AUSTIN, Texas, Nov. 13, 2017 /PRNewswire/ -- Summit Hotel
Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today
announced that Gregory A. Dowell,
its EVP and Chief Financial Officer, plans to retire from the
Company on March 31, 2018. Mr.
Dowell has been with Summit for over three years and has led the
Company's finance and accounting functions through periods of
substantial growth and improvement. He has played a key role
in the long-term succession planning for the Company and will
continue to work closely with his successor during the upcoming
transition period.
Mr. Dowell said, "The past three years have been professionally
rewarding and personally gratifying. It has been a privilege
to be a part of such a dedicated and cohesive team. I am
confident in this team and their ability to continue to create
value for shareholders."
Jonathan P. Stanner, EVP and
Chief Investment Officer, will succeed Mr. Dowell as EVP and Chief
Financial Officer, effective March
31, 2018. Mr. Stanner joined the Company in
April 2017 and has become an integral
member of the management team. Prior to joining Summit, he
held various positions at Strategic Hotels and Resorts, including
the role of CFO. Mr. Stanner will continue to oversee the
Company's investment activities following the transition.
Daniel P. Hansen, the Company's
Chairman, President and Chief Executive Officer, noted, "I am proud
of all that we have accomplished at Summit during Greg's tenure and
appreciate his tremendous efforts in elevating our finance
organization. I am confident that Jon will continue to build
on these accomplishments and I look forward to working closely with
them both to ensure a successful and seamless transition."
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate
investment trust focused on owning premium-branded hotels with
efficient operating models primarily in the upscale segment of the
lodging industry. As of November 13,
2017, the Company's portfolio consisted of 79 hotels with a
total of 11,590 guestrooms located in 24 states. For
additional information, please visit the Company's website,
www.shpreit.com and follow the Company on Twitter at
@SummitHotel_INN.
Forward Looking Statements
This press release
contains statements that 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, pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are generally identifiable by use of forward-looking
terminology such as "may," "will," "should," "potential," "intend,"
"expect," "seek," "anticipate," "estimate," "approximately,"
"believe," "could," "project," "predict," "forecast," "continue,"
"plan," "likely," "would," or other similar words or expressions.
Forward-looking statements are based on certain assumptions and can
include future expectations, future plans and strategies, financial
and operating projections or other forward-looking information.
Examples of forward-looking statements include the expected
retirement of Mr. Dowell and appointment of Mr. Stanner to the
position of Chief Financial Officer, and the expected timing of
both actions. These forward-looking statements are subject to
various risks and uncertainties, not all of which are known to the
Company and many of which are beyond the Company's control, which
could cause actual results to differ materially from such
statements. These risks and uncertainties include, but are not
limited to, the state of the U.S. economy, supply and demand in the
hotel industry and other factors as are described in greater detail
in the Company's filings with the Securities and Exchange
Commission ("SEC"). Unless legally required, the Company disclaims
any obligation to update any information contained in this news
release, whether as a result of new information, future events or
otherwise.
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SOURCE Summit Hotel Properties, Inc.