Summit Hotel Properties, Inc. (NYSE: INN) today announced that David S. Kay has stepped down from the company’s board of directors as of December 20, 2013 due to the time commitments required by his new position as President of American Realty Capital Properties, Inc. (NASDAQ: ARCP), a publicly traded real estate investment trust.
“We have benefited from David’s capital markets expertise since the company’s IPO in 2011,” said Kerry W. Boekelheide, Summit’s Executive Chairman of the Board. “His counsel over the past three years has aided Summit in its growth from 65 to 92 hotels with a total enterprise value of nearly $1.4 billion. His new position is a great opportunity for him, and we wish him well in his new endeavor.”
“I have enjoyed serving as a director and working with the management team,” said David S. Kay. “Summit has clearly established itself as a leader in the sector and demonstrated solid commitment to shareholders. I regret that I will miss participating in this continued success, but I am grateful to have been part of Summit’s early growth as a public company.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on acquiring and owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. As of September 30, 2013, the company’s portfolio consisted of 92 hotels with a total of 11,002 guestrooms located in 24 states.
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” or other similar words or expressions. These forward-looking statements relate to the payment of dividends. 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 (“SEC”), including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. 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.