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CorePoint Lodging (NYSE:CPLG) suspends quarterly dividend for balance of 2020 after paying April dividend, resulting in saving of ~$45M on an annualized basis.
Temporarily suspended 26 operations and expects to suspend additional 50 hotels from 248 hotels in the next few weeks, while remaining hotels are currently expected to remain open at reduced operational capacity.
Cash balance is ~$210M, excluding lender escrows of ~$19M.
Cuts capital spending by ~$25M-$30M.
YTD, the company has completed the sale of 23 hotels for gross proceeds of ~$100M.