Summit Hotel Properties Appoints Two Independent Directors with Substantial Public Company Experience
Jeffrey Jones most recently held the position of Chief Financial Officer of Vail Resorts, Inc. (NYSE:MTN), where he also served as a member of the Vail Resorts Board of Directors and as President of Lodging, Retail and Real Estate. Mr. Jones held overall responsibility for the finance, accounting, treasury and investor relations functions, as well as operations oversight of the lodging, retail, and real estate segments, of this publicly-traded mountain resort operator. Mr. Jones joined Vail Resorts in 2003 and retired from his positions in December 2012. Prior to Vail, Mr. Jones was CFO of multiple companies primarily in the retail sector.
Mr. Jones currently serves on the Boards of Noodles & Company, Inc. (Nasdaq:NDLS), where he chairs the Audit Committee, and Hershey Entertainment & Resorts, a privately held company where he chairs the Audit and Finance Committee. In addition, he is a member of the Advisory Board of U.S. Bank and is the Executive in Residence and a member of the Board of Directors at the Leeds School of Business, University of Colorado Boulder. Mr. Jones is a certified public accountant and a member of the American Institute of Certified Public Accountants.
Kenneth Kay was Executive Vice President and Chief Financial Officer of Las Vegas Sands Corp. (NYSE:LVS) from December 2008 to July 2013, a leading global developer of destination properties, where he was responsible for all worldwide financial, planning, procurement, technology and risk aspects of the company.
Immediately prior to Las Vegas Sands, Mr. Kay was Senior Executive Vice President and Chief Financial Officer of CB Richard Ellis Group, Inc. (NYSE:CBG) ("CBRE"), a global commercial real estate services firm, from June 2002 to December 2008.
Mr. Kay began his career with PricewaterhouseCoopers, primarily focusing his efforts on large, publicly owned multinational companies. After leaving public accounting, his career included senior financial and operational roles at Ameron International, Systemed Inc., Universal Studios and, just prior to CBRE, as Chief Financial Officer of Dole Food Company, Inc. (formerly NYSE:DOLE).
Mr. Kay is currently a Managing Director of Raven LLC, an investment and advisory services firm located in Las Vegas, Nevada, a position he has held since co-founding the firm in 2012. Raven LLC provides debt and equity capital and management consulting and advisory services to small and medium sized businesses.
Mr. Kay is a member of the Board of Governors of Cedars Sinai Medical Center and The Board of Advisors of the USC Leventhal School of Accounting. Mr. Kay is a certified public accountant and a member of the American Institute of Certified Public Accountants.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focusedprimarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of March 12, 2013, the Company's portfolio consisted of 91 hotels with a total of 10,309 rooms located in 22 states.
Forward Looking Statements
This press release contains statements that are "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. These statements relate to, among other things, the Company's pending acquisitions, the availability of funding for the pending acquisitions and the expected increase in the maximum borrowing availability under the Credit Facility. No assurance can be given that the acquisitions will be completed when expected, on the terms described or at all, or that maximum borrowing availability under the Credit Facility will be increased. These actions are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company's periodic reports and other documents filed with the Securities and Exchange Commission (the "SEC").Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.