Summit Hotel Properties Promotes Adam Wudel to COO, Names Mike Nieves CFO

Summit Hotel Properties, Inc. (NYSE: INN) announced Oct. 29 that it has promoted Adam Wudel to Executive Vice President and Chief Operating Officer and appointed Mike Nieves as Executive Vice President and Chief Financial Officer. Both appointments take effect Nov. 1, 2026.

Wudel, who has spent 18 years with the company, most recently served as Executive Vice President of Corporate Development. Nieves joins Summit from PENN Entertainment, Inc., where he was Senior Vice President of Finance and Treasurer.

Adam Wudel Moves to Chief Operating Officer

Wudel's promotion follows an 18-year tenure at Summit Hotel Properties in roles of increasing responsibility. As Executive Vice President of Corporate Development, he oversaw asset management, revenue strategy, data analytics and transaction activity for the company. He previously served as Senior Vice President Finance, Capital Markets and Treasurer, where he led the company's capital markets, investor relations, FP&A and treasury functions. Wudel holds a B.S. degree in Business Administration - Finance from North Dakota State University.

"Adam's promotion to Chief Operating Officer is a well-deserved recognition of his outstanding contributions to Summit over the course of his 18-year tenure with the Company," said Jonathan Stanner, Summit's President and Chief Executive Officer. "Adam has been instrumental in leading our asset management and revenue strategy teams, along with overseeing the Company's investment activities. His deep knowledge of our portfolio, our operations, and the broader lodging landscape positions him to excel in this expanded leadership role."

Mike Nieves Joins as Chief Financial Officer

At PENN Entertainment, a publicly traded gaming, entertainment and hospitality company, Nieves oversaw all investor relations, capital markets, FP&A, treasury and risk management functions. Before that, he was a Director in JLL's M&A and Corporate Advisory group, where he advised on and executed dispositions, strategic transactions and capital raising initiatives in the real estate sector. Earlier in his career, he was a Vice President in Citigroup's Real Estate and Lodging Investment Banking Group and practiced as a corporate lawyer at Willkie Farr & Gallagher.

Nieves holds a B.A. from the University of Michigan, a J.D. from American University – Washington College of Law, and an M.B.A. from the Darden School of Business at the University of Virginia.

"We are thrilled to welcome Mike to Summit as our new Chief Financial Officer," Stanner said. "Mike brings a wealth of financial expertise and capital markets experience across the real estate, hospitality and entertainment sectors. His proven track record in capital raising and deployment, investor relations, and treasury and risk management makes him an ideal fit to help drive Summit's continued growth and value creation for stockholders."

Portfolio Repositioning Provides Context

The leadership changes come as Summit continues to reshape its portfolio. Since 2023, the company and its affiliates have sold, or contracted to sell, 15 hotels for approximately $219 million at a blended capitalization rate of about 4.7%. The divested hotels generated RevPAR of roughly $86, about 30% below the current pro forma portfolio.

The most recent disposition involved two Dallas-area hotels: a 103-room Courtyard by Marriott and a 96-room Residence Inn by Marriott in Arlington South, sold for a combined $19 million.

As of Oct. 29, 2026, Summit's portfolio consisted of 92 assets, 50 of which are wholly owned, with 14,027 guestrooms in 24 states. The company is a real estate investment trust focused on owning premium-branded lodging properties with efficient operating models, primarily in the Upscale segment of the lodging industry.

Operating Results and Industry Backdrop

Summit's second-quarter 2026 results showed improving earnings. Operating income rose 27.3% to $28.9 million, and adjusted EBITDAre increased 7.7% to $54.8 million. Pro forma RevPAR grew 5.0% to $136.06, driven by a 7.1% increase in ADR to $178.42, while pro forma occupancy declined 1.9% to 76.3%. Pro forma hotel EBITDA increased 2.6% to $135.9 million from $132.4 million, and management cited margin expansion and cost controls in the pro forma portfolio.

The broader U.S. hotel market strengthened in the third quarter. Occupancy rose 1.8 percentage points year over year to 67.7%, and demand grew 3.0% against 0.4% supply growth. ADR increased 4.3%, producing 7.0% RevPAR growth. Cushman & Wakefield reported similar results, including 7.1% quarterly RevPAR growth.

Supply forecasts remain modest. CBRE projects hotel inventory growth of 0.7% annually over the next three years, while Marcus & Millichap forecasts approximately 81,000 new rooms in 2026, equivalent to 0.9% supply growth.

Division of Responsibilities

The appointments split emphasis between capital allocation and property-level execution. Nieves' background spans capital markets, investor relations, treasury, risk management, real estate M&A and lodging investment banking, functions tied to funding and communicating portfolio changes. Wudel's remit has included asset management, revenue strategy, data analytics and transactions, areas relevant as Summit's recent growth has been driven more by rate than by occupancy.

Sources

Summit Hotel Properties, Inc. press release via PR Newswire: https://www.prnewswire.com/news-releases/summit-hotel-properties-announces-executive-leadership-appointments-302924125.html