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CPLG - CorePoint Lodging: Spend A Night Not A Fortune (With 25%-Plus Upside)
CorePoint Lodging Inc.
It has been over a year now since La Quinta Holdings Inc. separated its real estate business. Orchestrated by Blackstone Group (BX), it spun off a new REIT named CorePoint Lodging (CPLG) – the only publicly-traded U.S. lodging REIT focused on the midscale and upper-midscale select-service segments.
As I explained back in September, “the spin should allow CPLG to unlock growth opportunities that are embedded within each business and take advantage of the capital market and tax efficiencies.”
As with most IPOs and spins, we didn’t initiate a price target. We