Procaccianti Hotel REIT, Inc. Acquires Hotel Indigo in Traverse City, Michigan

Procaccianti Hotel REIT, Inc. is a public, non-traded corporation headquartered in Cranston, Rhode Island that intends to elect to be taxed as a real estate investment trust for federal income tax purposes. Procaccianti Hotel REIT, Inc. intends to acquire and own a diversified portfolio of hospitality properties consisting primarily of existing extended-stay, select-service and compact full-service hotel properties that are classified in the “upper midscale,” “upscale,” and “upper upscale” chain scales of the hospitality industry, as defined by STR, Inc. (“STR”), and that are operated under widely recognized brands licensed from hotel franchisors. Procaccianti Hotel REIT, Inc. expects that its hotel properties will be located in areas that it believes exhibit strong economic features, based on factors such as employment and income levels, corporate earnings, office vacancy rates, airport and other business and leisure travel, new hotel property construction, hotel renovations, and pricing strategies of competitors.

FORWARD LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of federal securities laws and regulations relating to the business and financial outlook of Procaccianti Hotel REIT, Inc. that are based on management's current expectations, estimates, forecasts and projections and are not guarantees of future performance. These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. You should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this press release. Forward-looking statements in this press release speak only as of the date on which such statements were made, and Procaccianti Hotel REIT, Inc. undertakes no obligation to update any such statements that may become untrue because of subsequent events.  Procaccianti Companies