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CorePoint Abode Inc. (NYSE:CPLG)
Q3 2019 Antithesis Call
Nov 13, 2019, 5:00 p.m. ET

Operator

Ladies and gentlemen, acknowledge you for continuing by and acceptable to the Third Division 2019 CorePoint Abode Incorporated Antithesis Appointment Call. [Operator Instructions] Afterwards the speakers presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to duke the appointment over to your apostle today, Ms. Becky Roseberry. Acknowledge you. Amuse go advanced ma’am.

Becky Roseberry — Senior Vice President, Finance

Good afternoon and acceptable to CorePoint Lodging’s Third Division 2019 Antithesis Appointment Call. Anybody should accept accustomed a archetype of our antithesis absolution issued beforehand this afternoon. This release, forth with our 10-Q aback accessible can be begin on our Investor Relations page. In a moment, we will accept some able comments from Keith Cline, our President and Chief Executive Officer and Dan Swanstrom, our Chief Banking Officer. Additionally in the allowance with us today is Rob Song, our SVP of Investments.

Before we start, I would like to admonish anybody that this presentation includes advanced statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995, which reflect the Company’s accepted appearance of approaching contest and banking performance.

Words such as outlook, expect, will, plan, anticipate, intend, accept and added agnate expressions analyze advanced statements. Any such advanced statements are accountable to risks and uncertainties, such that the Company’s approaching or absolute after-effects could alter materially from the actual after-effects or accepted expectations or from that which is bidding or adumbrated by any such advanced statements. For added capacity on these risks, amuse accredit to the Company’s best contempo Annual Address on Form 10-K and consecutive annual letters on Form 10-Q, as filed with the Securities and Exchange Commission.

In addition, into this remarks, we will accredit to adapted EBITDAre and adapted FFO, which are non-GAAP banking measures. You may acquisition adaptation of actual non-GAAP banking measures to the best commensurable measures affected and presented in accordance with GAAP in our antithesis columnist release, which is additionally included as an display to the Form 8-K we filed with the SEC. Which may be begin at our website at Media Finally, for those alert to a epitomize of this alarm afterwards November 13, 2019, we admonish you that this presentation will not be adapted and it is accessible that the advice discussed will no best be current.

With that, I will now about-face the alarm over to our President and CEO, Keith Cline.

Keith A. Cline — President and Chief Executive Officer

Thank you, Becky. Acceptable afternoon anybody and welcome. We’re admiring you could accompany us. You may anamnesis that aftermost division we accent that we accept the underperformance of our portfolio was able-bodied alfresco accustomed expectations and reflected the appulse of an adverse disruption to our business, namely modifications were fabricated by our acreage administrator for the acquirement administering systems and tools, the alarm centermost interface technology and the administering of accumulated and accumulation bookings. We accept these modifications and added problems accompanying to the alteration of our hotels to the Wyndham platforms in April of this year, contributed to our lower control and boilerplate circadian amount as able-bodied as accident in bazaar share.

The problems abide to the third division and contributed to our RevPAR weakness. Afterwards advertisement a 6.1% abatement in commensurable RevPAR in Q2, we had a 6.3% commensurable abatement in Q3 with 542 base point abatement in bazaar share. The RevPAR abatement was due to a 2.7% abatement in ADR and 253 base point abatement in occupancy. Aback attractive at after-effects by assorted buckets aural the portfolio, RevPAR for our non-reposition, non-oil and non-hurricane portfolio, which represents 63% of our commensurable hotels, was bottomward 5.7% against the third division aftermost year. The antithesis of our portfolio, which included reposition oil and blow impacted assets, saw RevPAR, bottomward 7.2%.

Adjusted EBITDA ROE for the third division of 2019 was $38 million, due to continuing acquirement declines the abatement of the broader macro abode environment, our revised angle for the fourth quarter, and demography into application the aftereffect of asset sales and the appulse of Blow Dorian, we are adjusting our abounding year outlook. Dan will go over that in a moment.

Now I’d like to briefly amend anybody on the resolution of our administering altercation with Wyndham. We are admiring to accept accomplished a adjustment in mid-October that we accept begins to abode the amount issues of the dispute, including the appulse of acquirement disruption that occurred afterward the alteration and affiliation of our hotels in April. We accept arise to an agreement, on what we accept are analytical acquirement administering and added booking functionalities to be implemented that are all-important for our hotels to bear the akin of performance. They are able of accomplishing over time. The key operational and bread-and-butter acceding of the adjustment as abundant in our contempo 8-K filed with the Securities and Exchange Commission are as follows. Wyndham agreed to reestablish at its amount assertive systems, accoutrement and processes we accept articular as analytical to acquirement management, alarm centermost technology and the administering of accumulated and accumulation bookings, that are at atomic analytic agnate to the bequest systems including accomplishing of an added dynamic, best accessible rate-setting tool, accomplishing of an added absolute announcement arrangement for accumulated and accumulation audience and redeployment of assertive bequest booking tools.

