On Thursday, Shares of La Quinta Holdings Inc (NYSE:LQ), lost -0.11% to $18.29.
La Quinta Holdings Inc. , declared that it has signed a definitive purchase and sale agreement to sell 24 owned hotels. This portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La Quinta system. The sale price for these assets represents an attractive EBITDA multiple and the Company anticipates to close the sale preceding to the end of 2015, subject to customary closing provisions, providing additional balance sheet flexibility at that time.
As a result of this transaction, the Company anticipates to realize a number of benefits, counting:
- Enhancement of the brand
- Improvement of several key operating metrics such as RevPAR and RevPAR Index
- Opening of additional markets for franchise development
- Reduction of near-term capital expenditure requirements
La Quinta Holdings Inc. owns, operates, and franchises select-service hotels under the La Quinta brand. It serves the upper-midscale and midscale segments. As of May 7, 2015, the company had about 870 hotels with about 86,000 rooms under the La Quinta Inn & Suites, La Quinta Inn, and LQ Hotel brands in 47 states of the United States, in addition to in Canada, Mexico, and Honduras.
Shares of Ocwen Financial Corp (NYSE:OCN), inclined 3.16% to $8.48, during its last trading session.
Ocwen Financial Corporation, invited borrowers who need mortgage assistance to attend one of several forthcoming housing events to explore possible mortgage solutions that could assist them stay in their homes. This effort is part of Ocwen’s continued outreach, in partnership with community leaders and nonprofit housing organizations, to bring real solutions to struggling homeowners in the United States.
Ocwen Home Retention Agents will be present at all the forthcoming events to offer homeowners free, face-to-face, individualized advice on finding the right mortgage solutions. Ocwen borrowers will also have the opportunity to meet one-on-one with United States Department of Housing and Urban Development (HUD) approved financial counselors to discuss their unique situations.
“Hardworking homeowners in many neighborhoods across the nation still feel the effects of the 2008 housing crisis,” said Jill Showell, Senior Vice President of Government and Community Relations at Ocwen. “By partnering with respected leaders and organizations within these communities, we aim to bring trusted advice to borrowers to assist maintain the dream of owning a home.”
Ocwen Financial Corporation, a financial services holding company, engages in servicing and origination of mortgage loans in the United States. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.
At the end of Thursday’s trade, Shares of MediciNova, Inc. (NASDAQ:MNOV), gained 3.90% to $3.20.
MediciNova, declared that it has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for MN-001 (tipelukast) for the treatment of patients with idiopathic pulmonary fibrosis (IPF). Fast Track is a process designed to facilitate the development and expedite the review of drugs that are intended to treat serious or life-threatening diseases and demonstrate the potential to address unmet medical needs for such diseases. An important feature of the FDA’s Fast Track program is that it emphasizes frequent communication between the FDA and the sponsor throughout the entire drug development and review process to improve the efficiency of product development. Accordingly, Fast Track status can potentially lead to a shortened timeline to ultimate drug approval.
In addition to the granting of Fast Track Designation to MN-001 for treatment of IPF, the FDA granted Orphan Drug Designation to MN-001 for treatment of IPF in October 2014, as formerly declared.
Yuichi Iwaki, MD, PhD, President and Chief Executive Officer of MediciNova, Inc., commented, “We are very happy that MN-001 has received Fast Track Designation for IPF and believe this validates its potential to address unmet medical needs in this life-threatening disease. We look forward to providing further updates as our development program progresses.”
MediciNova, Inc., a biopharmaceutical company, focuses on acquiring and developing novel and small molecule therapeutics for the treatment of serious diseases with unmet medical needs for the United States market.
Finally, Forest City Enterprises, Inc. (NYSE:FCE.A), ended its last trade with 1.38% gain, and closed at $20.60.
Forest City Enterprises, declared that the company will move to a new organizational structure to better align with its strategies and signature strength in urban, mixed-use real estate, while also increasing efficiency and improving operating margins.
“Over the past several years, we have been transforming Forest City by focusing on core products and strong urban markets, improving our balance sheet and debt metrics, driving operational excellence and, most recently, committing to convert to a real estate investment trust,” said David LaRue, Forest City president and chief executive officer. “Our new structure continues that transformation by better aligning the way we are organized with our strategies and strengths, while retaining the strong brands and local presence we have built in our core markets. We also believe the changes will enhance our competitive position through improved efficiency and lower costs that will contribute to raised operating margins.”
Forest City Enterprises, Inc. acquires, owns, develops, and manages commercial and residential real estate and land in the United States. The company’s Commercial group acquires, owns, develops, and operates regional malls, specialty/urban retail centers, office and life science buildings, and mixed-use projects, in addition to operates Barclays Center, a sports and entertainment arena located in Brooklyn, New York.
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