or less. Restricted Cash The Company maintains reserves for property taxes, capital improvements and insurance as required by its debt agreements. At September 30, 2023 and 2022, reserves for property taxes were $497,542 and $477,530, respectively, reserves for capital improvements were $3,070,065 and $2,741,033, respectively, and reserves for insurance were $63,285 and $42,249, respectively. The Company also included $81,500 and $143,984 of guest advance deposits as restricted cash at September 30, 2023 and 2022, respectively. 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 September 30, 2023, 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 Interest Noncontrolling interest represents the portion of equity of Procaccianti Convertible Fund, LLC (“PCF”) held by owners other than the Company. Noncontrolling interest is reported in the condensed consolidated balance sheets within equity, separately from stockholders’ equity. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest are reported in the condensed consolidated statement of operations. Noncontrolling Interest of the Operating Partnership Noncontrolling interest of the Operating Partnership represents the value of the 128,124 Class K OP Units that were issued to a group of sellers in connection with the acquisition of the Hilton Garden Inn Providence. Noncontrolling interest of the Operating Partnership is reported in the mezzanine section of the condensed consolidated balance sheet, as the units are redeemable at the request of the holder for cash equal to the fair market value of a K Share as defined in the Amended and Restated Agreement of Limited Partnership of Procaccianti Hotel REIT, L.P. (the “Amended and Restated Operating Partnership Agreement”). The Company may elect to acquire any such unit presented for redemption for K Shares or cash. The carrying amount of the noncontrolling interest of the Operating Partnership is equal to the greater of the initial carrying amount, increased, or decreased for the Class K OP Units’ share of net income or loss and the redemption value. As of September 30, 2023, the carrying amount of the noncontrolling interest of the Operating Partnership includes a $34,368 adjustment to reflect its redemption value. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest of the Operating Partnership are reported in the condensed consolidated statement of operations. Per Share Data The Company calculates its basic and diluted earnings per common share (“EPS”) utilizing the two-class method. Under the two-class method, both basic and diluted EPS are calculated for each class of common stock considering distributions declared and accumulated and the rights of common shares and participating securities in any undistributed earnings. Undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. As of September 30, 2023, 4,500 restricted K Shares held by the Company’s independent directors are included in the calculation of basic EPS because such shares have been issued and participate in distributions. The Company’s calculated earnings per share for the three and nine months ended September 30, 2023 and 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Net income attributable to common stockholders ​ $ 2,630,237 ​ $ 2,768,103 ​ $ 2,272,614 ​ $ 4,775,896 Less: Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Less: Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Less: Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Less: Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Undistributed net income (loss) ​ $ 1,596,333 ​ $ 1,728,580 ​ $ (799,973) ​ $ 1,686,750 Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 1,042,094 ​ $ 1,124,989 ​ $ (522,930) ​ $ 1,100,207 Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Net income ​ $ 1,731,429 ​ $ 1,815,882 ​ $ 1,528,347 ​ $ 3,157,834 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 3,906,944 ​ 3,915,774 ​ 3,917,945 ​ 3,930,059 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 362,118 ​ $ 383,391 ​ $ (180,680) ​ $ 371,353 Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Net income ​ $ 601,656 ​ $ 618,844 ​ $ 528,069 ​ $ 1,065,864 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 1,357,628 ​ 1,334,480 ​ 1,353,707 ​ 1,326,513 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 3,701 ​ $ 17,251 ​ $ (2,078) ​ $ 17,433 Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Net income ​ $ 6,149 ​ $ 27,845 ​ $ 6,079 ​ $ 50,037 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 13,876 ​ 60,046 ​ 15,566 ​ 62,274 Class A Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 155,079 ​ $ 167,037 ​ $ (77,601) ​ $ 162,764 Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Net income ​ $ 257,662 ​ $ 269,620 ​ $ 226,803 ​ $ 467,168 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 581,410 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 33,341 ​ $ 35,912 ​ $ (16,684) ​ $ 34,993 Net income (loss) per common share, basic and diluted ​ $ 0.27 ​ $ 0.29 ​ $ (0.13) ​ $ 0.28 Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000 ​

Investments in Hotels

Investments in Hotels	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Mortgage ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name ​ Date Acquired ​ Location ​ Interest ​ Price (1)(2) ​ Rooms ​ Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,670,083 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,619,168 ​ 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 ​ $ 16,749,123 ​ Cherry Tree Inn ​ 07/30/2021 ​ Traverse City, MI ​ 100% ​ $ 15,000,000 ​ 76 ​ $ 9,404,235 ​ ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018. 2) Contract purchase price excludes acquisition fees and costs. Investments in hotel properties consisted of the following as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 89,188,548 ​ 89,048,018 Furniture, fixtures, and equipment ​ 11,758,384 ​ 11,179,909 Total cost ​ 115,397,470 ​ 114,678,465 Accumulated depreciation ​ (16,691,542) ​ (13,692,785) Property and equipment, net ​ $ 98,705,928 ​ $ 100,985,680 ​ Depreciation expense for the three months ended September 30, 2023 and 2022 was $1,027,311 and $986,607, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $3,048,735 and $2,840,579, respectively.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2023
Mortgage Notes Payable
Mortgage Notes Payable	Note 4 – Mortgage Notes Payable Included in mortgage notes payable at September 30, 2023, is a $12,619,168 mortgage payable secured by the Staybridge Suites St. Petersburg (the “St. Petersburg Note”), a $10,670,083 mortgage payable secured by the Springhill Suites Wilmington (the “Wilmington Note”), a $15,092,000 mortgage payable secured by the Hotel Indigo Traverse City (the “TCI Note”), a $16,749,123 mortgage payable secured by the Hilton Garden Inn Providence (the “HGI Note”) and a $9,404,235 mortgage payable (the “CTI Note”) secured by the Cherry Tree Inn (the “Cherry Tree Inn”). The mortgage notes payable each contain customary affirmative covenants, negative covenants and events of default. The St. Petersburg Note required monthly August 1, 2020 The Wilmington Note required monthly interest payments at 4.49% through June 1, 2020, and subsequent to June 1, 2020 Partnership and its subsidiary for the Springhill Suites Wilmington was in compliance with its loan obligations, including applicable covenants, and all required payments were made as agreed. The TCI Note bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a SOFR rate margin of 2.50% at September 30, 2023. The TCI Note provides for interest only monthly payments until maturity. The principal amount will be due on the maturity date, August 15, 2024. 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 September 30, 2023, we believe the Operating Partnership and its subsidiary for the Hotel Indigo Traverse City were in compliance with their loan obligations, including applicable covenants, and all required payments were made as agreed. The HGI Note required monthly interest payments at a fixed rate of 4.25% through February 15, 2023, and monthly principal and interest payments based on a 30 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, including equipment. As of September 30, 2023, we believe the Operating Partnership and its subsidiary for the Cherry Tree Inn were in compliance with their loan obligations, including applicable covenants and all required payments have been made as agreed. No further borrowings on the CTI Note are anticipated. The Company’s operations have been and are expected to continue to be impacted by economic and market conditions. Persistent market and economic challenges, such as increases in interest rates, labor shortages, supply chain disruptions and inflation, could, among other things, affect (i) the value and performance of the Company’s investments, (ii) the Company’s ability to pay future distributions, (iii) the availability or terms of financings, (iv) the Company’s ability to make scheduled principal and interest payments, and (v) the Company’s ability to refinance any outstanding debt when contractually due. Interest expense on mortgage notes payable for the three months ended September 30, 2023 and 2022 was $795,325 and $729,776, respectively. Interest expense on mortgage notes payable for the nine months ended September 30, 2023 and 2022 was $2,257,582 and $2,013,631, respectively. Also included in mortgage notes payable as of September 30, 2023 is $209,052 of net deferred financing costs and debt discounts and premiums. For the three months ended September 30, 2023 and 2022, the Company amortized $2,663 and $2,438, respectively, of net deferred financing costs and debt discounts and premiums as interest expense. For the nine months ended September 30, 2023 and 2022, the Company amortized $545 and $20,875, respectively, of net deferred financing costs and debt discounts and premiums as interest expense.

