Procaccianti Hotel REIT is a non-traded REIT that owns a small portfolio of five select-service hotels totaling 559 rooms across four U.S. states. The portfolio focuses on upper midscale, upscale, and upper upscale branded hotels, operating under flags such as Hilton, IHG, and Marriott. Procaccianti Hotel REIT does not operate its hotels directly — the hotels are leased to taxable REIT subsidiaries, which contract with third-party property managers, primarily TPG Hotels & Resorts, an affiliate of the sponsor, to handle day-to-day operations. The company is externally managed by Procaccianti Hotel Advisors, another affiliate of sponsor Procaccianti Companies, which handles acquisitions, asset management, and administration for a fee. The company has no employees of its own. Revenue is driven by room nights sold to business and leisure travelers, with financial performance tied primarily to occupancy rates and average daily rates. The portfolio carries roughly $67M in debt against real estate valued at approximately $125M. As a REIT, Procaccianti Hotel REIT must distribute at least 90% of taxable income to shareholders, funded by hotel operating cash flows and, where needed, capital transactions such as property refinancings. The company raised capital through private and public offerings from 2016 to 2021, and shares are not publicly traded. A charter provision requires the board to adopt a liquidation plan if a liquidity event has not begun by August 2028.