SUMMIT HOTEL PROPERTIES, INC. (NYSE:INN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 31, 2018, Gregory A. Dowell, Executive Vice President and Chief Financial Officer of Summit Hotel Properties, Inc. (the “Company”), retired from the Company. There were no disagreements between Mr. Dowell and the Company. Mr. Dowell’s intention to retire was previously reported by the Company on its Current Report on Form 8-K filed with the United States Securities and Exchange Commission (the “SEC”) on November 13, 2017 (the “November 2017 8-K”). The separation agreement and mutual general release agreement Mr. Dowell entered into with the Company in connection with his planned retirement was previously reported by the Company on its Current Report on Form 8-K filed with the SEC on January 26, 2018 (the “January 2018 8-K”). The Company previously reported on the January 2018 8-K that Mr. Dowell and the Company would enter into a supplemental mutual general release agreement and two amendments to two stock award agreements (performance-based shares) upon his retirement. On March 31, 2018, Mr. Dowell and the Company entered into such supplemental mutual general release agreement and two amendments. The January 2018 8-K is hereby incorporated by reference herein.
On March 31, 2018, the appointment by the Board of Directors of the Company (the “Board”) of Jonathan P. Stanner as the Company’s Executive Vice President and Chief Financial Officer became effective. The appointment was previously reported by the Company on the November 2017 8-K. Mr. Stanner, 37 years old, served as Executive Vice President and Chief Investment Officer of the Company from April 17, 2017, when he joined the Company, to March 31, 2018. Prior to joining the Company, Mr. Stanner served as Chief Executive Officer of Strategic Hotels & Resorts, Inc. (“Strategic Hotels”), which was publicly traded until being sold to an affiliate of The Blackstone Group L.P. in December 2015. Mr. Stanner held increasingly senior positions with Strategic Hotels since he joined that company in 2005, including Director of Corporate Finance, Senior Vice President – Capital Markets, Acquisitions, Treasurer and Chief Financial Officer, and Chief Executive Officer. Prior to joining Strategic Hotels, Mr. Stanner was an investment banking analyst with Banc of America Securities. Mr. Stanner earned a Bachelor of Science in Management and a Master of Business Administration, both from the Krannert School of Management at Purdue University.
The Company and Mr. Stanner are parties to an employment agreement, effective as of April 17, 2017, the material terms of which were previously reported by the Company on its Current Report on Form 8-K filed with the SEC on April 4, 2017 and are hereby incorporated by reference herein.
About SUMMIT HOTEL PROPERTIES, INC. (NYSE:INN)
Summit Hotel Properties, Inc. is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 81 hotels with over 10,957 guestrooms located in 23 states. The Company’s hotels are located in markets, such as business and corporate headquarters, retail centers, airports and tourist attractions. The Company’s portfolio is located in urban and suburban markets. Based on total number of guestrooms, approximately 86% of the Company’s portfolio is positioned in over 50 metropolitan statistical areas (MSAs), and approximately 95% is located within over 100 MSAs. Based on total number of guestrooms, approximately 99% of the Company’s hotels operate under franchise brands owned by Marriott International, Inc., Hilton Worldwide, InterContinental Hotels Group, and an affiliate of Hyatt Hotels Corporation.