Interest Rate Swap

Interest Rate Swap	9 Months Ended
	Sep. 30, 2023
Interest Rate Swap/Cap
Interest Rate Swap/Cap	Note 5 – Interest Rate Swap The Company is exposed to certain risks relating to its ongoing business operations, including the effect of changes in interest rates. The Company has an interest rate swap agreement to manage interest rate risk exposure on $15,092,000 of the TCI Note. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero. The following table summarizes the terms of the Company's outstanding interest rate swap agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Fair Value of ​ ​ ​ ​ Amount as of ​ ​ ​ ​ ​ ​ ​ Liability as of ​ ​ ​ ​ September 30, ​ Interest ​ Effective ​ Maturity ​ September 30, ​ ​ Balance Sheet Location ​ 2023 ​ Rate (1) ​ Date ​ Date ​ 2023 (2) Interest rate swap Accounts payable, accrued expenses and other, net ​ $ 15,092,000 5.13 % 8/15/2023 8/15/2024 ​ $ 29,243 ​ 1) The interest rate consists of the underlying index swapped to a fixed rate rather than floating rate SOFR, plus a premium. ​ 2) Changes in fair value are recorded as unrealized gain (loss) in the condensed consolidated statements of operations as the Company did not designate this interest rate swap as a hedge. The Company valued the interest rate swap using Level 2 inputs . ​