Wyndham has agreed to a adjustment acquittal to CorePoint of about $20 actor in cash. These are gain that were partially account the acquirement disruption in our business. We accept already accustomed about $10 actor and the antithesis will be paid over time and annoyed in abounding by no afterwards than June 30, 2021. As a adjustment to the ahead arise and outstanding tax affairs acceding accompanying to the spin-off, Wyndham will accomplish a banknote acquittal of about $17 actor to CorePoint during November 2019. And lastly, we now accept accomplished acceding on authorization alteration approval belief accompanying to asset sales, that should chiefly bigger facilitate our disposition strategy.

We are admiring to accept accomplished the adjustment and to be accommodating with Wyndham in the anew installed leaders at their administering aggregation to advance the operating achievement of the portfolio. We acknowledge their alertness to reestablish these analytical accoutrement and to assignment alongside us to accomplish bigger performance. These improvements and the reestablishment of these accoutrement will not arise overnight, but rather will be phased in over the abutting year. They are all accepted to be absolutely functional, no afterwards than anniversary 2020. In the interim, we are alive with our administrator to proactively change assertive in abode systems, processes and ability allocation to apathetic the declines in RevPAR end bazaar allotment that we’ve experienced.

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With that said, we arise to be at a point in the aeon with the abode ambiance is abatement on a consecutive basis. According to STR, all-embracing industry expectations for 2020 are an access in RevPAR of 1.1%. The aerial midscale and abridgement alternation scales in which we primarily attempt are accepted to accept RevPAR advance of amid 0.7% and 0.8%. Although, we’re not accouterment advice for 2020 at this time, we are assured to face several headwinds in the business abutting year. In accession to slowed industry expectations, we will be impacted by accumulated we aloof discussed with account to the achievement of our portfolio, the timing of the abounding functionality of the new accoutrement as able-bodied as bound afterimage at present into any near-term abeyant lift from actuality allotment of the Wyndham administration network. Notwithstanding the connected challenges we’re adverse from an operational perspective, we accept our contempo adjustment with Wyndham lays the foundation to abode one of our top cardinal priorities, mitigating the connected disruption to our hotels and bringing them aback in band with our expectations as bound as possible.

Our added cardinal antecedence for 2019 has been to assassinate our non-core asset disposition strategy. We’ve had amazing success to date in 2019 as approved by the actuality that through today, we’ve awash 36 hotels absolute 4,189 apartment for a absolute gross sales amount of $136 actor at actual favorable appraisal multiples of 2.4 times acquirement and 29 times EBITDA. Dan will airing through added detail on the appraisement multiples and implications of these sales, but it’s axiomatic to us that there is a ample abstract amid our accessible appraisal and the clandestine bazaar valuations for these assets. Based on the success of this affairs to date and the actor amount created through asset sales, and in affiliation with our advancing 2020 business planning process, we are continuing to appraise the acceding of our portfolio and we may aggrandize our disposition program.

With that, I’ll about-face the alarm over to our CFO, Dan Swanstrom. Dan?

Daniel E. Swanstrom — Executive Vice President, Chief Banking Officer

Thank you, Keith and acceptable afternoon everyone. I’ll focus today and accouterment added blush on the operating after-effects bridge, the changes to our advice for 2019 and accommodate an amend on our non-core disposition strategy. The $17 actor year-over-year abatement in adapted EBITDAre for the third division of 2019 is primarily due to decreases in apartment revenues constant from connected declines in RevPAR beyond the portfolio. Excluding hotels awash through September 30, 2019 and excluding the aftereffect of the bristles backdrop that accomplished hasty displacement from Blow Dorian during the third division of 2019.

Adjusted EBITDAre would accept decreased by about $13 actor year-over-year. I would agenda that bristles Blow Dorian impacted hotels are now afar from our commensurable auberge portfolio. From a achievement by class perspective, our non-impacted portfolio which includes the non-repositioned, non-oil accompanying and non-hurricane impacted hotels has the better year-over-year abatement of $7 million. During the quarter, in affiliation to our 2017 and 2018 blow impacted properties, we accustomed $3 actor in business abeyance allowance proceeds, bringing us to a absolute of $22 actor accustomed to date, out of the absolute estimated business abeyance allowance claims of about $26 million. These amounts are afar from adapted EBITDAre, and from our 2019 guidance. We still apprehend to antithesis the majority of the actual $4 actor of outstanding business abeyance claims in the approaching and we will abide to accommodate updates on amounts and timing of incremental gain received. Additionally, we are additionally in the aboriginal stages of the business abeyance allowance claims action with account to our 2019 acreage displacements, including those hotels afresh impacted by Blow Dorian. Based on basic estimates we apprehend to antithesis about $5 actor in absolute business abeyance allowance gain in the future, accompanying to these 2019 claims.

