CorePoint Lodging (CPLG) Reports Q4 Revenues Above Estimates

CorePoint Lodging (NYSE: CPLG) reported Q4 EPS of ($3.17), versus ($2.07) reported last year. Revenue for the quarter came in at $199 million versus the consensus estimate of $191 million.

• Net loss attributable to CorePoint Lodging common stockholders of $186 million, or $3.17 loss per fully diluted share, includes the impact of a non-cash impairment charge of $154 million
• Comparable RevPAR of $53.61, an increase of 9.9% from the same period in 2017 with 1,220 bps of RevPAR Index market share growth
• Adjusted EBITDAre of $30 million
• Adjusted FFO of $21 million
• Completed the construction phase of four additional significant hotel renovations, bringing the total number of repositioning projects with construction complete to 53 hotels, as part of the Company’s strategic repositioning program
• Fourth quarter dividend of $0.20 per share of common stock was paid on January 15, 2019 to common stockholders of record on December 31, 2018
• Engaged in a strategic review of the portfolio and identified 78 non-core hotels; subsequent to year end, the Company sold two non-core hotels for a combined total sales price of approximately $4 million

“We are pleased with the continued RevPAR and market share growth we experienced this quarter,” said Keith Cline, President and Chief Executive Officer of CorePoint. “Our results benefitted from having rooms back in service in Florida, including the reopening of hurricane affected hotels ahead of schedule, and the continued tailwind driven by our repositioned properties.”

“Looking ahead into 2019,” Cline continued, “our team is focused on executing several strategic initiatives to unlock the potential of our diverse portfolio and to maximize results. First, we are executing an aggressive asset management strategy by working with our property manager to improve property level operating performance and by partnering with the brand to realize revenue and cost synergies while leveraging its distribution and scale. In addition, we are engaged in an ongoing strategic review of our real estate portfolio to identify hotels that no longer fit within CorePoint’s strategic plans and may be candidates for possible disposition. We are focused on transforming our portfolio to cultivate high growth and highly profitable assets.”

For earnings history and earnings-related data on CorePoint Lodging (CPLG) click here.

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