Other Debt

Other Debt	9 Months Ended
	Sep. 30, 2023
Other Debt.
Other Debt	Note 6 – 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 in the aggregate amount of $2,445,589, of which, $1,502,984 and $942,605 was forgiven during the years ended December 31, 2021 and 2022, respectively. During the three and nine months ended September 30, 2022, the Company received forgiveness for $0 and $942,605, respectively of its PPP loans and recognized a gain on extinguishment in the condensed consolidated statement of operations for the same amount.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	Note 7 – 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 June 27, 2023, 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 an additional one-year term effective on August 2, 2023. 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 Expenses 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. During the three months ended September 30, 2023 and 2022, the Sponsor requested reimbursement for $29,734 and $35,120, respectively, of such administrative service expenses. During the nine months ended September 30, 2023 and 2022, the Sponsor requested reimbursement for $106,201 and $122,813, respectively, of such administrative service expenses. These amounts are included in other fees to affiliates on the condensed consolidated statement of operations. Acquisition Fee The Company will pay PHA acquisition fees as described below: Acquisition Fee : Fee for providing services including selecting, evaluating and acquiring potential investments (the “acquisition fee”). The total acquisition fee payable to PHA shall equal No acquisition fees were incurred during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and 2022, there was $1,244,139 of deferred acquisition fees included in due to related parties on the condensed consolidated balance sheets. Interest expense on outstanding acquisition fees was $18,816 and $18,816, respectively, for the three months ended September 30, 2023 and 2022 and $55,483 and $55,833, respectively, for the nine months ended September 30, 2023 and 2022. These are included in interest expense on the condensed consolidated statement of operations and in due to related parties on the condensed consolidated balance sheets. Asset Management Fee The Company will pay PHA asset management fees as described below: Asset Management Fee For the three months ended September 30, 2023 and 2022, the Company incurred $179,824 and $177,812, respectively, in asset management fees. For the nine months ended September 30, 2023 and 2022, the Company incurred $537,840 and $529,933, respectively, in asset management fees. Asset management fees are included in other fees to affiliates on the condensed consolidated statements of operations. Interest expense on the outstanding asset management fees was $2,719 and $2,689 for the three months ended September 30, 2023 and 2022, respectively, $16,028 and $15,710 for the nine months ended September 30, 2023 and 2022, respectively, and are included in interest expense on the condensed consolidated statements of operations. At September 30, 2023 and 2022, asset management fees and interest payable of $182,544 and $180,501, respectively, are included in due to related parties on the condensed consolidated balance sheets. Disposition Fee The Company will pay PHA disposition fees as described below: Disposition Fee There were no disposition fees incurred for the three and nine months ended September 30, 2023 and 2022. 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 September 30, 2023 and 2022 were paid directly by the Company and there have been no reimbursements to PHA. 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, 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 8 – “Stockholders’ Equity”. Certain O&O Costs have been incurred by PHA on behalf of the Company. At the termination of the Public Offering on August 13, 2021, the total amount of O&O Costs, exclusive of selling commissions, dealer manager fees and stockholder servicing fees, incurred by PHA and its affiliates related to the Private Offering and the Public Offering was $8,752,997, of which $1,026,564 has been reimbursed through the issuance of A Shares to an affiliate of PHA and through cash payments to PHA of $3,312,833. The Company recorded O&O Costs as charges against additional paid in capital on the condensed 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 and regulations established by the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Company’s charter. The Company recognized no O&O Costs for the three months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and 2022, the Company had no balances due to or from PHA for the reimbursement of O&O Costs. 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, 2024, with three additional automatic one-year extensions. The term of the in-place management agreement for the Hotel Indigo Traverse City expires August 14, 2024, with three additional automatic one-year extensions. The terms of the in-place management agreements expire February 26, 2025 and June 3, 2031, respectively, for the Hilton Garden Inn Providence and the Cherry Tree Inn. Aggregate property management fees incurred were $329,697 and $328,867 for the three months ended September 30, 2023 and 2022, respectively, $732,936 and $706,587 for the nine months ended September 30, 2023 and 2022, respectively, and are included in property management fees to affiliates on the condensed consolidated statements of operations. As of September 30, 2023, $97,932 of accrued property management fees payable were included in due to related parties on the condensed consolidated balance sheet. Aggregate net reimbursements for certain expenses were $211,683 and $161,372 for the three months ended September 30, 2023 and 2022, respectively, and $553,710 and $414,134 for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, $66,918 of expense reimbursements were included in due to related parties on the condensed consolidated balance sheet. During the three months ended September 30, 2023 and 2022, the Company paid $0 and $334,404, respectively, to TPG Risk Services, LLC, an affiliate of the Sponsor (“TPG”), for the reimbursement of prepaid insurance at the hotel properties. During the nine months ended September 30, 2023 and 2022, the Company paid $594,143 and $335,358, respectively, to TPG for the reimbursement of prepaid insurance at the hotel properties. As of September 30, 2023, the Company had a balance of $5,015 due to TPG, which is included in due to related parties on the condensed consolidated balance sheets. The CARES Act provided an employee retention tax credit, which was a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers and equal to 50% of qualified wages paid per quarter through December 31, 2020 and up to $10,000 per employee and equal to 70% of qualified wages paid per quarter through September 30, 2021. An affiliate of the Company’s hotel property managers qualified for the employee retention tax credit. During the three and nine months ended September 30, 2022, the Company received from its affiliate $817,773 of the $859,899 related to payroll expenses reimbursed by the Company pursuant to its property management agreements and had a $42,126 receivable balance included in Due from related parties in the Company’s condensed consolidated balance sheet as of September 30, 2022. The affiliate partially offset these amounts by $49,696 for expenses incurred by the affiliate related to the reimbursements. Construction Management Fee The Company pays its property managers or third parties selected by PHA, after requesting bids from such parties, a construction management fee (which may include expense reimbursements) based on market rates for such services in the markets in which the hotel properties are located and will take into account the nature of the services to be performed, which generally will constitute the supervision or coordination of any construction, improvements, refurbishments, renovations, or restorations of the Company’s hotel properties. If PHA selects the property manager or another affiliate of the Sponsor to perform such services, any resulting agreement must be approved by a majority of the Company’s board of directors, including a majority of its independent directors. The Company reimbursed TPG Construction, LLC, an affiliate of the Sponsor (“TPG Construction”), $59,304 and $431,635 during the three months ended September 30, 2023 and 2022, respectively, and $61,256 and $1,685,754 during the nine months ended September 30, 2023 and 2022, respectively, for capital expenditure costs incurred at the hotel properties. As of September 30, 2023 and 2022, $0 and $59,227, respectively, of construction reimbursements were included in the due to related parties balance. Included in the due from related parties balance at September 30, 2023 and 2022, was $26,092 and $250,000, respectively, in receivables from TPG Construction relating to working capital requests to provide funding for vendors and contractor deposits at the Cherry Tree Inn and the Hilton Garden Inn Providence. 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 during the three and nine months ended September 30, 2023 and 2022. Payment Upon Listing of Shares If the Company lists any of its shares of capital stock on a national securities exchange (which automatically results in a termination of the Advisory Agreement), the Company will be obligated to pay PHA the amount PHA would be entitled to receive on account of deferred asset management fees, acquisition fees, and disposition fees (and any accrued interest thereon) as if the Company liquidated and received liquidation proceeds equal to the market value of the Company, which is limited to the excess of market value over the liquidation preference on K Shares, K-I Shares and K-T Shares. Payment Upon a Merger or Acquisition Transaction If the Company terminates the Advisory Agreement in connection with or in contemplation of a transaction involving a merger or acquisition, the Company would be obligated to pay PHA the amount PHA would be entitled to receive as if the Company liquidated and received net liquidation proceeds equal to the consideration paid to the stockholders in such transaction. Payment Upon Other Advisory Agreement Termination The Company may elect not to renew the Advisory Agreement. The Company has the right to terminate the Advisory Agreement without cause, or other than in connection with a listing of the Company’s shares or a transaction involving a merger or acquisition or other than for cause (“Non-cause Advisory Agreement Termination”). If a Non-cause Advisory Agreement Termination were to occur, the Company would be obligated to make a cash payment to PHA in the amount of any deferred asset management fees, plus any interest accrued thereon, the full acquisition fees previously earned, plus interest accrued thereon, and the full disposition fees previously earned, plus any interest accrued thereon, regardless of the value of the Company’s assets or net assets. The Company would be obligated to repurchase its A Shares for an amount equal to the greater of: (1) any accrued common ordinary distributions on the A Shares plus the stated value of the outstanding A Shares ($10.00 per A Share) or (2) the amount the holders of A Shares would be entitled to receive if the Company liquidated and received net liquidation proceeds equal to the fair market value (determined by appraisals as of the termination date) of the Company’s investments less any loans secured by such investments, limited in the case of non-recourse loans to the value of investments securing such loans. Any shares of Class B common stock, with a par value of $0.01 per share (“B Shares”), then outstanding would remain outstanding. The amounts payable on account of the repurchase of A Shares may be paid, in the discretion of a majority of the Company’s board of directors, including a majority of the Company’s independent directors, in the form of promissory notes bearing interest at the then-current rate, as determined in good faith by a majority of the Company’s independent directors. Payment Upon Advisory Agreement Termination for Cause If the Company terminates the Advisory Agreement for cause, the Company would not have a current obligation to make any payments to PHA or to S2K Servicing LLC, 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 were issued Class K OP Units and 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 3.87% and 2.50% for the three months ended September 30, 2023 and 2022, respectively, and 3.88% and 2.34% for the nine months ended September 30, 2023 and 2022, respectively. The maturity date of the notes is the date after all outstanding K Shares have received all accumulated, accrued and unpaid distributions due and owing under the terms of the Company’s organization documents and the liquidation preference on the K Shares pursuant to the Company’s organization documents has been paid in full, as well as upon any event of default. These amounts are included in due to related parties on the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022. Interest expense was $919 and $594 for the three months ended September 30, 2023 and 2022, respectively, $2,731 and $1,651 for the nine months ended September 30, 2023 and 2022, respectively, and is included in interest expense on the condensed consolidated statements of operations and in due to related parties on the condensed consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity
Stockholders' Equity	Note 8 - Stockholders’ Equity Under the Company’s charter, the total number of shares of capital stock authorized for issuance is 248,125,000, consisting of 55,500,000 K Shares, 55,500,000 K-I Shares, 116,000,000 K-T Shares, 21,000,000 A Shares, and 125,000 B Shares. The Company’s K Shares, K-I K-T K-I K-T annum each K Shares, K-I Shares and K-T Shares will rank, on a pro rata basis, senior to all other classes of stock with respect to distribution rights and rights upon the Company’s liquidation. In certain situations (other than upon liquidation), the Company may have excess cash available for distribution and the board of directors may authorize special distributions in which case the holders of K Shares, K-I K-T K-I K-T A Shares entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote and to receive distributions and other distributions of excess cash as authorized by the Company’s board of directors. Following the payment of all accumulated, accrued and unpaid distributions on K Shares, K-I K-T B Shares will have no voting rights, other than the right to vote on and approve any further issuances of or an increase in the authorized number of B Shares. In addition, if the Company were to list any shares of its common stock on a national securities exchange, the Company will repurchase its B Shares in accordance with its charter. Holders of B Shares are not entitled to distributions; however, in certain situations (other than upon liquidation) the Company may have excess cash available for distribution and the board of directors may authorize special distributions in which case the holders of B Shares would receive 12.5% of any such excess cash on a pro rata basis. Holders of B Shares would also generally be entitled to receive 12.5% of any remaining liquidation cash pro rata based on the number of B Shares outstanding. On September 29, 2016, the Company issued 125,000 B Shares to S2K Servicing LLC. At the termination of the Private Offering on August 13, 2021, 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 in the Private Offering. As of the termination of 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 September 30, 2023, the Company had issued 140,147 K Shares, 90,877 K-I Shares and 7,415 K-T Shares pursuant to the DRIP, resulting in gross proceeds pursuant to the DRIP of $1,336,956, $870,709 and $69,593, respectively. As of September 30, 2023, the Company had issued 1,500 restricted K Shares each 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 Sponsor and PHA received only Class K OP Units and no cash as consideration. As of September 30, 2023, the Company had issued 428,410 A Shares to THR, an affiliate of PHA, for aggregate proceeds of $4,284,095, or $10.00 per share. In addition, the Company issued 130,000 additional A Shares to THR in exchange for notes receivable, payable to the Company upon demand. The note receivable from THR was reduced for amounts reimbursed to PHA by the Company for certain costs incurred on the Company’s behalf, with no remaining balance as of September 30, 2023. As of September 30, 2023, 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. During the nine months ended September 30, 2023, pursuant to Section 5.2.7 of the Company’s charter, 15,899 K-T shares converted to 15,899 K Shares. As of September 30, 2023, pursuant to Section 5.2.7 of the Company’s charter, 51,486 K-T Shares converted to 51,486 K Shares. PHA was obligated to purchase sufficient A Shares to fund payment of O&O Costs associated with the Private Offering and was obligated to purchase sufficient A Shares to fund payment of O&O Costs related to the Public Offering and also to account for the difference between the applicable NAV per K-I Share and the applicable offering price per K-I Share and any amount equal to any discount to the applicable offering price of K Shares, K-I Shares and K-T Shares (excluding volume discounts). PHA’s obligation can be fulfilled by its affiliates, including the Sponsor or entities affiliated with the Sponsor. The Company paid the Dealer Manager, as dealer manager of the Private Offering, selling commissions of up to 7% of the gross offering proceeds from the sale of K Shares and Units in the Private Offering. The Dealer Manager re-allowed all selling commissions to participating broker-dealers. The Company also paid the Dealer Manager, through the termination of the Public Offering, a dealer manager fee of up to 3% of the gross offering proceeds from the sale of K Shares, K-I Shares and K-T Shares. 