High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Texas  + Hospitality  | 

Blackstone Spinning Off La Quinta

Irving, TX-based La Quinta Holdings Inc. is separating into a new REIT named CorePoint Lodging Inc. The transaction is expected to close by early 2018. Blackstone Group LP affiliates own roughly 27% of La Quinta’s public stock.

CorePoint will own and operate 316 select-service hotels, and La Quinta will continue to manage the brand and franchise business. La Quinta’s portfolio includes 886 owned and franchised upper-mid and mid-scale hotels, with roughly 87,500 rooms and a pipeline of 249 additional lodgings.

CorePoint will pay a management fee of 5% of gross hotel revenues in return for day-to-day hotel management, and a royalty fee of 5% of gross hotel room revenues. CorePoint can focus on maximizing portfolio operations, and growing via franchise opportunities with La Quinta and other brands. La Quinta is expected to benefit since it will be freed up from the cash requirements of owning and operating hotels.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Read more at La Quinta Holdings

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.