The Firm is representing CorePoint Lodging Inc. (NYSE: CPLG) (“CorePoint”), in connection with CorePoint’s proposed acquisition by a joint venture between affiliates of Highgate and Cerberus Capital Management, L.P., for $15.65 in cash per share in a transaction valued at approximately $1.5 billion. The transaction is subject to customary closing conditions, including the approval of CorePoint’s stockholders, and is currently expected to close in the first quarter of 2022.
CorePoint is a pure-play publicly traded U.S. lodging REIT focused on the ownership of midscale and upper-midscale select-service hotels, with a portfolio consisting primarily of La Quinta branded hotels. Highgate is a leading real estate investment and hospitality management company with a 30-year track record as an investment manager, operating partner and developer for REITs, private equity firms, sovereign wealth funds and other investors. Cerberus is a global leader in alternative investing.
The Simpson Thacher team includes Eric Swedenburg, Jakob Rendtorff, Chelsea Penther and Kevin Perron (M&A); David Rubinsky, Jeannine McSweeney, Laura Gallo and Jeffrey Penn (Executive Compensation and Employee Benefits); Sas Mehrara, Whitney Salinas, Steven Stickler, Jason Mohr and Brendan Galloway (Real Estate); Brian Gluck and Leah Nudelman (Credit); Edgar Lewandowski and Arielle Katzman (Capital Markets); Drew Purcell and Brian Mendick (Tax); Peter Guryan, Kelly Karapetyan and Nick Ingros (Antitrust); Adeeb Fadil and Tim Mulvihill (Environmental); and Lori Lesser (Intellectual Property).