Corepoint Lodging Inc. (NYSE:CPLG) which was spun off from La Quinta Holdings Inc. in the second quarter of 2018, gave lower-than-expected initial 2018 earnings guidance, driven in large part by labor-cost pressures. The company also announced that the tax refund associated with its split from La Quinta will be lower than initially anticipated, and that its online travel agent rates would not benefit as much as previously expected from its new affiliation with Wyndham Hotels & Resorts.
From First Eagle Investment (Trades, Portfolio)'s First Eagle Fund of America's third-quarter 2018 shareholder commentary.
