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.
On July 10, 2017, the Board of Directors (the “Board”) of Summit Hotel Properties, Inc. (the “Company”), based on the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Hope S. Taitz as a director of the Company. The Board has determined, based on the recommendation of the Nominating and Corporate Governance Committee, that Ms. Taitz is independent in accordance with the applicable rules of the New York Stock Exchange. In connection with Ms. Taitz’s appointment, the size of the Board was increased from five to six. Ms. Taitz joins Daniel P. Hansen, the Company’s Chairman of the Board, President and Chief Executive Officer, Bjorn R. L. Hanson, Jeffrey W. Jones, Kenneth J. Kay and Thomas W. Storey as a member of the Board.
Ms. Taitz will serve on the Nominating and Corporate Governance Committee of the Board. The Board, on the recommendation of the Nominating and Corporate Governance Committee, has determined that Ms. Taitz meets the requirements for serving on such committee. The following table depicts the composition of the Audit, Compensation and Nominating and Corporate Governance Committees of the Company following the appointment of Ms. Taitz to the Board.
| Director | Audit | Compensation | Nominating and Corporate Governance |
| Bjorn R. L. Hanson | ü | ü(Chair) | |
| Jeffrey W. Jones | ü(Chair) | ü | |
| Kenneth J. Kay | ü | ü(Chair) | |
| Thomas W. Storey | ü | ü | |
| Hope S. Taitz | ü |
Ms. Taitz will participate in the Company’s non-employee director compensation programs. On July 10, 2017, Ms. Taitz received a stock award to the Company’s 2011 Equity Incentive Plan as Amended and Restated, consisting of 4,530 fully vested shares of the Company’s common stock. The Company has entered into an indemnification agreement with Ms. Taitz in the form entered into with other directors and executive officers of the Company.
| Item 7.01. | Regulation FD Disclosure. |
On July 10, 2017, the Company issued a press release announcing the appointment of Ms. Taitz to the Board.
A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
| Item 9.01. | Financial Statement and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description |
| 99.1 | Press release issued July 10, 2017. |
Summit Hotel Properties, Inc. ExhibitEX-99.1 2 v470588_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 12600 Hill Country Blvd. Suite R-100,…To view the full exhibit click here
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.