Starwood Capital to Transfer 10 Hotels to a SPAC

The DJIA ended Friday down 69 points while Nasdaq was down 188, the S&P 500 fell 34 points and the 10-year treasury yield was flat at 4.09%. Lodging stocks were mixed. ABNB traded up to another new 52 week high while VCSAwas the only big mover, down -9% on the day.

Starwood Capital Group signed a deal with SPAC Jaws Mustang Acquisition to merge. The non-binding letter of intent, if completed, will become the direct or indirect owner of Starwood entities’ interests in an initial portfolio of 10 properties, including the 1 Hotel Brooklyn Bridge, 1 Hotel Central Park and the De Vere portfolio of UK properties. Jaws Mustang is up against a deadline to complete a deal. In early February the NYSE notified them they were beginning delisting proceedings.

A pair of Hilton-flagged hotels in Rogers, Arkansas, with a combined 248 rooms, sold recently for $33.5 million. UPX1725 Hospitality LLC, purchased the 4-story Hampton Inn and the 4-story Homewood Suites. Apple Hospitality REIT Inc.was the seller. Southern Bank backed the deal with a five-year loan worth $25.1 million.

Chartwell Hospitality, Rockbridge and Hilton Hotels & Resorts announced the opening of Hilton BNA Nashville Airport Terminal, the first onsite hotel situated at the heart of Nashville’s growing international airport. The 14-story, 298-key hotel boasts expansive meeting and event areas totaling 23,000 square feet, an all-day restaurant, music lounge, expansive rooftop, fitness center and Coffee Café. The hotel is owned by a partnership between Chartwell and Rockbridgesubject to a lease with the Metropolitan Nashville Airport Authority. Chartwellis the hotel operator and FirstBank provided construction financing.

A blend of hotel and upscale apartment complex debuted in downtown Hartford, Connecticut.