Summit Hotel Properties, Inc. filed a Form 8-K on October 29, 2026, disclosing the appointments of Michael Nieves as Executive Vice President and Chief Financial Officer and Adam Wudel as Executive Vice President and Chief Operating Officer, both effective November 1, 2026.

Key Highlights

  • New CFO appointed: Michael Nieves will join as Executive Vice President and Chief Financial Officer, effective November 1, 2026.
  • New COO confirmed: Adam Wudel is appointed Executive Vice President and Chief Operating Officer, also effective November 1, 2026; he has served in various operational and financial capacities since the company's initial public offering in 2011.
  • Base salary: Nieves' employment agreement sets an annual base salary of $450,000, subject to increase at the discretion of the Board or its Compensation Committee.
  • Annual bonus target: Nieves is eligible for a cash performance bonus at a target level not less than 100% of his then-current base salary.
  • Sign-on equity award: Nieves will receive a time-based restricted stock award valued at $750,000 under the Company's 2024 Equity Incentive Plan, vesting 25% on each of the first and second anniversaries and 50% on the third anniversary of the vesting commencement date.
  • Severance multiple: The employment agreement provides a severance multiple of one and one-half times base salary and target bonus in most termination scenarios, and two times in connection with a change of control.
  • Relocation requirement: Nieves has agreed to relocate to the greater Austin, Texas area by July 31, 2027; failure to do so may require repayment of all or a portion of any annual bonus earned for 2026.

Nieves and Wudel Step Into Executive Roles at Summit Hotel Properties

According to the filing, Summit Hotel Properties, Inc. (NYSE:INN) announced on October 29, 2026, the appointments of Michael Nieves as Chief Financial Officer and Adam Wudel as Chief Operating Officer, both carrying the title of Executive Vice President and both taking effect November 1, 2026. The company disclosed the appointments under Item 5.02 of its Form 8-K, covering departures, elections, and compensatory arrangements of certain officers.

The filing describes Nieves' most recent role as Senior Vice President of Finance and Treasurer at PENN Entertainment, Inc. (NYSE: PENN), where he oversaw treasury functions, liquidity management, capital deployment and strategy, financial and operational analyses, risk management, and communications with the investment community. Prior to that, the filing states he held positions at JLL's M&A and Corporate Advisory group, Citigroup's Real Estate and Lodging Investment Banking Group, and Willkie Farr and Gallagher as a corporate lawyer. He holds a B.A. from the University of Michigan, a J.D. from American University, and an M.B.A. from the Darden School of Business at the University of Virginia, according to the filing.

The employment agreement with Nieves has an initial term from November 1, 2026, through November 1, 2027, with automatic successive one-year extensions unless either party provides at least 30 days' notice of non-renewal. The filing notes the agreement includes confidentiality and non-disclosure restrictions, non-disparagement covenants, and non-competition and employee and customer non-solicitation restrictions. It also subjects any incentive compensation to recoupment under applicable law or any company clawback policy. No gross-up for parachute payment excise taxes is provided; instead, payments would be reduced to the maximum amount that can be paid without triggering excise tax liability, unless Nieves would receive greater after-tax benefits from the unreduced amount. The filing notes Wudel has served in various operational and financial capacities since the company's initial public offering in 2011.

What Was Disclosed

Summit Hotel Properties filed a current report disclosing the appointments of Michael Nieves as CFO and Adam Wudel as COO effective November 1, 2026, along with the material terms of Nieves' employment agreement, including salary, bonus eligibility, a restricted stock award, and severance provisions.