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. The Company recognized $1,058,501 of selling commissions and dealer manager fees in connection with the Private Offering. There have been no additional selling commissions and dealer managers fees in connection with the Public Offering since 2021. The Company paid the Dealer Manager selling commissions of up to 7% of the gross offering proceeds from the sale of K Shares and selling commissions of up to 3% of the gross offering proceeds from the sale of K-T Shares in the primary portion of the Public Offering. No selling commissions were payable in connection with the sale of K-I Shares. The Dealer Manager was able to re-allow all selling commissions to participating broker-dealers. The Company also paid the Dealer Manager a dealer manager fee of up to 3% of the gross offering proceeds from the sale of K K-I The Company also pays the Dealer Manager with respect to each K-T Share sold in the primary portion of the Public Offering, a stockholder servicing fee equal to 1%, annualized, of the amount of the Company’s estimated NAV per K-T Share for each K-T Share purchased in the primary portion of the Public Offering, for providing services to a holder of K-T Shares. The stockholder servicing fee accrues daily and is payable monthly in arrears. The Dealer Manager will reallow all or a portion of the stockholder servicing fee to participating broker-dealers and servicing broker-dealers. The Company will cease paying the stockholder servicing fee with respect to K-T Shares sold in the primary portion of the Public Offering in accordance with the terms set forth in the prospectus portion of the Registration Statement. As of September 30, 2023, the Company recognized $17,230 of stockholder servicing fees in connection with the Public Offering. If the Company’s board of directors determines, in any year, that the Company has excess cash, the Company’s board of directors will declare a special distribution entitling (a) the holders of K Shares, K-I K-T Upon a liquidation event, any remaining liquidation cash will be paid as a special distribution (a) to the holders of K Shares, K-I Shares and K-T Shares, pro rata in accordance with the number of K Shares, K-I K-T The Company established a long-term incentive plan pursuant to which the Company’s board of directors (including independent directors), officers and employees, PHA and its affiliates and their respective employees, employees of entities that provide services to the Company, managers of the Company’s advisor or directors or managers of entities that provide services to the Company and their respective employees, certain of the Company’s consultants and certain consultants to PHA and its affiliates or entities that provide services to the Company and their respective employees may be granted incentive awards in the form of restricted stock, options, and other equity-based awards. In accordance with the Company’s long-term incentive plan, each new independent director that joins the Company’s board of directors is awarded 250 restricted K Shares in connection to his or her initial election to the board of directors. In addition, in connection with an independent director’s re-election to the Company’s board of directors at each annual meeting of stockholders, he or she will receive an additional 250 restricted K Shares. Restricted K Shares issued to independent directors will vest in equal amounts annually over a four-year period on and following the first anniversary of the date of grant in increments of 25% per annum; provided, however, that the restricted K Shares will become fully vested on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. On February 11, 2019, the Company issued 500 restricted K Shares each three Shares independent Share Repurchase Program and Redeemable Common Stock The Company’s share repurchase program may provide eligible stockholders with limited, interim liquidity by enabling them to sell shares back to the Company, subject to restrictions and applicable law. The Company is not required to repurchase shares. The share repurchase program is only intended to provide interim liquidity to stockholders until a liquidity event occurs, such as the commencement of execution on a plan of liquidation, the listing of the K Shares, K-I Shares or K-T Shares (or successor security) on a national securities exchange, or the Company’s merger with a listed company. The Company cannot guarantee that a liquidity event will occur. On October 26, 2018, the Company’s board of directors approved and adopted the Amended and Restated Share Repurchase Program (the “A&R SRP”). The A&R SRP provides that the Company will not repurchase in excess of 5.0% of the weighted average number of K Shares, K-I K-T K-I K-T In addition, the Company’s repurchase of any shares will be limited to the extent that the Company does not have, as determined in the Company’s board of directors’ discretion, sufficient funds available to fund any such repurchase. Most of the Company’s assets will consist of properties which cannot be readily liquidated without affecting the Company’s ability to realize full value upon their disposition. Therefore, the Company may not have sufficient liquid resources to satisfy all repurchase requests. In addition, the Company’s board of directors may 30 days In the event the Company cannot repurchase all shares presented for repurchase in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares it may repurchase, the Company would give first priority to the repurchase of deceased stockholders’ shares. The Company would next give priority to (i) requests of stockholders with “qualifying disabilities” (as defined in the A&R SRP), and in the discretion of the Company’s board of directors, stockholders with another involuntary exigent circumstance, such as bankruptcy, and (ii) next, to requests for full repurchases of accounts with a balance of 100 or less shares Repurchases of K Shares, K-I K-T following five No shares can be repurchased under the Company’s A&R SRP until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. Additionally, any shares purchased pursuant to the Company’s DRIP will be excluded from the one-year holding requirement. For stockholders that have made more than one purchase of K Shares, K-I Shares or K-T Shares in the Public Offering and/or Private Offering, the one-year holding period will be calculated separately with respect to each such purchase. Repurchases of K Shares, K-I Shares and K-T Shares, when requested, are at the Company’s sole discretion and generally will be made quarterly. Shares repurchased under the A&R SRP program will become unissued shares and will not be resold unless such sales are made pursuant to transactions that are registered or exempt from registration under applicable securities laws. The Company will not pay its Sponsor, board of directors, PHA or their affiliates any fees to complete transactions under the A&R SRP. The per share repurchase price will depend on the length of time the stockholder has held such shares as follows: ​ ​ ​ ​ Share Purchase Anniversary Repurchase Price on Repurchase Date Less than 1 year No Repurchase Allowed 1 year 92.5% of most recent Estimated Per Share NAV 2 years 95.0% of most recent Estimated Per Share NAV 3 years 97.5% of most recent Estimated Per Share NAV 4 years 100.0% of most recent Estimated Per Share NAV In the event of a stockholder’s death or disability 100.0% of most recent Estimated Per Share NAV ​ Notwithstanding the foregoing, pursuant to securities laws and regulations, at any time the Company is engaged in an offering, the repurchase amount shall never be more than the current offering price of such shares. Shares repurchased in connection with a stockholder’s bankruptcy or other exigent circumstance, in the sole discretion of the Company’s board of directors, within one year from the purchase date will be repurchased at a price per share equal to the price per share the Company would pay had the stockholder held the shares for one year from the purchase date. The purchase price for repurchased shares will be adjusted for any stock dividends, combinations, splits, recapitalizations, or similar corporate actions with respect to the Company’s common stock. If the Company has sold any properties and have made one or more special distributions to stockholders of all or a portion of the net proceeds from such sales, the per share repurchase price will be reduced by the net sale proceeds per share distributed to stockholders prior to the Repurchase Date to the extent such distributions are not used to pay accumulated, accrued and unpaid distributions on such K Shares, K-I Shares and K-T Shares. The Company’s board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While the Company’s board of directors does not have specific criteria for determining a special distribution, the Company expects that a special distribution will occur only upon the sale of a property and the subsequent distribution of net sale proceeds. The Company generally repurchases shares approximately 30 days following the end of the applicable quarter in which requests were received. ​ The following table reflects repurchase activity for the nine months ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share Class ​ Requests Received During 3 Months Ended ​ Date Repurchased ​ Number of Share Repurchases Requested ​ Shares Repurchased ​ $ Amount of Shares Repurchased ​ Amount per share ​ Requests Withdrawn ​ Repurchase Requests Outstanding K ​ 12/31/2022 ​ 1/12/2023 ​ 20,900 ​ ​ 20,900 ​ ​ $ 211,517 ​ ​ $ 10.12 ​ ​ - ​ - ​ K ​ 3/31/2023 ​ 4/27/2023 ​ 43,151 ​ ​ 43,151 ​ ​ $ 440,108 ​ ​ $ 10.20 ​ ​ - ​ - ​ K ​ 6/30/2023 ​ 8/23/2023 ​ 59,587 ​ ​ 16,090 (1) ​ $ 184,422 ​ ​ $ 11.46 ​ ​ - ​ 43,497 ​ K ​ 9/30/2023 ​ TBD ​ 10,274 ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ - ​ 10,274 ​ Total K Share repurchase requests outstanding at September 30, 2023 ​ ​ ​ ​ 53,771 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ K-I ​ 3/31/2023 ​ 4/27/2023 ​ 8,602 ​ ​ 8,602 ​ ​ $ 88,516 ​ ​ $ 10.29 ​ ​ - ​ - ​ K-I ​ 6/30/2023 ​ 8/23/2023 ​ 5,591 ​ ​ 1,101 (1) ​ $ 12,625 ​ ​ $ 11.46 ​ ​ 1,036 ​ 3,454 ​ Total K-I Share repurchase requests outstanding at September 30, 2023 ​ ​ ​ ​ 3,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On August 18, 2023, the Company’s board of directors determined that the funding limitation under the A&R SRP was reached with respect to share repurchase requests for the quarter ended June 30, 2023, as there were insufficient net proceeds from the DRIP to fund all share repurchase requests. Distributions During the nine months ended September 30, 2023, 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 Unit Total 2/9/2023 12/31/2022 2/6/2023 2/8/2023 $0.001917808 $ 694,914 $ 236,910 $ 3,831 $ 22,606 $ 958,261 5/4/2023 3/31/2023 4/26/2023 5/3/2023 $0.001917808 ​ 678,982 ​ 233,064 ​ 2,856 ​ 22,115 $ 937,017 8/9/2023 6/30/2023 8/4/2023 8/8/2023 $0.001917808 ​ 683,412 ​ 236,148 ​ 2,401 ​ 22,360 $ 944,321 ​ ​ ​ ​ ​ $ 2,057,309 $ 706,122 $ 9,087 $ 67,081 $ 2,839,599 ​ During the nine months ended September 30, 2022, the Company’s board of directors authorized the payment of distributions as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ ​ ​ ​ ​ Date Outstanding Date Record Per Share Distributions Paid Date Authorized Date Per Day K Share K-I Share K-T Share OP Unit 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 ​ ​ ​ ​ ​ $ 2,060,800 $ 689,580 $ 32,938 $ 67,081 $ 2,850,399 ​ 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. On October 30, 2023, the Company’s board of directors authorized the payment of distributions, with respect to the K Shares, K-I Shares and K-T Shares outstanding as of September 30, 2023, to the holders of record of K Shares, K-I Shares and K-T shares as of the close of business on November 1, 2023. With respect to the K Shares, K-I Shares and K-T Shares outstanding as of September 30, 2023, the cumulative amount of distributions that had accumulated on a daily basis with respect to the K Shares, K-I Shares and K-T Shares since June 30, 2023 was $689,334, or $0.001917808 per K Share per day, $239,538, or $0.001917808 per K-I Share per day, and $2,448, 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 November 2, 2023. On October 30, 2023, the Company’s board of directors authorized the payment of distributions with respect to the Class K OP Units outstanding as of September 30, 2023, to the holders of record of Class K OP Units as of the close of business on November 1, 2023. With respect to the Class K OP Units outstanding as of September 30, 2023, the cumulative amount of distributions that had accumulated on a daily basis with respect to the Class K OP Units since June 30, 2023 was $22,606, or $0.001917808 per Class K OP Unit. Such distributions were paid to stockholders in cash or in additional shares pursuant to the DRIP on November 9, 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes
Income Taxes	Note 9 - Income Taxes The Company recognized a consolidated income tax expense of $193,881 and $200,498 for the three months ended September 30, 2023 and 2022, respectively. The Company recognized a consolidated income tax expense of $8,117 and $243,473 for the nine months ended September 30, 2023 and 2022, respectively. These amounts relate to the operations of the Company’s TRSs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated financial statements of the Company are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments, which include only normal recurring adjustments considered necessary for a fair and consistent presentation, have been included in these condensed consolidated financial statements. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. The Company consolidates variable interest entities (“VIEs”) as defined under the Consolidation Topic (“Topic 810”) of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) when it has the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits from the VIE that could be significant. At September 30, 2023, the assets of the Company’s VIEs were $63,934,314, and consisted primarily of land, building, furniture, fixtures, and equipment and were available to satisfy our VIEs’ obligations. At September 30, 2023, the liabilities of the Company’s VIEs were $42,618,155, and consisted primarily of long-term debt. The Company has guaranteed certain obligations of its VIEs. The Company has no foreign operations or assets, and its operating structure includes only one segment.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assumptions and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under GAAP, the Company is required to disclose the fair value of certain financial instruments on a recurring basis. The accompanying condensed consolidated balance sheets include the following financial instruments: cash, restricted cash, accounts receivable, accounts payable and mortgage notes payable. The Company considers the carrying value of cash, restricted cash, accounts receivable and accounts payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows: ● Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; ● Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. As of September 30, 2023, the estimated fair value of the mortgage notes payable was $60,544,439 compared to the carrying value of $64,701,272. These financial instruments are valued using Level 3 inputs through a discounted cash flow analysis of the contractual cash flows of the notes payable discounted at a market rate.
Revenue Recognition	Revenue Recognition Revenue is generally recognized as services are performed. Revenue primarily represents room rental fees, food and beverage sales, and other fees. The Company collects sales tax from all nonexempt customers and remits the entire amount to the appropriate states upon collection from the customer. The Company’s accounting policy is to exclude the tax collected and remitted to the state from revenue and expenses. Included in other operating revenues for the three and nine months ended September 30, 2022, is $0 and $846,828, respectively, of business recovery grants awarded to the Springhill Suites Wilmington, Hotel Indigo Traverse City and the Hilton Garden Inn Providence hotels.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and highly liquid investments with original maturities of three months or less.
Restricted Cash	Restricted Cash The Company maintains reserves for property taxes, capital improvements and insurance as required by its debt agreements. At September 30, 2023 and 2022, reserves for property taxes were $497,542 and $477,530, respectively, reserves for capital improvements were $3,070,065 and $2,741,033, respectively, and reserves for insurance were $63,285 and $42,249, respectively. The Company also included $81,500 and $143,984 of guest advance deposits as restricted cash at September 30, 2023 and 2022, respectively.
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 September 30, 2023, 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 Noncontrolling interest represents the portion of equity of Procaccianti Convertible Fund, LLC (“PCF”) held by owners other than the Company. Noncontrolling interest is reported in the condensed consolidated balance sheets within equity, separately from stockholders’ equity. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest are reported in the condensed consolidated statement of operations.
Noncontrolling Interest of the Operating Partnership	Noncontrolling Interest of the Operating Partnership Noncontrolling interest of the Operating Partnership represents the value of the 128,124 Class K OP Units that were issued to a group of sellers in connection with the acquisition of the Hilton Garden Inn Providence. Noncontrolling interest of the Operating Partnership is reported in the mezzanine section of the condensed consolidated balance sheet, as the units are redeemable at the request of the holder for cash equal to the fair market value of a K Share as defined in the Amended and Restated Agreement of Limited Partnership of Procaccianti Hotel REIT, L.P. (the “Amended and Restated Operating Partnership Agreement”). The Company may elect to acquire any such unit presented for redemption for K Shares or cash. The carrying amount of the noncontrolling interest of the Operating Partnership is equal to the greater of the initial carrying amount, increased, or decreased for the Class K OP Units’ share of net income or loss and the redemption value. As of September 30, 2023, the carrying amount of the noncontrolling interest of the Operating Partnership includes a $34,368 adjustment to reflect its redemption value. Revenue, expenses, and net income attributable to both the Company and the noncontrolling interest of the Operating Partnership are reported in the condensed consolidated statement of operations.
Per Share Data	Per Share Data The Company calculates its basic and diluted earnings per common share (“EPS”) utilizing the two-class method. Under the two-class method, both basic and diluted EPS are calculated for each class of common stock considering distributions declared and accumulated and the rights of common shares and participating securities in any undistributed earnings. Undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. As of September 30, 2023, 4,500 restricted K Shares held by the Company’s independent directors are included in the calculation of basic EPS because such shares have been issued and participate in distributions. The Company’s calculated earnings per share for the three and nine months ended September 30, 2023 and 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Net income attributable to common stockholders ​ $ 2,630,237 ​ $ 2,768,103 ​ $ 2,272,614 ​ $ 4,775,896 Less: Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Less: Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Less: Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Less: Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Undistributed net income (loss) ​ $ 1,596,333 ​ $ 1,728,580 ​ $ (799,973) ​ $ 1,686,750 Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 1,042,094 ​ $ 1,124,989 ​ $ (522,930) ​ $ 1,100,207 Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Net income ​ $ 1,731,429 ​ $ 1,815,882 ​ $ 1,528,347 ​ $ 3,157,834 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 3,906,944 ​ 3,915,774 ​ 3,917,945 ​ 3,930,059 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 362,118 ​ $ 383,391 ​ $ (180,680) ​ $ 371,353 Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Net income ​ $ 601,656 ​ $ 618,844 ​ $ 528,069 ​ $ 1,065,864 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 1,357,628 ​ 1,334,480 ​ 1,353,707 ​ 1,326,513 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 3,701 ​ $ 17,251 ​ $ (2,078) ​ $ 17,433 Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Net income ​ $ 6,149 ​ $ 27,845 ​ $ 6,079 ​ $ 50,037 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 13,876 ​ 60,046 ​ 15,566 ​ 62,274 Class A Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 155,079 ​ $ 167,037 ​ $ (77,601) ​ $ 162,764 Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Net income ​ $ 257,662 ​ $ 269,620 ​ $ 226,803 ​ $ 467,168 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 581,410 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 33,341 ​ $ 35,912 ​ $ (16,684) ​ $ 34,993 Net income (loss) per common share, basic and diluted ​ $ 0.27 ​ $ 0.29 ​ $ (0.13) ​ $ 0.28 Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000 ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies
Schedule of EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2023 2022 2023 2022 Net income attributable to common stockholders ​ $ 2,630,237 ​ $ 2,768,103 ​ $ 2,272,614 ​ $ 4,775,896 Less: Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Less: Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Less: Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Less: Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Undistributed net income (loss) ​ $ 1,596,333 ​ $ 1,728,580 ​ $ (799,973) ​ $ 1,686,750 Class K Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 1,042,094 ​ $ 1,124,989 ​ $ (522,930) ​ $ 1,100,207 Class K Common Stock dividends declared and accumulated ​ 689,335 ​ 690,893 ​ 2,051,277 ​ 2,057,627 Net income ​ $ 1,731,429 ​ $ 1,815,882 ​ $ 1,528,347 ​ $ 3,157,834 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 3,906,944 ​ 3,915,774 ​ 3,917,945 ​ 3,930,059 Class K-I Common Stock: ​ ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 362,118 ​ $ 383,391 ​ $ (180,680) ​ $ 371,353 Class K-I Common Stock dividends declared and accumulated ​ 239,538 ​ 235,453 ​ 708,749 ​ 694,511 Net income ​ $ 601,656 ​ $ 618,844 ​ $ 528,069 ​ $ 1,065,864 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 1,357,628 ​ 1,334,480 ​ 1,353,707 ​ 1,326,513 Class K-T Common Stock: ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 3,701 ​ $ 17,251 ​ $ (2,078) ​ $ 17,433 Class K-T Common Stock dividends declared and accumulated ​ 2,448 ​ 10,594 ​ 8,157 ​ 32,604 Net income ​ $ 6,149 ​ $ 27,845 ​ $ 6,079 ​ $ 50,037 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 13,876 ​ 60,046 ​ 15,566 ​ 62,274 Class A Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 155,079 ​ $ 167,037 ​ $ (77,601) ​ $ 162,764 Class A Common Stock dividends declared and accumulated ​ 102,583 ​ 102,583 ​ 304,404 ​ 304,404 Net income ​ $ 257,662 ​ $ 269,620 ​ $ 226,803 ​ $ 467,168 Net income per common share, basic and diluted ​ $ 0.44 ​ $ 0.46 ​ $ 0.39 ​ $ 0.80 Weighted average number of common shares outstanding, basic and diluted ​ 581,410 ​ 581,410 ​ 581,410 ​ 581,410 Class B Common Stock: ​ ​ ​ ​ ​ ​ Undistributed net income (loss) ​ $ 33,341 ​ $ 35,912 ​ $ (16,684) ​ $ 34,993 Net income (loss) per common share, basic and diluted ​ $ 0.27 ​ $ 0.29 ​ $ (0.13) ​ $ 0.28 Weighted average number of common shares outstanding, basic and diluted ​ 125,000 ​ 125,000 ​ 125,000 ​ 125,000 ​

