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Investment entities affiliated with Starwood Capital Group (collectively, the “Starwood Capital Entities”) own interests in a hotel portfolio (the “Initial Portfolio”), which consists of 1 hotel property in Manhattan and Brooklyn; Lin’s De Vere Portfolio composition. UK and Jaws Mustang Acquisition Corp (NYSE: JWSM), a special purpose acquisition company, announced today that they have entered into a non-binding letter of intent (“LOI”) in connection with a potential business combination (the “Business Combination”). Subject to the terms of the letter of intent, upon completion of the business combination, the combined public company will be listed on a national securities exchange.
Founded in 2015 by Barry Sternlicht (Chairman and CEO of Starwood Capital Group), 1 Hotels is a mission-driven luxury lifestyle platform that prioritizes environmental sustainability without sacrificing luxury or quality. Guest experience. Designed in conscious collaboration with environmentally friendly architects and craftsmen, each 1 Hotel features low-impact high design and utilizes recycled and natural materials wherever possible. Mr. Sternlicht said: “I wanted to capture the beauty of nature in the hotel and am committed to doing everything I can to protect it, which I believe is our shared responsibility. It’s a world. But it’s not just a hotel, it’s a a transformative concept and platform.” 1 The Hotels portfolio has grown rapidly since its inception and now includes 11 operating hotels and an additional eight hotels under development in North America, Europe and Asia Pacific.
Previously acquired by an investment affiliate of Starwood Capital Group, the De Vere Portfolio consists of a collection of country estates and ancestral family homes that have stood the test of time, each with a long tradition of welcoming and entertaining guests, from Winston ·Winston Churchill to King Edward VII.These historic country estates and houses have been fortified to accommodate 21 peopleYingshi A century-old way of living and working, complemented by inspiring event spaces. The De Vere experience offers the most attentive, personalized service and thoughtful details in an atmospheric luxury setting.
Under the terms of the letter of intent, the combined public company will become the direct or indirect owner of the Starwood Capital entities’ interests in the following ten properties that make up the initial portfolio:
- 1 Hotel Brooklyn Bridge – An oceanfront resort with sweeping views of the East River and Manhattan skyline, and interiors featuring native greenery and recycled materials. The hotel has 195 guest rooms and suites.
- 1 Hotel Central Park – A sanctuary in New York City, located next to Central Park and just steps from the center of Manhattan. The hotel has 234 guest rooms and suites.
- De Vere Portfolio – Spanning central London, outer London, southern England and northern England, these eight iconic, historic country estates and houses include De Vere Wokefield Estate, De Vere Latimer Estate, De Vere Beaumont Estate , De Vere Horsley Estate, De Vere Cranage Estate, De Vere Tortworth Court, De Vere Cotswold Water Park and De Vere Grand Connaught Rooms. These hotels have 1,871 guest rooms and suites.
The Initial Portfolio is estimated to have earned $52 million in net operating income (“NOI”) at the real estate level for the year ended December 31, 2023. Earned $62 million in NOI at the real estate level. For the year ended December 31, 2024. One Brooklyn Bridge and One Central Park will continue to be managed externally by SH Group Hotels & Residences US, LLC, and De Vere Portfolio will continue to be managed by its internal operations team. It is expected that the merged listed company will continue to seek to acquire more hotel properties, including 1 hotel property.
Starwood Capital Entities and Jaws intend to finalize a final business combination agreement in the coming weeks and will announce additional details at that time. There can be no assurance that a definitive agreement will be reached, or that the proposed transaction will be completed on the terms or timetable currently contemplated, or at all. Any such transaction will be subject to various contingencies and conditions, including required investor consents, third-party consents and regulatory reviews by Starwood Capital entities, including from the U.S. Securities and Exchange Commission (“SEC”) and national securities exchanges regulatory review.
consultant
Santander US Capital Markets LLC is serving as equity capital markets advisor and financial advisor to Jaws.
About Starwood Capital Entities
The Starwood Capital entities are investment affiliates of Starwood Capital Group, a private investment firm focused on global real estate. The company and its affiliates have 16 offices in 7 countries around the world and currently employ more than 5,000 people. Since its founding in 1991, Starwood Capital Group has raised more than $75 billion in capital and currently has approximately $115 billion in assets under management. Through a series of hybrid opportunity funds and private real estate investment trust Starwood Real Estate Income Trust (SREIT), the company invests globally in virtually every class of real estate, opportunistically changing asset classes, geographies and positions in the capital stack , as it considers risk/reward dynamics to be constantly changing. Starwood Capital also manages Starwood Property Trust, Inc. (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed more than $95 billion of capital since its inception and manages a debt and equity portfolio of more than $27 billion. . . Over the past 32 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy involving building businesses in the private and public markets. For more information, please visit www.starwoodcapital.com.
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