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WH - CorePoint Lodging Is Good For Dr. Michael Burry - Is It For You?
Wyndham Hotels & Resorts Inc.
CorePoint Lodging (CPLG) is a new REIT that spun off from La Quinta in 2018. The company owns the properties that are marketed through the La Quinta brand. As La Quinta merged with Wyndham (WH) the properties are now branded as La Quinta by Wyndham.
CPLG's stock has been behaving like many spin offs often do. As investors that got the new shares often don't know what to do with them, the initial stock price decline leads to intensive selling, which leads to a significant price drop.