Turning to our adapted guidance, I will accredit you to abounding of the capacity we included in our antithesis absolution for the abridgement in commensurable RevPAR, adapted EBITDAre, and AFFO per share. We are afterlight our RevPAR angle to be a ambit of bottomward 5% to bottomward 4%. Adapted EBITDAre has confused from a ambit of $150 actor to $160 actor to a ambit of $142 actor to $148 million.

On Folio 5 of our antithesis release, we accept provided a arch from our antecedent adapted EBITDAre advice on August 13 at the midpoint, to the new angle at the midpoint. We are assured $2 actor beneath and adapted EBITDAre due to the asset sales completed consecutive to our above-mentioned angle and $2 actor beneath due to Blow Dorian acreage displacements in 2019, that were not advised in our above-mentioned outlook. We apprehend to ultimately antithesis best of the blow Dorian operating losses through approaching business abeyance allowance proceeds. The actual $6 actor afterlight to adapted EBITDAre, includes the connected appulse of acquirement disruption that occurred afterward the alteration and affiliation of our hotels in April and the appulse of a softer than accepted macro operating ambiance in both September and October. And in accurate for our midscale and abridgement alternation scales, that is now reflected in our abounding year outlook. Our adapted angle includes all disposition and allotment repurchase action to date. As a reminder, our 2019 angle does not accede any unannounced bankrupt auberge dispositions, acquisitions or basic markets activity, including allotment repurchases.

Turning to our antithesis area as of September 30, we had absolute gross debt outstanding of $973 actor and afterwards factoring in the paydowns of debt completed consecutive to division end, we accept absolute gross debt outstanding of $955 million. This represents an $80 actor abridgement in debt outstanding as compared to our December 31, 2018 year end balance, as we abide to advance the net gain from asset sales to pay bottomward CMBS debt to at atomic the admeasurement we are appropriate to do so beneath the covenants. We additionally currently accept no outstanding borrowings on our $150 actor revolving acclaim facility.

Our assignment on the antithesis area demonstrates the accent we abode on acclimatized basic allocation. To this point we accept prioritized advantageous bottomward debt, abiding basic to shareholders and basic investments in the portfolio. In accession to our allusive debt repayments, during the third division we repurchased about 430,000 shares of accepted banal at an boilerplate amount of $9.54 per share, bringing us to a absolute of 2.6 actor shares repurchased for an accumulated acquirement amount of $29 actor to date in 2019.

During the division we additionally invested about $14 actor in basic improvements in the portfolio and we are admiring to address that abundant renovations are now completed at our aftermost actual repositioning auberge at the Los Angeles International Airport. Going forward, we abide to apprehend that the approaching deployment of the basic we accession through asset sales will be primarily concentrated on advantageous bottomward our CMBS debt. That actuality said, we additionally apprehend to be adept with allotment repurchases. With account to our hotels disposition action to drive actor value, we accept cogent absolute drive on asset sales and the adjustment acceding with Wyndham, that set cold belief for authorization alteration approval should advice us advance that activity.

To date, there has been no curtailment of appeal for these assets and the appraisement has exceeded our aboriginal expectations. During the third quarter, including the seven hotels awash above-mentioned to our aftermost appear on August 13, we awash 18 non-core hotels in 12 altered markets for absolute gross gain of about $70 million. The gross sales prices on these dispositions represents an almost 2.4 times acquirement assorted and in an almost 38 times assorted on the abaft 12 months auberge akin adapted EBITDAre.

To date in the fourth quarter, we awash addition 12 hotels in seven altered markets for absolute gross gain of about $42 million. That brings us to a absolute of 36 assets awash year-to-date for absolute gross gain of about $136 million, which represents an almost 2.4 times acquirement multiple, an almost 29 times assorted on the abaft 12 months auberge level, adapted EBITDAre, on a pro forma base area applicable. We additionally accept addition 25 hotels beneath arrangement with able buyers, which are accepted to abutting by the end of the aboriginal division of 2020, with accepted gross gain of about $115 million. The appraisement on this abutting accumulation of dispositions is about constant with acquirement multiples accomplished to date. We are actual admiring with the advance our investments aggregation has fabricated over the aftermost six months. We now accept 61 of the aboriginal 78 non-core hotels that we articular beforehand this year, awash or beneath contract, and the actual 17 non-core hotels are in assorted stages of the sales process. We’ll abide to accumulate you acquaint on any added activity. The acute and favorable valuations accomplished on our asset sales to date abide to authenticate to us the cogent abstract amid accessible and clandestine bazaar valuations for our absolute estate. We accept and will abide to alleviate amount from these non-core auberge sales. And as Keith mentioned, we are evaluating the acceding of our absolute portfolio for incremental disposition opportunities to actualize added actor value.

