Summit Hotel Properties CFO to Depart for Personal Reasons
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Source: PRnewswire
- Executive Departure: Summit Hotel's CFO William Conkling will leave the company on June 15, 2026, for personal reasons, marking the end of his five-year tenure and indicating potential challenges to executive stability within the company.
- Transition Support: Conkling will remain available in an advisory role until September 30, 2026, to assist with the transition, while the company has engaged a nationally recognized search firm to identify his successor, demonstrating a commitment to effective leadership succession.
- Interim Leadership: During the search for a new CFO, current President and CEO Jonathan Stanner will also assume the role of principal financial officer, ensuring that financial decision-making remains unaffected during the transition period, which is crucial for maintaining investor confidence.
- Clarification of Departure Reasons: The company clarified that Conkling's departure is not due to any disagreements regarding operations, policies, or financial disclosures, aiming to alleviate market concerns about internal management and uphold the company's reputation.
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Analyst Views on INN
Wall Street analysts forecast INN stock price to fall
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 6.120
Low
4.50
Averages
4.75
High
5.00
Current: 6.120
Low
4.50
Averages
4.75
High
5.00
About INN
Summit Hotel Properties, Inc. is a real estate investment trust. The Company is focused on owning premium-branded lodging facilities with operating models primarily in the upscale segment of the lodging industry. Its portfolio consists of over 94 assets, 52 of which are wholly owned, with a total of 14,226 guestrooms located in 24 states. Its lodging properties are located in markets with multiple demand generators, such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Its guestrooms operate under franchise brands owned by Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Hyatt Hotels Corporation (Hyatt), and InterContinental Hotels Group (IHG). It holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). Substantially, all of its assets are held by, and all of its operations are conducted through, the Operating Partnership.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Summit Hotel Properties CFO Departure Announcement
- Executive Departure: Summit Hotel's CFO William Conkling will leave the company effective June 15, 2026, for personal reasons, which may have a short-term impact on the company's financial stability despite his significant contributions over the past five years.
- Transition Support: Conkling will remain available in an advisory role until September 30, 2026, to ensure continuity in financial management, aiming to mitigate potential risks associated with executive turnover.
- Interim Leadership: During the search for a successor, current CEO Jonathan Stanner will also serve as CFO, indicating the company's commitment to stability and leadership during this transition period.
- No Disagreements: The company confirmed that Conkling's departure is not due to any disagreements regarding operations, policies, or financial disclosures, which helps maintain investor confidence and reduces concerns about corporate governance.
See More
Summit Hotel CFO to Depart in 2026, Interim CFO Appointed
- Executive Departure: Summit Hotel's CFO William “Trey” Conkling will leave the company on June 15, 2026, after five years in the role, and will assist with the transition while serving in an advisory capacity until September 30, 2026, indicating a structured approach to leadership changes.
- Interim CFO Appointment: CEO Jonathan Stanner will serve as the interim CFO while continuing his role as CEO, ensuring continuity in financial management and mitigating uncertainties that may arise from executive transitions.
- Successor Search: The company has engaged a national search firm to find a permanent successor, reflecting Summit Hotel's commitment to a thorough and professional selection process for its leadership, aimed at ensuring stability and expertise in future management.
- Financial Performance: Summit Hotel forecasts RevPAR growth of 0.5% to 3% for 2026; despite Q1 FFO of $0.17 missing estimates by $0.02, revenue of $185.05 million exceeded expectations by $3.66 million, demonstrating the company's resilience in the market.
See More
Summit Hotel Properties CFO to Depart for Personal Reasons
- Executive Departure: Summit Hotel's CFO William Conkling will leave the company on June 15, 2026, for personal reasons, marking the end of his five-year tenure and indicating potential challenges to executive stability within the company.
- Transition Support: Conkling will remain available in an advisory role until September 30, 2026, to assist with the transition, while the company has engaged a nationally recognized search firm to identify his successor, demonstrating a commitment to effective leadership succession.
- Interim Leadership: During the search for a new CFO, current President and CEO Jonathan Stanner will also assume the role of principal financial officer, ensuring that financial decision-making remains unaffected during the transition period, which is crucial for maintaining investor confidence.
