IRVING, Texas—La Quinta Holdings Inc.’s Board of Directors has approved the spin-off of CorePoint Lodging in connection with previously announced plans to merge with Wyndham Worldwide. The board approved the distribution to its stockholders of all of the outstanding shares of common stock of CorePoint Lodging Inc., which will become the holder of the owned real estate assets previously held by La Quinta. Following the distribution of CorePoint Lodging, La Quinta, which will then continue to hold its management and franchise businesses, expects to complete the Wyndham merger on May 30, 2018.
Immediately following the distribution, CorePoint Lodging will be an independent, publicly traded company, and La Quinta will retain no ownership interest. CorePoint Lodging is expected to begin regular-way trading on the New York Stock Exchange under the ticker symbol “CPLG” on May 31, 2018.
At a special meeting of stockholders held by La Quinta on April 26, 2018, the La Quinta stockholders, upon the recommendation of the La Quinta Board of Directors, voted in favor of the adoption of the Merger Agreement. La Quinta said that it will merge with Wyndham Worldwide under the terms of its Merger Agreement immediately following the distribution of CorePoint Lodging common stock in the spin-off transaction