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CorePoint Lodging board authorizes $50M share buyback program

CorePoint Lodging Inc., in reporting its latest earnings, said it received board authorization to repurchase $50 million of shares.

The lodging real estate investment trust also said all of its properties affected by the 2017 and 2018 hurricanes, except for that in Panama City, Fla., have reopened as of Dec. 31, 2018. Through such date, it received about $12 million in total business interruption insurance proceeds. The REIT noted that it expects net insurance proceeds to sufficiently cover "a significant portion" of the property damage to the hotels and the associated operating loss.

During the 2018 fourth quarter, CorePoint engaged in a strategic review of its portfolio and identified 78 noncore hotels that could be candidates for potential sale. The company said it recognized $154 million in impairment losses during the quarter, mainly because of the strategic review and the resulting reduction in its hotels' holding period.