Procaccianti Hotel REIT Q1 net loss widens to $1.81 million; revenue drops 14.1% to $5.11 million

PROCACCIANTI HOTEL REIT INC

PROCACCIANTI HOTEL REIT INC

PRXA

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  • Procaccianti Hotel REIT posted a net loss of $1.81 million, widening from a net loss of $933,641 a year earlier.
  • Rooms revenues fell 14.11% to $4.48 million, driven by lower ADR and occupancy.
  • Interest expense, net climbed to $1.08 million from $953,354, attributed to refinancing of the TCI Note and HGI Note at higher rates.
  • Net cash provided by operating activities slipped to $62,759 from $117,357, while cash used in investing activities eased to $169,238 from $418,064 on lower capital improvements.


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