Summit Hotel Properties named Michael Nieves executive vice president and chief financial officer and Adam Wudel executive vice president and chief operating officer, with both appointments effective November 1, 2026. Nieves joins from casino operator PENN Entertainment and will take on a finance role with a substantial real estate and capital-markets background.
Key details
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Nieves’ experience: At PENN, he was senior vice president of finance and treasurer, overseeing treasury, liquidity, capital deployment and strategy, risk management, and investor communications. Earlier, he worked in real estate mergers and acquisitions and corporate advisory at JLL, real estate and lodging investment banking at Citigroup, and corporate law at Willkie Farr & Gallagher.
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Nieves’ compensation: His agreement sets an annual base salary of $450,000, which the board or its compensation committee may increase. He is eligible for an annual cash bonus with a target of at least 100% of his base salary, subject to performance goals and other requirements set by the committee. He is also eligible for the company’s equity incentive plan and executive benefits.
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Agreement term: The agreement begins November 1, 2026, and runs through November 1, 2027. It renews automatically for successive one-year periods unless either side gives at least 30 days’ notice that it will not renew.
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Austin relocation: Nieves has agreed to move to the greater Austin area by July 31, 2027. Until then, the company will reimburse reasonable commuting and lodging costs when he is in Austin. If he does not relocate by the deadline, the board or compensation committee may require him to repay all or part of any 2026 annual bonus he earns.
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Severance: If Nieves is terminated without cause or resigns for “good reason,” and he signs and does not revoke a release of claims, the agreement provides for severance based on multiples of his salary and target bonus, a prorated bonus tied to performance goals, and reimbursement of health-insurance premiums for up to 12 months. Treatment of outstanding equity awards is governed by the applicable award agreements. The stated severance multiple is 1.5 times salary and target bonus in specified circumstances before a control change; the agreement also provides for a two-times multiple in certain control-change-related circumstances.
Plain-English implications
The appointments put Nieves, with experience in finance, real estate transactions and capital markets, in the CFO role, while Wudel takes the COO role. Nieves’ agreement also makes his move to the Austin area a condition tied to possible repayment of his 2026 bonus.