Barry Sternlicht SPAC Jaws Mustang Acquisition Halted for News -- Market Talk

Dow Jones
2024/11/02

1453 ET - Jaws Mustang Acquisition, whose founders include Barry Sternlicht, is halted due to news pending. Since the SPAC's March announcement of a non-binding letter of intent for certain hotels affiliated with Sternlicht's Starwood Capital Group, updates have been sparse. In its August filing, Jaws Mustang reiterated that the transaction is subject to negotiation of a definitive agreement. The LOI called for the formation of a hospitality company that would become the owner of Starwood entities' interests in an initial portfolio with 10 properties including 1 Hotel Brooklyn Bridge and 1 Hotel Central Park. Sternlicht participated in SPACs that merged with Cano Health and Velo3D. The Jaws Hurricane and Jaws Juggernaut vehicles shut down in 2023 without completing business combinations. (josh.beckerman@wsj.com)

 

(END) Dow Jones Newswires

November 01, 2024 14:53 ET (18:53 GMT)

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