Simpson Thacher advised La Quinta Holdings Inc. in the spin-off of its real estate business into a new independent publicly traded company called CorePoint Lodging Inc. and the sale of La Quinta’s remaining hotel and franchise business to Wyndham Worldwide for $1.95 billion in cash. The Firm also represented CorePoint Lodging in connection with a $1.035 billion CMBS facility and $150 million revolving credit facility, each entered into in connection with the spin-off.
CorePoint Lodging (NYSE: CPLG) began “regular way” trading on the New York Stock Exchange on May 31, 2018. CorePoint Lodging is the only pure-play publicly traded U.S. REIT strategically focused on select-service midscale and upper-midscale lodging. CorePoint Lodging owns a geographically diverse portfolio of 316 hotels and more than 40,000 rooms across 41 states in attractive locations primarily in or near employment centers, airports and major travel thoroughfares.
The Simpson Thacher team included Eric Swedenburg, Jakob Rendtorff, Erika Tang and Seth Lowinger (M&A); Edgar Lewandowski, Lia Toback, Ben Heriaud and Christine Turner (Capital Markets); Sas Mehrara, Steven Stickler, Jason Mohr, Leanne Welds, Brittany Baclawski and Brendan Galloway (Real Estate); Brian Gluck, Leah Nudelman, Karnellia Brake and Michael Yan (Credit); John Hart, Drew Purcell and Brian Mendick (Tax); David Rubinsky, Jeannine McSweeney and Jason Fixelle (Executive Compensation and Employee Benefits); Peter Guryan, Kelly Karapetyan, Ellen Frye and Daniel Owsley (Antitrust); Steve DeLott (Insurance); Lori Lesser and Kate Stein (IP); Adeeb Fadil, Noreen Lavan and Timothy Mulvihill (Environmental); and James Rapp and Amanda Weiss (Public Company Advisory Practice).