The spinoff of real estate investment trust CorePoint Lodging Inc. from La Quinta Holdings was completed on Thursday and includes a geographically diverse portfolio of 316 hotels that were previously owned by La Quinta.
IRVING, Texas, May 31, 2018 -- CorePoint Lodging Inc. (NYSE:CPLG) ("CorePoint") has announced the completion of its spin-off from La Quinta Holdings Inc. ("La Quinta") into a stand-alone public company that holds a geographically diverse portfolio of 316 hotels that were previously owned by La Quinta. CorePoint elected to become a real estate investment trust (REIT), effective following the completion of the spin-off.
CorePoint will begin "regular way" trading on the New York Stock Exchange (NYSE) May 31, 2018, under the ticker symbol "CPLG." To honor the occasion, Keith Cline, CorePoint President & Chief Executive Officer, will ring the NYSE Opening Bell®.
"Today we are excited to announce the creation of CorePoint Lodging, the only publicly traded U.S. lodging REIT strategically focused on serving the midscale and upper-midscale select service segments," said Mr. Cline. "We believe CorePoint is well-positioned within its segment and has imbedded growth opportunities for value creation in the near and long term. In addition, CorePoint's experienced leadership team is strategically focused on proactive asset management, value-enhancing investments, disciplined capital allocation and maintaining a solid balance sheet and conservative capital structure, which we believe will position CorePoint to generate premium long term total returns for our stockholders."
Upon completion of the spin-off, La Quinta's remaining franchise and management business was acquired by Wyndham Worldwide (NYSE:WYN). La Quinta also effected a previously-announced 1-for-2 reverse stock split, prior to the close of the transaction.
CorePoint Lodging and La Quinta were provided financial advice by J.P. Morgan. Simpson Thacher & Bartlett LLP is acting as legal advisor to CorePoint and La Quinta.
ABOUT COREPOINT LODGING INC.
CorePoint Lodging Inc. is the only pure-play publicly-traded U.S. REIT strategically focused on select-service midscale and upper-midscale lodging. CorePoint Lodging owns a geographically diverse portfolio of 316 hotels and more than 40,000 rooms across 41 states in attractive locations primarily in or near employment centers, airports and major travel thoroughfares. For more information, please visit CorePoint's website at www.corepoint.com.
Source: CorePoint Lodging Inc.
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