Tag Archives: operating

La Quinta Selling Operating Business to Wyndham Worldwide After Spinoff of Property

After announcing plans a year ago to divide its hotel organisation into different companies, Blackstone-controlled La Quinta Holdings Inc. (NYSE: LQ)reached an offer this week to offer its hotel franchise and management organisations to Wyndham Worldwide Corp. (NYSE: WYN) for $ 1.95 billion.

As part of the arrangement, instantly prior to the sale La Quinta will spin off its owned real estate assets into a publicly-traded REIT to be called CorePoint Accommodations. The company’s owned and franchised portfolio currently consists of more than 880 hotel homes with about 87,500 rooms in 48 U.S. states, Canada, Mexico and Honduras.

Wyndham hopes the addition of La Quinta will expand its reach further into the fast-growing upper-midscale hotel section.

Wyndham’s Hotel Group is among the world’s largest and most varied hotel business based on variety of residential or commercial properties. With the acquisition of La Quinta’s asset-light, fee-for-service business consisting of almost 900 managed and franchised hotels, Wyndham Hotel Group will span 21 brand names and over 9,000 hotels across more than 75 nations.

“La Quinta will instantly turn into one of our flagship brands,” said Geoff Ballotti, president and CEO of Wyndham Hotel Group. “It is an exceptionally strong brand name that is led by service-minded associates who provide some of the greatest customer engagement levels in our market.”

Keith Cline, president and CEO of La Quinta, will serve in the same role at CorePoint Lodging.

“As we prepared for, the separation of our businesses is enabling greater strategic clarity and enabling our business to benefit from development chances that naturally circulation from each service model,” Cline stated. “The midscale and upper midscale sections are among the largest in the accommodations industry in regards to number of homes and designers – not unexpected provided the cash-on-cash returns. As a pure-play accommodations realty business with a portfolio focused in these highly preferable segments, there is a considerable chance to drive worth for CorePoint.”

Barclays is functioning as exclusive financial consultant and Kirkland & & Ellis LLP is functioning as legal consultant to Wyndham Worldwide. Barclays and Deutsche Bank are supplying dedicated financing to Wyndham Worldwide in connection with the transaction.

J.P. Morgan is acting as unique financial consultant and Simpson Thacher & & Bartlett LLP is functioning as legal consultant to La Quinta. J.P. Morgan is offering committed financing to CorePoint Lodging in connection with the deal.

Newmark Knight Frank Operating Business Files for IPO

Newmark Group Inc. to Trade on Nasdaq Under NMRK Ticker in Among CRE’s Many Anticipated Public Offerings

Newmark Group., Inc. formed by BGC Partners, Inc.(NASDAQ: BGCP)last year to operate Newmark Knight Frank (NKF) and other BGC real estate properties, has declared a going public to offer Class A common stock.

The entity, which was formed as NRE Delaware Inc. on Nov. 18, 2016 and altered its name on Oct. 18 to Newmark Group, used this week to note its Class A common stock on the Nasdaq Global Market under the sign NMRK, according to a registration declaration filed this week with the United States Securities and Exchange Commission.

The proposed aggregate maximum offering amounts to $100 million, an estimate exclusively to compute the $12,450 registration charge. The variety of shares to be used and the rate variety for the proposed offering are still to be determined.

The new openly traded entity will include NKF and home mortgage firm Berkeley Point Financial LLC, gotten by BGC for $875 million in September. Newmark Group created $1.5 billion in earnings for the12-month period ending June 30, 2017.

The relocation follows an Oct. 16 disclosure by Howard Lutnick’s BGC Partners, which sent a private draft registration associated to the proposed spin off of NKF earlier this year, that an equity analyst covering BGC had actually suspended protection, a typical practice in advance of an IPO. BGC got NKF in 2011.

Likewise in anticipation of the IPO, Jeffrey Gural stated Oct. 2 he will step down as chairman of Newmark Knight Frank to end up being chairman emeritus of the company, and the Gural household organisation will rebrand from Newmark Holdings to GFP Real Estate. Both moves are planned “to eradicate confusion in the market” between GFP and NKF.

Cushman & & Wakefield is also widely thought to be planning an IPO in the near future.