- Clarification of Departure Reasons: The company clarified that Conkling's departure is not due to any disagreements regarding operations, policies, or financial disclosures, aiming to alleviate market concerns about internal management and uphold the company's reputation.
See More
Summit Hotel Properties Q1 2026 Earnings Call Highlights
- RevPAR Growth Trend: In Q1 2026, Summit Hotel Properties reported a 20 basis point year-over-year increase in RevPAR, with a significant 4.1% growth in March driven by a 5.6% rise in average rates, indicating strong performance amid market recovery.
- Capital Recycling and Shareholder Returns: The company completed the sale of the Hilton Garden Inn in Texas for $12.3 million and entered into agreements to sell two Dallas hotels for $19 million, while repurchasing 1.4 million shares for $6 million, reflecting proactive capital management strategies.
- Financial Performance and Outlook: The first quarter adjusted EBITDA was $44.2 million, with adjusted FFO at $25.5 million, and the RevPAR growth outlook for 2026 has been raised to 0.5% to 3%, potentially driving EBITDA to between $170 million and $181 million, showcasing the company's optimistic future expectations.
- Market Drivers: RevPAR increased by 27% in San Francisco and over 14% in South Florida, while the repositioned Fort Lauderdale Beach hotel achieved 56% revenue growth and 90% EBITDA growth, reflecting the company's strong performance in targeted markets and successful strategic adjustments.
See More
Summit Hotel Properties Reports Strong Q1 2026 Earnings and Positive Outlook
- Operating Income Growth: In Q1 2026, Summit Hotel Properties reported operating income of $14.1 million, a significant improvement compared to the previous year, indicating strong performance amid market recovery and expected to drive annual growth.
- Strong AFFO Performance: The company achieved an Adjusted Funds From Operations (AFFO) of $25.5 million, or $0.21 per share, reflecting ongoing optimization in capital allocation and operational efficiency, which enhances investor confidence.
- Capital Recycling Strategy: Summit entered into an agreement to sell two hotels in Dallas for $19 million at a 5% capitalization rate, a move that will further optimize its asset portfolio and free up capital for future investments.
- Positive Market Outlook: The company maintains an optimistic outlook for 2026, projecting RevPAR growth between 0.5% and 3.0%, benefiting from strong demand and a robust special events calendar in the upcoming travel season, thereby enhancing its competitive position in the market.
See More
Summit Hotel to Announce Q1 Earnings on April 30
- Earnings Announcement: Summit Hotel (INN) is set to release its Q1 2023 earnings after market close on April 30, drawing significant attention from investors regarding its performance.
- FFO Expectations: The consensus estimate for its Funds From Operations (FFO) stands at $0.19 per share, a critical metric that will influence investor perceptions of the company's profitability.
- Revenue Forecast: Analysts project Summit Hotel's revenue to reach $181.39 million; exceeding this estimate could bolster the stock price and enhance market confidence in the company.
- RevPAR Growth Outlook: The company anticipates a RevPAR growth range of 0% to 3% for 2026, buoyed by the World Cup, indicating a potential for growth in a favorable market environment.
See More
Summit Hotel Properties CFO Departure Announcement
- Executive Departure: Summit Hotel's CFO William Conkling will leave the company effective June 15, 2026, for personal reasons, which may have a short-term impact on the company's financial stability despite his significant contributions over the past five years.
- Transition Support: Conkling will remain available in an advisory role until September 30, 2026, to ensure continuity in financial management, aiming to mitigate potential risks associated with executive turnover.
- Interim Leadership: During the search for a successor, current CEO Jonathan Stanner will also serve as CFO, indicating the company's commitment to stability and leadership during this transition period.
- No Disagreements: The company confirmed that Conkling's departure is not due to any disagreements regarding operations, policies, or financial disclosures, which helps maintain investor confidence and reduces concerns about corporate governance.
See More
Summit Hotel CFO to Depart in 2026, Interim CFO Appointed
- Executive Departure: Summit Hotel's CFO William “Trey” Conkling will leave the company on June 15, 2026, after five years in the role, and will assist with the transition while serving in an advisory capacity until September 30, 2026, indicating a structured approach to leadership changes.
- Interim CFO Appointment: CEO Jonathan Stanner will serve as the interim CFO while continuing his role as CEO, ensuring continuity in financial management and mitigating uncertainties that may arise from executive transitions.
