Starwood Capital to Transfer 10 Hotels to a SPAC
Photo Credit: A guest room at the 1 Hotel Brooklyn Bridge. SH Group
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Starwood Capital Group signed a deal with SPAC Jaws Mustang Acquisition to merge. If completed, the SPAC will become the direct or indirect owner of Starwood entities’ interests in an initial portfolio of 10 properties, including the 1 Hotel Brooklyn Bridge.
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 L
