Jaws Mustang Acquisition suspends pursuit of hospitality business combination

Jaws Mustang Acquisition (JWSM) has suspended pursuit of its previously announced hospitality business combination. On March 8, Jaws entered into a non-binding letter of intent with investment affiliates of Starwood Capital Group that owned interests in a portfolio of hotels, including the 1 Hotel Central Park in Manhattan, for a potential business combination. Subsequently, the Starwood Capital Entities received an offer from Host Hotels & Resorts (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. 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.