Summit Hotel Properties, Inc.

Summit Hotel Properties, Inc. announced that William Conkling, Executive Vice President and Chief Financial Officer, will resign effective June 15, 2026. Jonathan Stanner, President and CEO, will take over as principal financial officer without additional compensation. Mr. Conkling will provide consulting services for a transition period and his departure is not related to any disagreements with the company.

Summit Hotel Properties, Inc. reported a net loss attributable to common stockholders of $(10.4) million, or $(0.10) per share, for Q1 2026, a significant increase from the $(4.7) million loss, or $(0.04) per share, in Q1 2025. Total revenues saw a slight increase to $185.1 million, but operating income declined by 28.7%. The quarter included a $3.6 million write-down on assets held for sale and the refinancing of $287.5 million in convertible notes, leading to a higher weighted-average interest rate of 5.57%.