William "Trey" Conking, executive vice president and chief financial officer of real estate investment trust Summit Hotel Properties, is leaving the company.
While the departure is effective June 15, Conkling will remain available to assist with the transition through Sept. 30.
"Trey has been a valued member of our executive leadership team over the past five years, and we appreciate his many contributions to Summit during his tenure," said President and CEO Jonathan Stanner. "On behalf of the Board of Directors and the entire Summit team, I thank Trey for his dedicated service and wish him the very best in his future endeavors."
Stanner will assume the Austin, Texas-based company's CFO responsibilities in addition to his role as president and CEO.
In a news release, Summit cites personal reasons for Conkling's departure, and notes that the personnel change "is not the result of any disagreement" with Summit or its operations and finances.
"It has been a pleasure to work at Summit for the past five years and I am proud of all that we have accomplished together," Conkling said. "I am grateful for the opportunity to have worked with such a dedicated team and remain committed to supporting an orderly transition. I wish Summit and my colleagues all the best in the future and am confident that the Company is in good hands."
Summit has a portfolio of 94 hotels and 14,226 guestrooms across 24 U.S. states, with 52 hotels being wholly owned. On its most recent quarterly earnings call, Summit reported a net loss of $10.4 million in the first quarter. Despite a rough start to financial performance, the company's leadership was optimistic for the rest of the year, raising outlook marginally.