Investments in Hotels (Tables)

Investments in Hotels (Tables)	9 Months Ended
	Sep. 30, 2023
Investments in Hotels
Schedule of investments in hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Mortgage ​ ​ ​ ​ ​ ​ Ownership ​ Purchase ​ ​ ​ Debt Property Name ​ Date Acquired ​ Location ​ Interest ​ Price (1)(2) ​ Rooms ​ Outstanding Springhill Suites Wilmington 05/24/2017 (1) Wilmington, NC 51% ​ $ 18,000,000 120 ​ $ 10,670,083 ​ Staybridge Suites St. Petersburg 06/29/2017 (1) St. Petersburg, FL 51% ​ $ 20,500,000 119 ​ $ 12,619,168 ​ 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 ​ $ 16,749,123 ​ Cherry Tree Inn ​ 07/30/2021 ​ Traverse City, MI ​ 100% ​ $ 15,000,000 ​ 76 ​ $ 9,404,235 ​ ​ 1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018. 2) Contract purchase price excludes acquisition fees and costs.
Schedule of investments in hotel properties, fixed assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Land ​ $ 14,450,538 ​ $ 14,450,538 Building and improvements ​ 89,188,548 ​ 89,048,018 Furniture, fixtures, and equipment ​ 11,758,384 ​ 11,179,909 Total cost ​ 115,397,470 ​ 114,678,465 Accumulated depreciation ​ (16,691,542) ​ (13,692,785) Property and equipment, net ​ $ 98,705,928 ​ $ 100,985,680

Interest Rate Swap (Tables)

