UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2021

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging Growth Company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

On June 2, 2021, a wholly owned subsidiary of the Company and PMI Greensboro, LLC (together, the “Hampton Inn Sellers”) entered into an Agreement of Sale (the “Agreement”), a copy of which is filed hereto as Exhibit 10.1, with an unaffiliated purchaser (the “Purchaser”) whereby the Hampton Inn Sellers agreed to sell the Greensboro Airport Hampton Inn (the “Hampton Inn”) for a purchase price of $12,900,000, subject to customary prorations and adjustments. The Purchaser has made a $100,000 earnest money deposit to the Hampton Inn Sellers, which shall become non-refundable thirty (30) days following the execution of the Agreement, subject to a fifteen (15) day extension in the sole discretion of the Purchaser, if the Purchaser does not terminate the Agreement prior to the expiration of such period (the “Due Diligence Period”). The Purchaser shall make an additional non-refundable earnest money deposit of $200,000 upon the expiration of the Due Diligence Period. The closing of the sale of the Hampton Inn is expected to occur within thirty (30) days of the expiration of the Due Diligence Period, subject to the Purchaser’s right to extend such closing for fifteen (15) additional days in their sole discretion and upon payment of an additional non-refundable earnest money deposit of $25,000.

The Agreement contains provisions, representations, warranties, covenants and indemnities that are customary and standard for the real estate industry and the sale of a hotel property. Several conditions to closing on the sale remain to be satisfied, and there can be no assurance that we will complete the transaction on the general terms described above or at all.

Certain statements included in this Current Report on Form 8-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements above include, but are not limited to, matters identified as expectations and matters with respect to the future sale of the Hampton Inn. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding risks and uncertainties that may affect the Company’s future results, review the Company’s filings with the Securities and Exchange Commission.

The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 1.01.

(d) Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.