- Successor Search: The company has engaged a national search firm to find a permanent successor, reflecting Summit Hotel's commitment to a thorough and professional selection process for its leadership, aimed at ensuring stability and expertise in future management.
- Financial Performance: Summit Hotel forecasts RevPAR growth of 0.5% to 3% for 2026; despite Q1 FFO of $0.17 missing estimates by $0.02, revenue of $185.05 million exceeded expectations by $3.66 million, demonstrating the company's resilience in the market.
See More
Summit Hotel Properties CFO to Depart for Personal Reasons
- Executive Departure: Summit Hotel's CFO William Conkling will leave the company on June 15, 2026, for personal reasons, marking the end of his five-year tenure and indicating potential challenges to executive stability within the company.
- Transition Support: Conkling will remain available in an advisory role until September 30, 2026, to assist with the transition, while the company has engaged a nationally recognized search firm to identify his successor, demonstrating a commitment to effective leadership succession.
- Interim Leadership: During the search for a new CFO, current President and CEO Jonathan Stanner will also assume the role of principal financial officer, ensuring that financial decision-making remains unaffected during the transition period, which is crucial for maintaining investor confidence.
- Clarification of Departure Reasons: The company clarified that Conkling's departure is not due to any disagreements regarding operations, policies, or financial disclosures, aiming to alleviate market concerns about internal management and uphold the company's reputation.
See More
Summit Hotel Properties Q1 2026 Earnings Call Highlights
- RevPAR Growth Trend: In Q1 2026, Summit Hotel Properties reported a 20 basis point year-over-year increase in RevPAR, with a significant 4.1% growth in March driven by a 5.6% rise in average rates, indicating strong performance amid market recovery.
- Capital Recycling and Shareholder Returns: The company completed the sale of the Hilton Garden Inn in Texas for $12.3 million and entered into agreements to sell two Dallas hotels for $19 million, while repurchasing 1.4 million shares for $6 million, reflecting proactive capital management strategies.
- Financial Performance and Outlook: The first quarter adjusted EBITDA was $44.2 million, with adjusted FFO at $25.5 million, and the RevPAR growth outlook for 2026 has been raised to 0.5% to 3%, potentially driving EBITDA to between $170 million and $181 million, showcasing the company's optimistic future expectations.
- Market Drivers: RevPAR increased by 27% in San Francisco and over 14% in South Florida, while the repositioned Fort Lauderdale Beach hotel achieved 56% revenue growth and 90% EBITDA growth, reflecting the company's strong performance in targeted markets and successful strategic adjustments.
See More
Summit Hotel Properties Reports Strong Q1 2026 Earnings and Positive Outlook
- Operating Income Growth: In Q1 2026, Summit Hotel Properties reported operating income of $14.1 million, a significant improvement compared to the previous year, indicating strong performance amid market recovery and expected to drive annual growth.
- Strong AFFO Performance: The company achieved an Adjusted Funds From Operations (AFFO) of $25.5 million, or $0.21 per share, reflecting ongoing optimization in capital allocation and operational efficiency, which enhances investor confidence.
- Capital Recycling Strategy: Summit entered into an agreement to sell two hotels in Dallas for $19 million at a 5% capitalization rate, a move that will further optimize its asset portfolio and free up capital for future investments.
- Positive Market Outlook: The company maintains an optimistic outlook for 2026, projecting RevPAR growth between 0.5% and 3.0%, benefiting from strong demand and a robust special events calendar in the upcoming travel season, thereby enhancing its competitive position in the market.
See More
Summit Hotel to Announce Q1 Earnings on April 30
- Earnings Announcement: Summit Hotel (INN) is set to release its Q1 2023 earnings after market close on April 30, drawing significant attention from investors regarding its performance.
- FFO Expectations: The consensus estimate for its Funds From Operations (FFO) stands at $0.19 per share, a critical metric that will influence investor perceptions of the company's profitability.
- Revenue Forecast: Analysts project Summit Hotel's revenue to reach $181.39 million; exceeding this estimate could bolster the stock price and enhance market confidence in the company.
- RevPAR Growth Outlook: The company anticipates a RevPAR growth range of 0% to 3% for 2026, buoyed by the World Cup, indicating a potential for growth in a favorable market environment.
See More
