Jaws Mustang Acquisition Corporation Suspends Pursuit of Hospitality Business Combination
Jaws Mustang Acquisition (JWSM) has suspended its previously announced hospitality business combination plans. The company had entered into a non-binding letter of intent with Starwood Capital Group on March 8, 2024, regarding a portfolio of hotels including the 1 Hotel Central Park in Manhattan. However, Starwood Capital accepted an offer from Host Hotels & Resorts (HST) to purchase the 1 Hotel Central Park, with the acquisition completed on July 31, 2024. JWSM has been unable to identify suitable replacement hotel properties for the portfolio and has consequently suspended the business combination pursuit.
Jaws Mustang Acquisition (JWSM) ha sospeso i suoi precedenti piani di fusione nel settore dell'ospitalità. La società aveva firmato una lettera d'intenti non vincolante con Starwood Capital Group l'8 marzo 2024, riguardante un portafoglio di hotel incluso il 1 Hotel Central Park a Manhattan. Tuttavia, Starwood Capital ha accettato un'offerta da parte di Host Hotels & Resorts (HST) per l'acquisto del 1 Hotel Central Park, con l'acquisizione completata il 31 luglio 2024. JWSM non è riuscita a identificare proprietà alberghiere di sostituzione adeguate per il portafoglio e ha quindi sospeso la ricerca di fusione aziendale.
Jaws Mustang Acquisition (JWSM) ha suspendido sus planes previamente anunciados de combinación empresarial en el sector de la hospitalidad. La empresa había firmado una carta de intención no vinculante con Starwood Capital Group el 8 de marzo de 2024, sobre un portafolio de hoteles que incluye el 1 Hotel Central Park en Manhattan. Sin embargo, Starwood Capital aceptó una oferta de Host Hotels & Resorts (HST) para comprar el 1 Hotel Central Park, con la adquisición completada el 31 de julio de 2024. JWSM no ha podido identificar propiedades hoteleras sustitutas adecuadas para el portafolio y, en consecuencia, ha suspendido la búsqueda de combinación empresarial.
Jaws Mustang Acquisition (JWSM)는 이전에 발표한 환대 사업 결합 계획을 중단했습니다. 이 회사는 2024년 3월 8일 Starwood Capital Group와 맨해튼에 있는 1 Hotel Central Park를 포함한 호텔 포트폴리오에 대한 구속력 없는 의향서에 서명했습니다. 하지만 Starwood Capital은 Host Hotels & Resorts (HST)가 제안한 1 Hotel Central Park 구매 제안을 받아들였으며, 인수는 2024년 7월 31일에 완료되었습니다. JWSM은 포트폴리오를 위한 적절한 대체 호텔 자산을 찾지 못해 사업 결합 추구를 중단하였습니다.
Jaws Mustang Acquisition (JWSM) a suspendu ses précédents projets de fusion dans le secteur de l'hospitalité. La société avait signé une lettre d'intention non contraignante avec Starwood Capital Group le 8 mars 2024, concernant un portefeuille d'hôtels comprenant le 1 Hotel Central Park à Manhattan. Cependant, Starwood Capital a accepté une offre de Host Hotels & Resorts (HST) pour l'achat du 1 Hotel Central Park, l'acquisition ayant été finalisée le 31 juillet 2024. JWSM n'a pas été en mesure d'identifier des biens hôteliers de remplacement adéquats pour le portefeuille et a par conséquent suspendu la recherche de combinaison d'entreprise.
Jaws Mustang Acquisition (JWSM) hat ihre zuvor angekündigten Pläne für eine Fusion im Gastgewerbe ausgesetzt. Das Unternehmen hatte am 8. März 2024 eine unverbindliche Absichtserklärung mit Starwood Capital Group hinsichtlich eines Hotelportfolios, einschließlich des 1 Hotel Central Park in Manhattan, unterzeichnet. Allerdings nahm Starwood Capital ein Angebot von Host Hotels & Resorts (HST) zum Erwerb des 1 Hotel Central Park an, dessen Akquisition am 31. Juli 2024 abgeschlossen wurde. JWSM war nicht in der Lage, geeignete Ersatzhotelimmobilien für das Portfolio zu identifizieren und hat daher die Verfolgung der Fusion ausgesetzt.
- None.
- Failed business combination attempt with Starwood Capital Group
- Loss of key target asset (1 Hotel Central Park) to competitor Host Hotels & Resorts
- Unable to identify suitable replacement properties for the portfolio
Insights
This development represents a significant setback for JWSM's SPAC merger plans. The suspension of the hospitality business combination, particularly after losing the key 1 Hotel Central Park asset to Host Hotels & Resorts, materially impacts JWSM's strategic direction. The inability to identify suitable replacement properties suggests challenges in portfolio composition and deal structuring.
SPACs typically have timeframes to complete business combinations and this suspension could pressure JWSM to either find an alternative target quickly or potentially face liquidation if approaching deadline constraints. The loss of the Starwood Capital partnership opportunity also removes a potentially valuable strategic alignment with an established hospitality investor.
About Jaws
Jaws, led by Chairman Barry S. Sternlicht and Chief Executive Officer Andrew Klaber, is a special purpose acquisition company incorporated as a
View original content:https://www.prnewswire.com/news-releases/jaws-mustang-acquisition-corporation-suspends-pursuit-of-hospitality-business-combination-302294482.html
SOURCE JAWS Mustang Acquisition Corporation
FAQ
Why did JWSM suspend its hospitality business combination in 2024?
When did Host Hotels & Resorts acquire 1 Hotel Central Park from Starwood Capital Group?
When did JWSM enter into the non-binding LOI with Starwood Capital Group?
