Friday December 27th, 2013 - 9:09AM
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.”