Summit Hotel Properties Executive Chairman Kerry W. Boekelheide Steps Down
August 4, 2015 5:36am
Thomas W. Storey will assume the role of Chairman of the Board effective July 30, 2015.
AUSTIN, Texas, Aug. 4, 2015 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that Founder and Executive Chairman Kerry W. Boekelheide has stepped down from his role effective July 30, 2015.
"I am leaving at a time when the Company is on a great path and it is consistent with my personal plans to pursue hotel development on a full-time basis. The Board afforded me the opportunity to begin pursuing this last year and I am excited to get back to my roots of hotel development," said Kerry W. Boekelheide. "In my thirty years, I have never seen a more dedicated management team and I have the utmost confidence in their ability to continue the growth and success of Summit."
Mr. Boekelheide founded The Summit Group, an affiliate of the Company's predecessor, in 1991 and served as Chief Executive Officer until 2010. Mr. Boekelheide informed the Board that he was resigning from his position as Executive Chairman effective July 30, 2015 in order to devote more time to his outside business interests and not as a result of any disagreement with the Board, the Company's management or the Company's independent registered public accounting firm.
"On behalf of the Board and entire Summit team, I want to thank Kerry for his vision and support from the early days when he founded this fine company, through the transition to a public company, and the successes we have had from the execution of our growth strategy. He leaves behind a legacy of strong work ethic, high moral standards and a singular focus on working to create value for shareholders," commented Daniel P. Hansen, President and Chief Executive Officer.
Thomas W. Storey, a director since the completion of the Company's initial public offering in February 2011 and current Chairman of the Company's Corporate Nominating and Governance Committee, will assume the role of Chairman of the Board effective July 30, 2015.
Tags: summit hotel properties,
kerry w. boekelheide,
thomas w. storey
For additional information, please visit the Company's website, www.shpreit.com.
Contact: Elisabeth Eisleben, Director of Investor Relations
Summit Hotel Properties Opens New Build Hyatt House Hotel Across From Orlando Universal Resort™
Hilton Garden Inn Greenville Unveils Multi-Million Dollar Renovation Led by General Manager Barrett Alexander
Summit Hotel Properties Completes $164 Million, 4-Hotel Portfolio Acquisition
Summit Hotel Properties EVP & CFO Greg Dowell to Retire in 2018; Jonathan Stanner, Current EVP and Chief Investment Officer, to Succeed
Summit Hotel Properties to Acquire Four Hotels Totaling 652 Guestrooms for $164 Million, or Approximately $252,000 Per Key
Summit Hotel Properties Completes Acquisition of 181-Room Courtyard by Marriott Charlotte City Center for $56.3 Million
Summit Hotel Properties to Acquire Five-Hotel Portfolio from Xenia for $163 Million
Summit Hotel Properties Reports Q1 2017 Net Income of $28.9 Million Compared to $44.3 Million in Q1 2016
Hospitality Investors Trust Acquires Seven Hotels from Summit Hotel Properties for $66.8 Million
Summit Hotel Properties Names Jonathan P. Stanner Executive Vice President and Chief Investment Officer
Summit Hotel Properties Acquires Two Hotels For $60.2 Million
Summit Hotel Properties Reports Q4 2016 Net Income Fell to $3.3 Million, Compared with $80 Million in 2015; Pro Forma RevPAR Increased 1% in Q4
Summit Hotel Properties Completes Acquisition of 157-Room Marriott in Boulder, Colorado for $61.4 Million
Summit Hotel Properties Reports Second Quarter 2016 Net Income of $17.7 million Compared to $12.1 million in the Year Ago Quarter
Tandy O. Lofland and Mark J. Rome Co-Broker Sale of Las Colinas Holiday Inn Express & Suites
Summit Hotel Properties Completes Sale of Holiday Inn Express & Suites in Irving, Texas for $10.5 Million
Summit Hotel Properties Reports First Quarter 2016 Net Income of $44.3 million Compared to $6.4 million in the Year Ago Quarter
Summit Hotel Properties Reports Fourth Quarter And Full Year 2015 Results; Pro forma RevPAR Grew to $97.13, an Increase of 5.5%
Summit Hotel Properties Sells 6 Hotels for $108.3M, Reinstates Agreement for Sale of 10 Hotels for $89.1M, and Acquires 2 Hotels for $109M
American Realty Capital Hospitality Trust Acquires Six Hotels from Summit Hotel Properties for $108.3 Million
Please login or register to post a comment.