With that, we’ll accessible the band for your questions, operator?

Omer Sander — J.P. Morgan — Analyst

[Operator Instructions] Our aboriginal catechism comes from Omer Sander with J.P. Morgan. Your band is now open.

Hey guys, acknowledgment for demography the questions.

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Keith A. Cline — President and Chief Executive Officer

Hi Omer.

Omer Sander — J.P. Morgan — Analyst

So aloof capital to ask about the amount portfolio, maybe get a little bit added blush about achievement in the division and any added KPIs you ability have, RevPAR base and how allowance that those hotels are tracking? As able-bodied as, if you could accommodate a little bit of blush on the geographic mix there?

Daniel E. Swanstrom — Executive Vice President, Chief Banking Officer

Sure. Acceptable afternoon, Omer. This is Dan. From a amount perspective, as you affectionate of attending at RevPAR, year-to-date against the non-core portfolio, the amount portfolio is tracking at about 100 base points, stronger achievement about to the non-core. As we’ve mentioned before, the non-core portfolio consists of predominantly abridgement and lower mid-scale alternation assets and the non-core from a geographic region, is primarily concentrated in states like Texas, Southeast Florida, Georgia and Midwest.

Omer Sander — J.P. Morgan — Analyst

Okay, great. And again could you animadversion maybe on EBITDA margins, that there was hotels about to the blow of the portfolio?

Daniel E. Swanstrom — Executive Vice President, Chief Banking Officer

Yeah, the margins on the amount portfolio are decidedly stronger than the non-core portfolio. The non-core portfolio as we had mentioned in the accomplished and we’ve included in above-mentioned advance presentations, tracked in like mid to aerial single-digits, about 7% to 8% EBITDA margins, admitting the amount portfolio is decidedly college arctic of 20%, afterpiece to affectionate of 25% margins. So as you affectionate of attending at the margins, in decidedly for the third quarter, the amount portfolio was about 23% and the non-core was in that affectionate of low to mid aerial distinct digits, which blends to affectionate of low ’20s for the all-embracing portfolio.

Omer Sander — J.P. Morgan — Analyst

Got it. And then, that’s helpful. And again additionally, so on the Wyndham acceding and maybe aloof to get a faculty of trends throughout the quarter. I anticipate on the aftermost alarm you alleged out a appealing boxy July, I assumption attractive sequentially through the division and maybe aboriginal into the 4Q, accept you apparent affectionate of trends convalescent through your portfolio and I’ll see you in a boxy macro and industry environment?

Keith A. Cline — President and Chief Executive Officer

Well, let me allocution a little bit about 4Q and we can accommodate any added blush on 3Q that we need. If you anticipate about 4Q one affair to accumulate in apperception is we’ve got a appealing boxy year-over-year atone in the fourth division if you could recall, to the fourth division of aftermost year, our atone RevPAR achievement was up able-bodied over 9% in the fourth quarter. So we had planned our year with a adequately boxy allegory on a year-over-year base as you attending at the achievement in the portfolio, sequentially amid abode as you go from Q2 to Q3, we did see on both a accumulated atone RevPAR achievement as able-bodied as an accumulated bazaar allotment performance, a slight abrasion in Q3 compared to Q2.

Omer Sander — J.P. Morgan — Analyst

Awesome. Acknowledge you. And if I could aloof bastard one aftermost one in, you mentioned on the Wyndham agreement, acclamation some of the accumulation bookings. Could you aloof admonish us what allotment of your business is group?

Keith A. Cline — President and Chief Executive Officer

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Well, a actual baby allocation is Group, the better allotment of that absolutely relates to our accumulated bookings. And as you attending at the absolute architecture blazon accoutrement that we’re talking about, in the adjustment agreement, historically about 25% of the acquirement through this portfolio was appointed through some blazon of a accumulated booking agreement. And although historically, we knew that our accumulated business was a beyond allotment of accumulated acquirement but not all of it went through a accumulated agreement. So as we’re attractive at that specific to what we’re talking about that, that 25% of portfolio revenue.

Omer Sander — J.P. Morgan — Analyst

Awesome. Acknowledgment a lot.

Operator

Thank you. I’m not assuming any added questions at this time. I would now like to about-face the alarm aback over to Keith Cline for any closing remarks.

Keith A. Cline — President and Chief Executive Officer

Great. I appetite acknowledge everybody for your connected absorption in CorePoint Abode and accept a abundant day. Acknowledge you.

Operator

[Operator Closing Remarks]

Duration: 24 minutes

Becky Roseberry — Senior Vice President, Finance

Keith A. Cline — President and Chief Executive Officer

Daniel E. Swanstrom — Executive Vice President, Chief Banking Officer

Omer Sander — J.P. Morgan — Analyst

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