MIAMI
BEACH, Fla., Nov. 1, 2024
/PRNewswire/ -- Jaws Mustang Acquisition Corporation (NYSEA: JWSM),
a special purpose acquisition company ("Jaws"), has suspended
pursuit of its previously announced hospitality business
combination. On March 8, 2024, Jaws
entered into a non-binding letter of intent ("non-binding LOI")
with investment affiliates of Starwood Capital Group (collectively,
the "Starwood Capital Entities") that owned interests in a
portfolio of hotels (the "Initial Portfolio"), including the 1
Hotel Central Park in Manhattan
("1 CP"), for a potential business combination. Subsequently, the
Starwood Capital Entities received an offer from Host Hotels &
Resorts, Inc. (NYSE: HST) to purchase the 1 CP on terms which the
Starwood Capital Group Entities concluded were in the best interest
of their investors to accept. HST's acquisition of the 1 CP was
consummated on July 31, 2024. To
date, Jaws has not identified one or more additional hotel
interests that would constitute a suitable replacement for the 1 CP
in the Initial Portfolio. At the present time, Jaws has suspended
further pursuit of such previously announced hospitality business
combination.
About Jaws
Jaws, led by Chairman Barry S.
Sternlicht and Chief Executive Officer Andrew Klaber, is a special purpose acquisition
company incorporated as a Cayman
Islands exempted company for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses or entities.
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SOURCE JAWS Mustang Acquisition Corporation