Interest Rate Swap (Tables)	9 Months Ended
	Sep. 30, 2023
Interest Rate Swap/Cap
Schedule of outstanding interest rate swap agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Fair Value of ​ ​ ​ ​ Amount as of ​ ​ ​ ​ ​ ​ ​ Liability as of ​ ​ ​ ​ September 30, ​ Interest ​ Effective ​ Maturity ​ September 30, ​ ​ Balance Sheet Location ​ 2023 ​ Rate (1) ​ Date ​ Date ​ 2023 (2) Interest rate swap Accounts payable, accrued expenses and other, net ​ $ 15,092,000 5.13 % 8/15/2023 8/15/2024 ​ $ 29,243 ​ 1) The interest rate consists of the underlying index swapped to a fixed rate rather than floating rate SOFR, plus a premium. ​ 2) Changes in fair value are recorded as unrealized gain (loss) in the condensed consolidated statements of operations as the Company did not designate this interest rate swap as a hedge. The Company valued the interest rate swap using Level 2 inputs . ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share Class ​ Requests Received During 3 Months Ended ​ Date Repurchased ​ Number of Share Repurchases Requested ​ Shares Repurchased ​ $ Amount of Shares Repurchased ​ Amount per share ​ Requests Withdrawn ​ Repurchase Requests Outstanding K ​ 12/31/2022 ​ 1/12/2023 ​ 20,900 ​ ​ 20,900 ​ ​ $ 211,517 ​ ​ $ 10.12 ​ ​ - ​ - ​ K ​ 3/31/2023 ​ 4/27/2023 ​ 43,151 ​ ​ 43,151 ​ ​ $ 440,108 ​ ​ $ 10.20 ​ ​ - ​ - ​ K ​ 6/30/2023 ​ 8/23/2023 ​ 59,587 ​ ​ 16,090 (1) ​ $ 184,422 ​ ​ $ 11.46 ​ ​ - ​ 43,497 ​ K ​ 9/30/2023 ​ TBD ​ 10,274 ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ - ​ 10,274 ​ Total K Share repurchase requests outstanding at September 30, 2023 ​ ​ ​ ​ 53,771 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ K-I ​ 3/31/2023 ​ 4/27/2023 ​ 8,602 ​ ​ 8,602 ​ ​ $ 88,516 ​ ​ $ 10.29 ​ ​ - ​ - ​ K-I ​ 6/30/2023 ​ 8/23/2023 ​ 5,591 ​ ​ 1,101 (1) ​ $ 12,625 ​ ​ $ 11.46 ​ ​ 1,036 ​ 3,454 ​ Total K-I Share repurchase requests outstanding at September 30, 2023 ​ ​ ​ ​ 3,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On August 18, 2023, the Company’s board of directors determined that the funding limitation under the A&R SRP was reached with respect to share repurchase requests for the quarter ended June 30, 2023, as there were insufficient net proceeds from the DRIP to fund all share repurchase requests.
Schedule of share distributions	During the nine months ended September 30, 2023, 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 Unit Total 2/9/2023 12/31/2022 2/6/2023 2/8/2023 $0.001917808 $ 694,914 $ 236,910 $ 3,831 $ 22,606 $ 958,261 5/4/2023 3/31/2023 4/26/2023 5/3/2023 $0.001917808 ​ 678,982 ​ 233,064 ​ 2,856 ​ 22,115 $ 937,017 8/9/2023 6/30/2023 8/4/2023 8/8/2023 $0.001917808 ​ 683,412 ​ 236,148 ​ 2,401 ​ 22,360 $ 944,321 ​ ​ ​ ​ ​ $ 2,057,309 $ 706,122 $ 9,087 $ 67,081 $ 2,839,599 ​ During the nine months ended September 30, 2022, the Company’s board of directors authorized the payment of distributions as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ ​ ​ ​ ​ Date Outstanding Date Record Per Share Distributions Paid Date Authorized Date Per Day K Share K-I Share K-T Share OP Unit 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 ​ ​ ​ ​ ​ $ 2,060,800 $ 689,580 $ 32,938 $ 67,081 $ 2,850,399

Organization and Description _2

Organization and Description of Business (Details)					9 Months Ended	85 Months Ended
	Jan. 19, 2021 USD ($)	Feb. 27, 2020 $ / shares shares	Jun. 10, 2019 USD ($)	Oct. 26, 2018 USD ($)	Sep. 30, 2023 USD ($) item room state shares	Sep. 30, 2023 USD ($) room state
Subsidiary, Sale of Stock
Number of owned interests in select - service hotels | item					5
Number of states select service hotels located | state					4	4
Number of select service hotels rooms | room					559	559
Hilton Garden Inn Providence
Subsidiary, Sale of Stock
Number of Class K OP Units issued | shares		128,124
Value of Class K OP Units issued (in dollars per share) | $ / shares		$ 10
Initial public offering
Subsidiary, Sale of Stock
Amount of shares sold for termination of private offering prior to commencement of public offering						$ 41,077,420
Class A Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares					1
Amount of shares sold for termination of private offering prior to commencement of public offering	$ 440,000		$ 690,000	$ 1,500,000	$ 2,954,095
Class 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 | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP						1,336,956
Class K Common Stock | Private offering
Subsidiary, Sale of Stock
Number of shares consist in one units | shares					1
Class K-I Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP						870,709
Class K-T Common Stock | Distribution reinvestment plan
Subsidiary, Sale of Stock
Proceeds from DRIP						$ 69,593

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended		9 Months Ended
	Feb. 27, 2020 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Total of VIE and asset acquisition:
Assets		$ 112,812,993		$ 112,812,993		$ 113,846,620
Liabilities		69,680,951		$ 69,680,951		69,566,380
Number of segment | segment				1
Carrying value of mortgage notes payable		64,554,369		$ 64,554,369		$ 64,969,299
Uncertain tax positions		0		0
Adjustment In Carrying Amount Of Noncontrolling Interest		34,368		34,368
Revenue		10,986,213	$ 10,959,839	24,418,689	$ 24,396,500
Reserves for insurance		63,285	42,249	63,285	42,249
Other operating
Total of VIE and asset acquisition:
Revenue		347,705	268,757	$ 830,139	1,443,399
Hilton Garden Inn Providence
Total of VIE and asset acquisition:
Number of operating partnership units issued | shares	128,124
Springhill Suites Wilmington, Hotel Indigo Traverse City, and Hilton Garden Inn Providence Hotels | Other operating
Total of VIE and asset acquisition:
Revenue			0		846,828
Class K Common Stock
Total of VIE and asset acquisition:
Shares held by the Company's independent directors | shares				4,500
Procaccianti Convertible Fund, LLC (PCF)
Total of VIE and asset acquisition:
Fair value of mortgage notes payable		60,544,439		$ 60,544,439
Carrying value of mortgage notes payable		64,701,272		64,701,272
Reserves for property taxes		497,542	477,530	497,542	477,530
Reserves for capital improvements		3,070,065	2,741,033	3,070,065	2,741,033
Advance deposits		81,500	$ 143,984	$ 81,500	$ 143,984
Percentages of annual taxable income to stockholders				90%
Procaccianti Convertible Fund, LLC (PCF) | Variable Interest Entity, Primary Beneficiary
Total of VIE and asset acquisition:
Assets		63,934,314		$ 63,934,314
Liabilities		$ 42,618,155		$ 42,618,155

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - EPS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share
Net income	$ 2,630,237	$ 2,768,103	$ 2,272,614	$ 4,775,896
Undistributed net income (loss)	1,596,333	1,728,580	(799,973)	1,686,750
Class K Common Stock
Earnings Per Share
Net income	1,731,429	1,815,882	1,528,347	3,157,834
Common Stock dividends declared and accumulated	689,335	690,893	2,051,277	2,057,627
Undistributed net income (loss)	$ 1,042,094	$ 1,124,989	$ (522,930)	$ 1,100,207
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	3,906,944	3,915,774	3,917,945	3,930,059
Weighted average number of common shares outstanding - diluted (in shares)	3,906,944	3,915,774	3,917,945	3,930,059
Class K-I Common Stock
Earnings Per Share
Net income	$ 601,656	$ 618,844	$ 528,069	$ 1,065,864
Common Stock dividends declared and accumulated	239,538	235,453	708,749	694,511
Undistributed net income (loss)	$ 362,118	$ 383,391	$ (180,680)	$ 371,353
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	1,357,628	1,334,480	1,353,707	1,326,513
Weighted average number of common shares outstanding - diluted (in shares)	1,357,628	1,334,480	1,353,707	1,326,513
Class K-T Common Stock
Earnings Per Share
Net income	$ 6,149	$ 27,845	$ 6,079	$ 50,037
Common Stock dividends declared and accumulated	2,448	10,594	8,157	32,604
Undistributed net income (loss)	$ 3,701	$ 17,251	$ (2,078)	$ 17,433
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	13,876	60,046	15,566	62,274
Weighted average number of common shares outstanding - diluted (in shares)	13,876	60,046	15,566	62,274
Class A Common Stock
Earnings Per Share
Net income	$ 257,662	$ 269,620	$ 226,803	$ 467,168
Common Stock dividends declared and accumulated	102,583	102,583	304,404	304,404
Undistributed net income (loss)	$ 155,079	$ 167,037	$ (77,601)	$ 162,764
Net income per common share, basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Net income per common share, diluted (in dollars per share)	$ 0.44	$ 0.46	$ 0.39	$ 0.80
Weighted average number of common shares outstanding - basic (in shares)	581,410	581,410	581,410	581,410
Weighted average number of common shares outstanding - diluted (in shares)	581,410	581,410	581,410	581,410
Class B Common Stock
Earnings Per Share
Net income	$ 33,341	$ 35,912	$ (16,684)	$ 34,993
Undistributed net income (loss)	$ 33,341	$ 35,912	$ (16,684)	$ 34,993
Net income per common share, basic (in dollars per share)	$ 0.27	$ 0.29	$ (0.13)	$ 0.28
Net income per common share, diluted (in dollars per share)	$ 0.27	$ 0.29	$ (0.13)	$ 0.28
Weighted average number of common shares outstanding - basic (in shares)	125,000	125,000	125,000	125,000
Weighted average number of common shares outstanding - diluted (in shares)	125,000	125,000	125,000	125,000

Investments in Hotels - Investm

Investments in Hotels - Investments in hotel properties (Details)	9 Months Ended
	Sep. 30, 2023 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	$ 10,670,083
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	$ 12,619,168
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	$ 16,749,123
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	$ 9,404,235

