Summit Hotel Properties Executive Chairman Kerry W. Boekelheide Steps Down

AUSTIN, Texas, Aug. 3, 2015 /PRNewswire/ -- 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.

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 August 3, 2015, the Company's portfolio consisted of 95 hotels with a total of 12,175 guestrooms located in 24 states. 

For additional information, please visit the Company's website, www.shpreit.com.

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SOURCE Summit Hotel Properties, Inc.