Whittemore replaces Paul Schulte as CEO. Schulte will remain with Humphrey as chairman of the board. The management changes come as the REIT restructures some of its operations. Humphrey owns 92 limited service hotel properties. Those properties have been leased to Humphrey Hospitality Management Inc. Now, the REIT expects to create a taxable REIT subsidiary, or TRS, by the end of the year. This TRS would become the new lessee for all of Humphrey's hotels. If the deal is completed, the new taxable unit would enter into a four-year management agreement with HHM to manage the hotels.
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