Starwood Capital Entities signal Letter of Intent with Jaws Mustang Acquisition Corp for a brand new hospitality firm

MIAMI BEACH, FLA. – Funding entities affiliated with Starwood Capital Group that personal pursuits in a portfolio of resorts comprised of the 1 Motels properties in Manhattan and Brooklyn, and the De Vere Portfolio within the United Kingdom, and Jaws Mustang Acquisition Corp, a particular function acquisition firm, introduced that they’ve signed a non-binding letter of intent (“LOI”) for a possible enterprise mixture. Beneath the phrases of the LOI,  following the consummation of the Enterprise Mixture, the mixed public firm can be listed on a nationwide securities trade.

1 Motels, created by Barry Sternlicht (Chairman and CEO of Starwood Capital Group) in 2015, is a mission-driven luxurious life-style platform that locations environmental sustainability on the forefront with out sacrificing luxurious or a premium visitor expertise.  Every 1 Resort is consciously designed in collaboration with eco-friendly architects and craftsmen, and every property incorporates a high-design with low-impact that leverages reclaimed and pure supplies wherever potential.  In line with Mr. Sternlicht, “I needed to seize the fantastic thing about nature in a lodge and decide to safeguarding it as greatest I can, a duty that I consider all of us share.  It’s 1 world. However 1 is greater than a lodge, it’s a philosophy and a platform for change.”  The 1 Motels portfolio has grown quickly since inception and now includes 11 working properties and one other 8 underneath growth throughout North America, Europe, and Asia Pacific.

The De Vere Portfolio, beforehand acquired by funding associates of Starwood Capital Group, consists of a group of nation estates and ancestral household seats which have stood the check of time – every with an extended custom of welcoming and entertaining friends, from Winston Churchill to King Edward VII.  These historic nation estates and homes have been enhanced to accommodate a twenty first Century way of life and dealing and are complemented by inspiring occasion areas.  The De Vere expertise presents the easiest of attentive, private service and considerate touches inside atmospheric mansion home environment.

Beneath the phrases of the LOI, the mixed public firm would develop into the direct or oblique proprietor of the Starwood Capital Entities’ pursuits within the following ten properties constituting the Preliminary Portfolio:

• 1 Resort Brooklyn Bridge – A waterfront retreat, with sweeping views of the East River and Manhattan skyline, and interiors that includes native greenery and reclaimed supplies.  This property includes 195 visitor rooms and suites.
• 1 Resort Central Park – A New York Metropolis sanctuary, proper off Central Park and steps from the guts of Manhattan.  This property includes 234 visitor rooms and suites.
• The De Vere Portfolio – Spanning central London, outer London, Southern England, and Northern England, these eight iconic, historic nation estates and homes comprise the De Vere Wokefield Property, De Vere Latimer Property, De Vere Beaumont Property, De Vere Horsley Property, De Vere Cranage Property, De Vere Tortworth Court docket, De Vere Cotswold Water Park, and De Vere Grand Connaught Rooms. These properties comprise 1,871 visitor rooms and suites.

It’s estimated that the Preliminary Portfolio earned $52 million of Web Working Earnings (“NOI”) on the property stage for the 12 months ended December 31, 2023, and the Preliminary Portfolio is projected to earn NOI on the property stage of $62 million for the 12 months ending December 31, 2024.  The 1 Resort Brooklyn Bridge and the 1 Resort Central Park will proceed to be externally managed by SH Group Motels & Residences U.S., LLC and the De Vere Portfolio will proceed to be managed by its inside operational workforce.  It’s anticipated that on an ongoing foundation, the mixed public firm will search to accumulate extra lodge properties, together with 1 Motels properties.

The Starwood Capital Entities and Jaws intend to finalize their definitive enterprise mixture settlement within the coming weeks and can announce extra particulars at the moment.  There might be no assurance {that a} definitive settlement can be entered into or that the proposed transaction can be consummated on the phrases or timeframe at present contemplated, or in any respect.  Any such transaction can be topic to varied contingencies and circumstances, together with the Starwood Capital Entities’ requisite investor consents, third get together consents and regulatory assessment, together with from the Securities and Trade Fee (“SEC”) and a nationwide securities trade.