The Firm is representing La Quinta Holdings Inc. (NYSE: LQ) in the proposed acquisition of La Quinta’s hotel franchise and hotel management businesses by Wyndham Worldwide Corporation (NYSE: WYN) for $1.95 billion in cash, immediately following a taxable spin-off of La Quinta’s owned real estate assets into a new publicly traded real estate investment trust, CorePoint Lodging. The Firm is also representing La Quinta in the spin-off transaction. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2018.
La Quinta Holdings Inc. is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company’s owned and franchised portfolio consists of almost 900 properties representing over 88,500 rooms located in 48 states in the U.S., Mexico and Central and South America.
Following the spin-off from La Quinta, CorePoint Lodging is expected to become a publicly traded REIT focused exclusively on select-service midscale and upper-midscale lodging, with a portfolio of 315 hotels and more than 40,000 rooms throughout the U.S.
Wyndham Worldwide is one of the largest global hospitality companies, providing travelers with access to hotels, vacation ownership and unique accommodations including vacation exchange, holiday parks and managed home rentals, with a collective inventory of nearly 130,000 places to stay across more than 110 countries.
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