Jaws Mustang signs LOI for business combination with Starwood Capital hotel portfolio

Jaws Mustang Acquisition Corp

Non-binding LOI signed to combine with Starwood Capital Entities owning 10 hotels: 1 Hotel Brooklyn Bridge, 1 Hotel Central Park, and 8 De Vere UK properties.
Initial Portfolio earned $52M NOI in 2023; projected $62M NOI for 2024. Combined company to list on national exchange.
Definitive agreement expected in coming weeks; no assurance deal will close. Subject to consents and regulatory review.
1 Hotels platform has 11 operating properties and 8 under development; Starwood Capital Group manages ~$115B in assets.

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