Jaws Mustang Acquisition Suspends Pursuit of Hospitality Merger
MT Newswires Live
Nov 02, 2024
Jaws Mustang Acquisition (JWSM) said late Friday it has suspended pursuit of its previously disclosed hospitality merger following a failed deal with Starwood Capital affiliates.
The company said it signed a nonbinding letter of intent in March with Starwood affiliates that owned interests in a portfolio of hotels, including the 1 Hotel Central Park in Manhattan, for a potential merger. Starwood entities then received an offer from Host Hotels & Resorts (HST) to buy 1 Hotel Central Park on terms that they believed were better, Jaws added.
Jaws said it hasn't identified one or more additional hotel interests that would be a suitable replacement for the 1 Hotel Central Park in the portfolio.
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