Newmark plans to contribute all net proceeds from the offering to its main operating subsidiary, Newmark Partners, L.P., in exchange for a variety of units representing the minimal partnership’s interests, equivalent to the number of shares provided in the offering.

Newmark Partners means to use the earnings to pay back certain debts that Newmark Group or its subsidiaries will presume its existing stockholder, BGC Partners or its subsidiaries. Newmark Partners will utilize any remaining net profits for various basic collaboration purposes, consisting of the payment of other debt, prospective strategic alliances, acquisitions, joint endeavors or hiring of workers.

Goldman Sachs, BofA Merrill Lynch, Citi and Cantor Fitzgerald are the joint book runners on the deal.

RELATED: Most Current Sign Indicate Impending IPO, Spin Off for Newmark Knight Frank

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Anticipated IPOs for NGKF, Cushman Could Boost CRE Sector’s Cachet on Wall Street

Bringing openness into the operating room

Sunday, Aug. 23, 2015|2 a.m.

Picture the sorts of individuals you ‘d want to veterinarian prior to employing them for a certain task. You might rely on a friend’s suggestion for an automobile mechanic or dental professional. If you’re on the hunt for a hair stylist, wedding professional photographer or catering service, you may check Google testimonials– and take them with a grain of salt.

However on what basis do you choose a cosmetic surgeon? Do you rely on your primary physician’s referral, despite the fact that it might reflect bit more than a tit-for-tat friendship between golfing pals?

For all the people whose backgrounds we check out, possibly none– besides a spouse or baby-sitter– is more important than a surgeon (and the track record of the medical facility where he or she operates). However for a society that loves grading universities, car tires and microwaves, there is little bit openly accessible info about how well cosmetic surgeons carry out.

That might be starting to alter, thanks to a three-year job by the not-for-profit, independent news organization ProPublica, a newsroom of specialized investigative journalists watching out for the public interest. Among them is Marshall Allen, who previously was the health care press reporter at the Las Vegas Sun.

At the Sun, Allen and his numbers-crunching associate Alex Richards spent 2 years analyzing the quality of Las Vegas-area health centers and exposing medical mistakes that could have– and need to have– been avoided.

At ProPublica, Allen expanded his research study idea nationally with the help of a coworker, information professional Olga Pierce. Their research suggests cosmetic surgeons’ skill levels in the operating space can be examined by various procedures and shared with patient-consumers, offering some basis for deciding whether a particular cosmetic surgeon is procedurally skilled in the operating room.

In this case, Allen and Pierce made use of Medicare information including 2.3 million surgical treatments to build a database of 16,000 specialists nationwide who carry out one or more of the following treatments on otherwise-healthy patients: knee and hip replacements, laparoscopic gallbladder removal, lower-back and neck spine fusions and elimination of some or all of the prostate. The reporters then combed the Medicare data– which did not include client names– to identify which patients needed to go back to the hospital within 30 days due to noticeable complications associated with the surgery. The research model was derived with the help of a professor of biostatistics at the Harvard School of Public Health.

The result: a scorecard of cosmetic surgeons’ performance in the operating space that shows their rate of favorable or unfavorable results. The database is searchable by name. (Some surgeons may disappoint up if they rarely carry out the selected surgical treatments through Medicare.) The database likewise suggests the rate of complications at particular hospitals.

Because there is no easy way for consumers to properly obtain medical professionals’ skills, Allen’s and Pierce’s work brought both honors and criticism.

“The ProPublica research is a landmark advancement in public disclosure of physician-level outcomes,” wrote Nate Freese, analytics director at Grand Beats, a company that guides consumers to medical experts.

However Freese warned that the scorecard showed procedural skills however not clinical judgment– consisting of precise diagnoses and whether a surgery was required. (He pointed to a various research study that found a 3rd of knee replacements were inexpedient.) And there are issues the information don’t always reflect the complexity of some cases which some health center readmissions weren’t due to a surgical shortcoming.

Still, this is a genuine effort to present to consumers a sense of their specialist’s operating skills. It shows how information can be collected and analyzed, and conclusions obtained. In a market whose customers are starved for transparency, this is a favorable step.