Investments in Hotels - Inves_2

Investments in Hotels - Investment in hotel properties consist of fixed assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments in Hotels
Land	$ 14,450,538	$ 14,450,538
Building and improvements	89,188,548	89,048,018
Furniture, fixtures, and equipment	11,758,384	11,179,909
Total cost	115,397,470	114,678,465
Accumulated depreciation	(16,691,542)	(13,692,785)
Property and equipment, net	$ 98,705,928	$ 100,985,680

Investments in Hotels - Additio

Investments in Hotels - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 29, 2018
Business Acquisition [Line Items]
Depreciation	$ 1,027,311	$ 986,607	$ 3,048,735	$ 2,840,579
Procaccianti Convertible Fund, LLC (PCF)
Business Acquisition [Line Items]
Entity ownership percentage					51%

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 64,554,369		$ 64,554,369		$ 64,969,299
Interest expense on mortgage notes payable	795,325	$ 729,776	2,257,582	$ 2,013,631
Deferred finance costs and debt discounts	(2,663)	$ (2,438)	545	$ 20,875
Mortgage payable secured by Staybridge Suites St Petersburg
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 12,619,168		$ 12,619,168
Interest rate	4.34%		4.34%
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			$ (209,052)
Mortgage payable secured by the St. Pete Hotel (the "St. Petersburg Note")
Debt Instrument [Line Items]
Interest payments			$ 66,255
Description of variable rate			Monthly
Mortgage payable secured by the Springhill Suites Wilmington (the "Wilmington Note")
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 10,670,083		$ 10,670,083
Interest rate	4.49%		4.49%
Interest payments			$ 57,026
Interest payment starting date			Jun. 01, 2020
Interest payment ending date			Jun. 01, 2024
Description of variable rate			Monthly
Mortgage payable secured by the Hotel Indigo Traverse City (the "TCI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 15,092,000		$ 15,092,000
Debt Instrument, Basis Spread on Variable Rate			2.50%
Mortgage payable secured by the Hilton Garden Inn Providence (the "HGI Note")
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 16,749,123		$ 16,749,123
Interest rate	4.25%		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	$ 9,404,235		$ 9,404,235
Interest rate	3.91%		3.91%
Interest payments			$ 52,601

Interest Rate Swap - Summary of

Interest Rate Swap - Summary of Outstanding Interest Rate Swap (Details) - Interest rate swap	Sep. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,092,000
Accounts payable, accrued expenses and other, net
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,092,000
Interest Rate	5.13%
Fair Value of Liability	$ 29,243

Interest Rate Swap - Additional

Interest Rate Swap - Additional Information (Details)	Sep. 30, 2023 USD ($)
Interest rate swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,092,000

Other Debt (Details)

Other Debt (Details) - PPP Loan - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from loan				$ 2,445,589	$ 2,445,589
Loans forgiven amount	$ 0	$ 942,605	$ 942,605	$ 1,502,984

Related Party Transactions - Ac

Related Party Transactions - Acquisition Fee, Asset Management Fee and Disposition Fee (Details) - USD ($)		3 Months Ended		9 Months Ended
	Aug. 02, 2018	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions
Reimbursements Expenses			$ 859,899	$ 66,918	$ 859,899
Acquisition fee		$ 0	0	0	0
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements Expenses		29,734	35,120	$ 106,201	122,813
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	$ 1,244,139	1,244,139
Accrued interest on outstanding acquisition fees		18,816	18,816	$ 55,483	55,833
One fourth of percentage of quarterly asset management fee				0.75%
Accumulated, accrued, and unpaid distributions percentage				7%
Non-compounded rate of interest on deferred asset management fees				6%
Asset management fees		179,824	177,812	$ 537,840	529,933
Deferred asset management fees		182,544	180,501	182,544	180,501
Accrued interest on outstanding asset management fees		$ 2,719	$ 2,689	$ 16,028	$ 15,710
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)		3 Months Ended				9 Months Ended
	Aug. 02, 2018	Sep. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($)
Related Party Transactions
Aggregate property management fees		$ 329,697		$ 328,867		$ 732,936	$ 706,587
Accrued property management fees payable		97,932				97,932
Aggregate net reimbursements		211,683		161,372		553,710	414,134
Reimbursements expenses				859,899		66,918	859,899
Disposition fees		0		0		0	0
Additional service fees		0		0		0	0
Reimbursement of wages				42,126			42,126
Proceeds for Reimbursement of Wages				817,773			817,773
Other Fees Related To Reimbursement of Wages							49,696
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Reimbursements expenses		29,734		35,120		106,201	122,813
TPG Risk Services, LLC
Related Party Transactions
Due from related parties		5,015				5,015
Reimbursement of prepaid insurance		0		334,404		$ 594,143	335,358
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		$ 0
Percentage of gross proceeds on public offering						15%
Organization and offering costs incurred by PHA and its affiliates		8,752,997				$ 8,752,997
Reimbursement of organization and offering costs through issuance of A shares		1,026,564				1,026,564
Reimbursement of common shares issuance to affiliate		3,312,833				3,312,833
Due from related parties		$ 0		$ 0		$ 0	$ 0
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		3				3
Term of agreement, extension						1 year
Hotel Management Agreement With Hotel Indigo Traverse City
Related Party Transactions
Number Of Automatic Term Extensions | item		3				3
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
TPG Construction, LLC
Related Party Transactions
Reimbursement of capital expenditure costs	$ 59,304	$ 431,635	$ 61,256	$ 1,685,754
Due to related parties	0	$ 59,227	0	$ 59,227
Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Principal amount	$ 94,194		$ 94,194
Long Term Applicable Federal Rate	3.87%	2.50%	3.88%	2.34%
Interest Expense	$ 919	$ 594	$ 2,731	$ 1,651
Hilton Garden Inn Providence
Related Party Transactions
Due from related parties	26,092		26,092
Cherry Tree Inn
Related Party Transactions
Due from related parties		250,000		250,000
Related Party, Affiliated Entity [Member]
Related Party Transactions
Due from related parties	26,092		26,092		$ 262,148
Due to related parties	$ 2,016,988		$ 2,016,988		$ 2,010,073
Class B Common Stock
Related Party Transactions
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Advisory agreement with PHA and Operating Partnership
Related Party Transactions
Stated value of A shares repurchased in Non-cause Advisory Agreement Termination	$ 10		$ 10
Non-compounded annual rate of accrued interest on deferred fees if agreement terminates for cause	6%		6%
Advisory agreement with PHA and Operating Partnership | Procaccianti Hotel Advisors, LLC ("PHA")
Related Party Transactions
Due from related parties	$ 0	$ 0	$ 0	$ 0
Advisory agreement with PHA and Operating Partnership | Class B Common Stock
Related Party Transactions
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01

Stockholders' Equity - Per shar

Stockholders' Equity - Per share repurchase price (Details)	9 Months Ended
	Sep. 30, 2023
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		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized		248,125,000
Class K Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		55,500,000	55,500,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class K-I Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		55,500,000	55,500,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class K-T Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		116,000,000	116,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions	6%	7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		50%
Percentage of remaining liquidation cash distribution on pro rata basis		50%
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		21,000,000	21,000,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		one vote
Rate of cumulative cash distributions		7%
Base distribution per share		$ 10
Percentage of excess cash available for distribution		37.50%
Percentage of remaining liquidation cash distribution on pro rata basis		37.50%
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		125,000	125,000
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common stock, voting rights		no voting rights
Percentage of excess cash available for distribution		12.50%
Percentage of remaining liquidation cash distribution on pro rata basis		12.50%

Stockholders' Equity - Long-ter

Stockholders' Equity - Long-term incentive plan - (Details) - shares		9 Months Ended
	Feb. 11, 2019	Sep. 30, 2023
Director
Class of Stock [Line Items]
Number of shares awarded	1,500
Long-term incentive plan | Director | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500	250
Additional number of shares awarded		250
Award vesting period		4 years
Award vesting increments percentage		25%
Award terms		(1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company.
Number of shares issuable in future	250
Long-term incentive plan | Independent director two. | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Long-term incentive plan | Independent director three. | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	500
Number of shares issuable in future	250
Long-term incentive plan | Three independent directors | Restricted K shares
Class of Stock [Line Items]
Number of shares awarded	1,500

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program and Redeemable Common Stock - (Details) - USD ($)		3 Months Ended							9 Months Ended
	Oct. 26, 2018	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Class of Stock [Line Items]
Value of share repurchase		$ 197,047	$ 528,625	$ 211,517		$ 396,916	$ 369,375	$ 84,708
Class K Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			16,090	43,151	20,900
Amount per share			$ 11.46	$ 10.20	$ 10.12
Class K-I Common Stock
Class of Stock [Line Items]
Shares issued price per share		$ 10							$ 10
Repurchase of common stock (in shares)			1,101	8,602
Amount per share			$ 11.46	$ 10.29
Class K-T Common Stock
Class of Stock [Line Items]
Shares issued price per share		$ 10							$ 10
A&R SRP | Class K Common Stock
Class of Stock [Line Items]
Percentage of weighted average number of shares outstanding	5%
Minimum balance required to be maintained by stockholders	$ 2,000
Maximum balance of shares requested to be repurchased									100
Prior period of share repurchase									15 days
Repurchase requests period									30 days
A&R SRP | Class K-I Common Stock
Class of Stock [Line Items]
Percentage of weighted average number of shares outstanding	5%
Minimum balance required to be maintained by stockholders	$ 2,000
Maximum balance of shares requested to be repurchased									100
Prior period of share repurchase									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									100
Prior period of share repurchase									5 days
Repurchase requests period									2 years

