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2021-11-09
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La Quinta Owner CorePoint Is Bought by Joint Venture in $1.5 Billion Hotel Deal
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That was the last day it traded before announcing it would look for strategic alternatives, according to a statement Monday.</p>\n<p>The shares plunged 2% to $15.56 on Monday. CorePoint, which primarily owns La Quinta-branded hotels, closed Friday at $17.76.</p>\n<p>The agreement is expected to close in the first quarter of 2022. Affiliates of Blackstone Inc., which own about 30% of the CorePoint’s total shares outstanding, have agreed to vote in favor of the deal, according to the statement.</p>\n<p>CorePoint has been selling hotels since being spun off of La Quinta Holdings in 2018. 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