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Latham & Watkins Advises Highgate and Cerberus in US$1.5 Billion Acquisition of CorePoint Lodging Inc.

November 9, 2021
Corporate team represents the hotel and capital management companies in the transaction.

CorePoint Lodging Inc. a pure play select-service hotel owner strategically focused on the midscale and upper-midscale segments, have announced that it has entered into a definitive agreement to be acquired through a joint venture between affiliates of Highgate Hotels, L.P. (Highgate) and Cerberus Capital Management, L.P. (Cerberus). Under the terms of the merger agreement, Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock in an all-cash transaction valued at approximately US$1.5 billion based on the US$15.65 per share consideration.

Latham & Watkins LLP represented Highgate and Cerberus in the transaction with a corporate team led by Chicago partners Gary Axelrod and Jonathan Solomon and Los Angeles partners Brad Helms and Meghan Cocci, with associates Megan Staub, Tara Nair, John Jefferson, and Sophia Popovic. Advice was also provided on tax matters by Los Angeles partners Pardis Zomorodi; on benefits & compensation matters by Los Angeles partner David Taub and Chicago partner Nineveh Alkhas, with associate Vanessa King; on insurance matters by Los Angeles partner Drew Levin and San Diego partner Drew Gardiner; on litigation matters by Los Angeles partner Joshua Hamilton with associate Chandler Howell; on antitrust matters by Washington, D.C. counsel Peter Todaro; and on environmental regulation and transaction matters by Chicago partner Karl Karg.