CPLG - CorePoint Lodging jumps 10% on Q2 business update explores strategic alternatives

CorePoint Lodging (CPLG) continued to execute on its non-core disposition strategy with 25 non-core hotels sold in the Q2, for a combined gross sales price of ~$143M during the quarter, resulting in 175 hotels owned as of June 30, 2021.An additional 36 hotels are under contract for sale to qualified buyers and are expected to generate ~$220M of gross proceeds.Company utilized proceeds from the dispositions to repay $125M  in CMBS debt during the quarter, resulting in $564M of CMBS debt outstanding as of June 30, 2021, and paid down $5M on its revolving credit facility for a balance outstanding of $75M as of June 30, 2021.Keith Cline, President and CEO mentions, “We have created substantial value through the execution of our non-core disposition strategy. Having addressed over 80% of the 210 hotels we identified as non-core, and given the strong market interest in our assets, the Board has determined now is

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CorePoint Lodging jumps 10% on Q2 business update, explores strategic alternatives