CorePoint Lodging Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Nov 8, 2021. Its latest SEC filing is a SC 13G from Feb 9, 2023.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Owns select-service hotels offering lodging to leisure and business travelers in the United States.

How Did They Make Money?

Guests pay for room nights, which bring in revenue day by day. Restaurant, billboard and cell-tower rents are spread across lease terms when payment is expected, or as the money comes in otherwise.

FY2020 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Rooms Usage-based	98% FY2017: 98%		Usage-based
Other	2.4% FY2017: 1.9%

Who Were Their Customers?

The hotels serve leisure, corporate and government travelers. LQ Management sets room rates and processes reservations for the hotels.

Did Revenues Turn Into Profits?

No. It lost $178M in FY2020.

Operating income, FY2020

−36% of revenue

▼ −13% (Loss) vs FY2019 (−$172M, −21%)

Net income, FY2020

−43% of revenue

▼ −16% (Loss) vs FY2019 (−$212M, −26%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q3 FY2021, the three months to Sep 30, 2021

Revenue: ▲ +33%; vs $107M in Q3 FY2020
Net income: ▲ Now profitable; vs −$8M in Q3 FY2020

Rooms share of revenue vs 98.1% in Q3 FY2020

Mar 3, 2022 Highgate and Cerberus completed their acquisition of CorePoint The merger also ended hotel management agreements, and CorePoint paid LQ Management approximately $85 million in termination fees.

Shrank. Revenue fell 53% in 4 years, from $871M in FY2016 to $411M in FY2020, about 17% a year.

Revenue over time

Rooms Other

$1B$500M$0

FY2016 FY2017 FY2018 FY2019 FY2020

Comments