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La Quinta Selling Operating Business to Wyndham Worldwide After Spinoff of Real Estate

After announcing plans a year ago to split its hotel business into separate firms, Blackstone-controlled La Quinta Holdings Inc. (NYSE: LQ) reached a deal this week to sell its hotel franchise and management businesses to Wyndham Worldwide Corp. (NYSE: WYN) for $1.95 billion. As part of the agreement, immediately prior to the sale La Quinta will spin off its owned real estate assets into a publicly-traded REIT to be called CorePoint Lodging. The…

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