CorePoint Lodging has received stockholder approval for its acquisition by a joint venture between Highgate and Cerberus Capital Management. The transaction is anticipated to close as soon as March 3, 2022, pending final conditions. Stockholders will receive $15.99 per share in an all-cash deal, after which CorePoint's shares will be delisted from the NYSE and the company will transition to private ownership. Final voting results will be detailed in a Current Report filed with the SEC.
Monteverde & Associates PC is investigating potential shareholder claims regarding proposed acquisitions involving three companies: IKONICS Corp. (IKNX), Noble Corp. (NE), and CorePoint Lodging Inc. (CPLG).
IKONICS shareholders are set to receive $5.00 in cash and shares in the new entity. NE shareholders will receive one share of Topco common stock. CPLG shareholders are expected to gain $15.65 in cash per share. The investigations aim to ensure that shareholders are informed of their rights.
CorePoint Lodging Inc. (CPLG) reported a net income of $17 million for Q3 2021, with earnings per diluted share at $0.28, marking a 312.5% increase year-over-year. Comparable RevPAR reached $66.38, up 71.4% from 2020. The company successfully sold 15 non-core hotels for approximately $96 million and repaid $102 million in total debt. A joint venture acquisition agreement was announced post-quarter, involving Highgate and Cerberus Capital Management. The company maintains a suspended dividend, preserving $11 million quarterly.
CorePoint Lodging Inc. (CPLG) announced a definitive agreement for acquisition by Highgate and Cerberus, valuing the transaction at $1.5 billion or $15.65 per share in cash. This reflects a 42% premium over the last closing price before the deal announcement. Stockholders may receive additional cash pending IRS proceedings resolution, estimated at $0.10 per share. The deal is expected to close in Q1 2022, pending stockholder approval. Upon completion, CPLG will delist from the New York Stock Exchange.
CorePoint Lodging Inc. (NYSE: CPLG) reported a net income of $28 million for Q2 2021, translating to $0.48 per diluted share, a significant recovery from a net loss of $107 million in Q2 2020. Comparable RevPAR soared by 137.8% year-over-year to $58.99, driven by a 34% increase in ADR and improved occupancy rates. The company sold 25 non-core hotels for $143 million during the quarter, repaying $130 million in debt. Moving forward, CorePoint is exploring strategic alternatives to enhance stockholder value as it continues its non-core hotel disposition strategy, aiming for an additional $234 million in proceeds.
CorePoint Lodging Inc. (NYSE: CPLG) will report its Q2 2021 financial results on August 5, 2021, after market close. A conference call for investors will follow at 5:00 p.m. ET, accessible via phone or webcast. The replay of the call will be available until August 12, 2021. CorePoint focuses on midscale and upper-midscale select-service hotels, primarily La Quinta branded properties, across diverse U.S. locations. For more details, visit www.corepoint.com.
CorePoint Lodging Inc. (NYSE: CPLG) announced a business update for Q2 2021, highlighting an exploration of strategic alternatives to maximize stockholder value. CEO Keith Cline noted improved performance from select-service hotels, predominantly in suburban markets, with over 80% of non-core hotel dispositions executed. In Q2, 25 non-core hotels were sold for approximately $143 million, with an additional 36 under contract for $220 million. The company repaid $125 million in debt, lowering its CMBS debt to $564 million. Q2 results will be reported on August 5, 2021.
CorePoint Lodging Inc. (NYSE: CPLG) reported a net loss of $(31) million for Q1 2021, translating to $(0.54) per share, a 47.6% increase in losses compared to the same quarter in 2020. Comparable RevPAR fell by 24.0% to $38.78. However, the company saw a sequential improvement in occupancy, reaching 62% in March. They successfully sold 9 non-core hotels for $42 million and reduced total debt by $41 million. As of March 31, 2021, the company had $139 million in cash and total debt of $769 million. The common stock dividend remains suspended, preserving approximately $45 million annually.
CorePoint Lodging (NYSE: CPLG) plans to announce its Q1 2021 financial results on May 6, 2021, after market close. A conference call for discussion of these results will occur at 5:00 p.m. ET the same day. Interested parties can access the call via phone or webcast. A replay will be available from May 6 at 8:00 p.m. ET until May 13 at 8:00 p.m. ET. CorePoint Lodging focuses on owning midscale and upper-midscale select-service hotels, primarily branded as La Quinta, in strategic locations across the U.S.
CorePoint Lodging reported a net loss of $(42) million for Q4 2020, down from $(154) million in Q4 2019, reflecting a 72.7% improvement. Comparable RevPAR declined by 43.2% to $32.03, driven by decreased demand amid the COVID-19 pandemic. The company sold 11 non-core hotels for $48 million in Q4 and repaid $57 million in debt. All hotels are operational, with a focus on cost containment. Subsequent to year-end, they sold 8 more hotels for $38 million and amended their revolving credit facility, extending its maturity to May 2022.