David S. Kay Steps Down from Summit Hotel Properties Board of Directors
Friday December 27th, 2013 - 9:09AM 0
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AUSTIN, TX—Summit Hotel Properties, Inc. yesterday announced that David S. Kay has stepped down from the company’s board of directors due to the time commitments required by his new position as president of American Realty Capital Properties, Inc., a publicly traded real estate investment trust.
“We have benefited from David’s capital markets expertise since the company’s IPO in 2011,” stated 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,” stated 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.”
Tags: Summit Hotel Properties • David S. Kay • Hospitality • Personnel •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.