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 November 9, 2017, Gregory A. Dowell, Executive Vice President and Chief Financial Officer of Summit Hotel Properties, Inc. (the “Company”) notified the Company of his intent to retire from the Company effective March 31, 2018. Mr. Dowell will continue to serve in his current capacity with the Company until the effective date of his retirement. There were no disagreements between Mr. Dowell and the Company.
On November 9, 2017, the Board of Directors of the Company appointed Jonathan P. Stanner as the Company’s Executive Vice President and Chief Financial Officer effective as of March 31, 2018. Mr. Stanner, 36, will continue to serve in his current capacity of Executive Vice President and Chief Investment Officer, which he has held since joining the Company in April 2017, until the effective date of his new appointment. 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.
The Company and Mr. Stanner are parties to an employment agreement, effective as of April 17, 2017, the material terms of which have been previously disclosed on the Company’s Current Report on Form 8-K filed on April 4, 2017.
| Item 7.01. | Regulation FD Disclosure |
On November 13, 2017, the Company issued a press release announcing the retirement of Gregory A. Dowell, Executive Vice President and Chief Financial Officer of the Company, and the appointment of Jonathan P. Stanner, Executive Vice President and Chief Investment Officer of the Company, as the Company’s Executive Vice President and Chief Financial Officer, in each case effective March 31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 7.01.
On November 13, 2017, the Company issued a press release announcing the Company’s entry into agreements to acquire four hotels for an aggregate purchase price of $164 million. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 7.01.
| Item 9.01. | Financial Statements and Exhibits. |
Summit Hotel Properties, Inc. ExhibitEX-99.1 2 tv479408_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 13215 Bee Cave Parkway,…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.
