CorePoint Lodging announced that it was being acquired for $1.5 billion in an all-cash transaction through a joint venture between affiliates of Highgate and Cerberus Capital Management.
Highgate and Cerberus would acquire all outstanding shares of the REIT, which has described itself as "the only public US lodging REIT strategically focused on the ownership of midscale and upper-midscale select-service hotels." The acquisition price is based on $15.65 per share.
CorePoint was a spinoff of the La Quinta hotel brand and started with 316 owned La Quinta Inn-affiliated properties. Wyndham Hotels and Resorts acquired the brand and management business as well as more than 900 of the franchised hotels.
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