CorePoint Shares Spike on Plan to Explore Strategic Alternatives

CorePoint Lodging Inc., whose hotel portfolio consists primarily of La Quinta-branded properties, surged in late trading after announcing it was exploring strategic alternatives.

The company’s shares jumped as much as 11% after it said in a statement it had hired advisers to explore options, including a sale of the company.

CorePoint sold 25 hotels in the second quarter and has another 36 properties under contract for about $220 million, according to the statement. The company owned 175 hotels as of June 30.

Hotel deals have picked up amid a nascent recovery in an industry that was hammered by the ...