Procaccianti REIT Resumes Offering, DRIP and SRP Following Temporary Suspension Due to COVID-19
Procaccianti Hotel REIT Inc., a publicly registered non-traded real estate investment trust sponsored by privately-held real estate firm Procaccianti Companies Inc., will fully reopen its share repurchase program.
Procaccianti Hotel REIT Inc., a publicly registered non-traded real estate investment trust sponsored by privately-held real estate firm Procaccianti Companies Inc., will fully reopen its share repurchase program to all repurchase requests beginning this month.
Citing the global COVID-19 pandemic, the REIT’s board temporarily suspended the company’s offering and distribution reinvestment program in early April, and the share repurchase program in late March.
Last month, the company resumed the offering, which was extended until August 14, 2021, while the DRIP resumed on June 21, 2020.
The REIT’s most recent NAVs per share are $8.56 per Class K share, $8.55 per Class K-I share, and $8.56 per Class K-T share, as of March 31, 2020.
Procaccianti Hotel REIT’s $550 million initial public offering launched in August 2018 to invest in hospitality properties consisting primarily of select-service, extended-stay, and compact full-service hotel properties throughout the United States. The company owned interests in three select-service hotels located in three states with a total of 346 rooms, as of September 30, 2019. As of March 16, 2020, the company had raised $44.3 million in investor equity via its private and public offerings.