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchase activity (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class K Common Stock
Class of Stock
Number of Share Repurchases Requested	10,274	59,587	43,151	20,900
Shares Repurchased		16,090	43,151	20,900
Amount of Shares Repurchased		$ 184,422	$ 440,108	$ 211,517
Amount per share		$ 11.46	$ 10.20	$ 10.12
Repurchase Requests Outstanding	10,274	43,497
Class K-I Common Stock
Class of Stock
Number of Share Repurchases Requested		5,591	8,602
Shares Repurchased		1,101	8,602
Amount of Shares Repurchased		$ 12,625	$ 88,516
Amount per share		$ 11.46	$ 10.29
Requests Withdrawn		1,036
Repurchase Requests Outstanding		3,454

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions - (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid	$ 1,253,021	$ 1,280,017	$ 1,191,011	$ 1,305,728	$ 1,297,050	$ 1,080,621
Distributions	$ 14,078,262						$ 14,078,262		$ 11,238,663
Distributions
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							$ 2,839,599	$ 2,850,399
Distributions | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 67,081	67,081
Distributions to be paid	$ 22,606						$ 22,606
Distributions | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 2,057,309	2,060,800
Distributions to be paid	$ 689,334						$ 689,334
Distributions | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 706,122	689,580
Distributions to be paid	$ 239,538						$ 239,538
Distributions | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 9,087	$ 32,938
Distributions to be paid	$ 2,448						$ 2,448
Distributions | 2/09/2023
Distribution Made to Limited Liability Company (LLC) Member
Date Paid							Feb. 09, 2023
Shares Outstanding Date							Dec. 31, 2022
Date Authorized							Feb. 06, 2023
Record Date							Feb. 08, 2023
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 958,261
Distributions | 2/09/2023 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							22,606
Distributions | 2/09/2023 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							694,914
Distributions | 2/09/2023 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							236,910
Distributions | 2/09/2023 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							$ 3,831
Distributions | 5/4/2023
Distribution Made to Limited Liability Company (LLC) Member
Date Paid							May 04, 2023	Feb. 16, 2022
Shares Outstanding Date							Mar. 31, 2023
Date Authorized							Apr. 26, 2023
Record Date							May 03, 2023
Amount Per Share Per Day	0.001917808						$ 0.001917808
Distributions paid							$ 937,017
Distributions | 5/4/2023 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							22,115
Distributions | 5/4/2023 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							678,982
Distributions | 5/4/2023 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							233,064
Distributions | 5/4/2023 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							$ 2,856
Distributions | 8/9/2023
Distribution Made to Limited Liability Company (LLC) Member
Date Paid							Aug. 09, 2023
Shares Outstanding Date							Jun. 30, 2023
Date Authorized							Aug. 04, 2023
Record Date							Aug. 08, 2023
Amount Per Share Per Day	$ 0.001917808						$ 0.001917808
Distributions paid							$ 944,321
Distributions | 8/9/2023 | OP Units
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							22,360
Distributions | 8/9/2023 | Class K Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							683,412
Distributions | 8/9/2023 | Class K-I Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							236,148
Distributions | 8/9/2023 | Class K-T Common Stock
Distribution Made to Limited Liability Company (LLC) Member
Distributions paid							$ 2,401
Distributions | 2/16/2022
Distribution Made to Limited Liability Company (LLC) Member
Shares Outstanding Date								Dec. 31, 2021
Date Authorized								Feb. 11, 2022
Record Date								Feb. 14, 2022
Amount Per Share Per Day				$ 0.001917808				$ 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				$ 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				$ 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				$ 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

Stockholders' Equity - Additi_2

Stockholders' Equity - Additional Information 1 (Details)				3 Months Ended			9 Months Ended	12 Months Ended
	Feb. 27, 2020 USD ($) $ / shares shares	Feb. 11, 2019 shares	Sep. 29, 2016 shares	Sep. 30, 2023 USD ($) director $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) director $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) shares
Class of Stock
Value of issuance of common stock | $				$ 197,531	$ 197,047	$ 197,280
Total investment | $				98,705,928			$ 98,705,928		$ 100,985,680
Director
Class of Stock
Issuance of common stock (in shares)		1,500
Hilton Garden Inn Providence
Class of Stock
Number of Class K OP Units issued	128,124
Value of Class K OP Units issued (in dollars per share) | $ / shares	$ 10
Total investment | $	$ 1,281,244
Cash consideration received by individuals with direct or indirect interests in the sellers of the hotel | $	$ 0
Initial public offering
Class of Stock
Additional selling commissions and dealer manager fees | $								$ 0
Dealer Manager | Initial public offering
Class of Stock
Selling commissions and dealer manager fees | $				2,986,465			2,986,465
Value of stockholder servicing fee | $							17,230
Dealer Manager | Initial public offering | Distribution reinvestment plan
Class of Stock
Selling commissions and dealer manager fees | $				0			0
Dealer Manager | Private offering
Class of Stock
Selling commissions and dealer manager fees | $				1,058,501			1,058,501
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				3,902,017			3,902,017		3,932,526
Percentage of excess cash as special distribution declared on pro rata basis							50%
Conversion of common stock (in shares)							15,899
Accumulated Common Stock Converted				51,486			51,486
Class K Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)							140,147
Value of issuance of common stock | $							$ 1,336,956
Class K Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued				2,787,944			2,787,944
Proceeds From Issuance Of Shares In Private Placement | $							$ 26,939,836
Class K Common Stock | Unaffiliated investors | Private offering
Class of Stock
Common stock, shares issued				1,253,618			1,253,618
Proceeds From Issuance Of Shares In Private Placement | $							$ 12,398,660
Class K Common Stock | Dealer Manager | Initial public offering
Class of Stock
Dealer manager selling commissions percentage							7%
Dealer manager fee, percentage							3%
Class K Common Stock | Dealer Manager | Private offering
Class of Stock
Dealer manager selling commissions percentage							7%
Selling commissions, percentage							3%
Class K Common Stock | Three Independent director
Class of Stock
Number of restricted shares issued							4,500
Number of independent directors | director				3			3
Class K Common Stock | Independent director one
Class of Stock
Number of restricted shares issued							1,500
Class K Common Stock | Independent director two
Class of Stock
Number of restricted shares issued							1,500
Class K Common Stock | Independent director three
Class of Stock
Number of restricted shares issued							1,500
Class A Common Stock
Class of Stock
Common stock, shares issued				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				23,000			23,000
Proceeds from issuance of common stock | $							$ 230,000
Class A Common Stock | TPG Hotel REIT Investor, LLC (THR) [Member]
Class of Stock
Common stock, shares issued				428,410			428,410
Number of shares issued in exchange of notes receivable							130,000
Shares issued price per share | $ / shares				$ 10			$ 10
Proceeds From Issuance Of Shares In Private Placement | $							$ 4,284,095
Class A Common Stock | Procaccianti Hotel Advisors, LLC ("PHA")
Class of Stock
Percentage of excess cash if A shares repurchased in Non-cause Advisory Agreement Termination							37.50%
Percentage of excess liquidation cash if A shares repurchased in Non-cause Advisory Agreement Termination							37.50%
Class B Common Stock
Class of Stock
Common stock, shares issued				125,000			125,000		125,000
Percentage of excess liquidation cash if A shares repurchased in Non-cause Advisory Agreement Termination							12.50%
Class B Common Stock | Dealer Manager
Class of Stock
Number of shares issued in exchange of notes receivable			125,000
Class K-I Common Stock
Class of Stock
Common stock, shares issued				1,360,226			1,360,226		1,345,518
Shares issued price per share | $ / shares				$ 10			$ 10
Number of shares sold (in shares)							10
Value of shares sold | $							$ 100
Percentage of excess cash as special distribution declared on pro rata basis							50%
Percentage of excess liquidation cash as special distribution declared on pro rata basis							50%
Class K-I Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)							90,877
Value of issuance of common stock | $							$ 870,709
Class K-I Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued				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-T Common Stock
Class of Stock
Common stock, shares issued				13,946			13,946		29,306
Shares issued price per share | $ / shares				$ 10			$ 10
Number of shares sold (in shares)							10
Value of shares sold | $							$ 100
Percentage of excess cash as special distribution declared on pro rata basis							50%
Percentage of excess liquidation cash as special distribution declared on pro rata basis							50%
Conversion of common stock (in shares)							15,899
Accumulated Common Stock Converted				51,486			51,486
Class K-T Common Stock | Initial public offering | Distribution reinvestment plan
Class of Stock
Issuance of common stock (in shares)							7,415
Value of issuance of common stock | $							$ 69,593
Class K-T Common Stock | Unaffiliated investors | Initial public offering
Class of Stock
Common stock, shares issued				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
Dealer manager selling commissions percentage							3%
Dealer manager fee, percentage							3%
Stockholder servicing fee, percentage							1%

Disclosure - Income Taxes (Deta

Disclosure - Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes
Income Tax Expense	$ 193,881	$ 200,498	$ 8,117	$ 243,473