La Quinta Board Approves CorePoint Lodging Spinoff

The board of directors with La Quinta Holdings Inc. approved the spinoff of CorePoint Lodging, a REIT that will hold all of La Quinta’s real estate assets. The spinoff is in conjunction with Wyndham Worldwide Corp.’s $1.95 billion La Quinta buy. The Wyndham-La Quinta merger is scheduled for a May 30, 2018 closing. La Quinta Holdings, headquartered in Irving, TX, will continue to hold its management and franchise businesses.

The record date for the spinoff is scheduled for May 18, 2018, and CorePoint Lodging will begin trading on the New York Stock Exchange on May 31, 2018. La Quinta stockholders will receive one share of CorePoint Lodging for each one share of La Quinta, after giving effect to a 1-for-2 reverse stock split of La Quinta, which will take place immediately prior to the spinoff distribution.

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