AUSTIN, Texas, Dec. 17, 2020 /PRNewswire/ -- Summit Hotel
Properties, Inc. (NYSE: INN) (the "Company") today announced that
Dan Hansen, Chairman, President and
Chief Executive Officer will transition to the role of Executive
Chairman of the Board of Directors effective January 15, 2021. The Company's Board has
elected Jonathan Stanner, the
Company's current Executive Vice President, Chief Financial Officer
and Treasurer, to become President and Chief Executive Officer and
a member of the Board of Directors effective January 15, 2021.
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"It has been a tremendous privilege to have had the opportunity
to lead Summit through its significant evolution since our IPO in
2011. Thanks to the efforts of our entire leadership team, we
are well positioned for future success. I am excited to transition
this role to Jon, who is an integral member of our team and has
been deeply involved in crafting and executing our strategic
vision. He is well equipped to lead Summit through its next
phase of growth," said Mr. Hansen.
Mr. Hansen will work closely with Mr. Stanner on his transition
to Chief Executive Officer and will assume the overall
responsibilities of Executive Chairman, including continued
collaboration with the Board and Summit's executive team in the
execution of the Company's strategic plans.
Mr. Stanner joined the Company in 2017 as Executive Vice
President and Chief Investment Officer and became Executive Vice
President, Chief Financial Officer and Treasurer in 2018 leading
the Company's finance, accounting and investment activities.
Prior to joining the Company, Mr. Stanner held various roles at
Strategic Hotels & Resorts, Inc., the formerly publicly traded
lodging REIT and affiliate of Blackstone Real Estate Partners.
"I am deeply honored to assume the roles of President, Chief
Executive Officer and Director and energized to be afforded the
opportunity to lead this great company and advance our position as
an industry leader. During my time with Summit, I have had
the unique privilege to work alongside some of the industry's most
talented individuals and I would like to thank Dan for his guidance
and support and the Board for placing its confidence and trust in
me," said Mr. Stanner.
The Company has initiated a comprehensive search process with
the assistance of a leading executive recruiting firm to identify a
new Chief Financial Officer.
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 December 17,
2020, the Company's portfolio consisted of 72 hotels, 67 of
which were wholly owned, with a total of 11,288 guestrooms located
in 23 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 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.
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, including, without
limitation, the Company's Annual Report on Form 10-K for the year
ended December 31, 2019. Unless
legally required, the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Summit Hotel Properties, Inc.