Investment entities affiliated with Starwood Capital Group that own interests in a portfolio of hotels comprising the 1 Hotels properties in Manhattan and Brooklyn and the De Vere Portfolio in the United Kingdom have signed a non-binding letter of intent (LOI) for a potential business combination with Jaws Mustang Acquisition, a special-purpose acquisition company.
Under the terms of the LOI, following the consummation of the business combination, the combined public company would be listed on a national securities exchange.
1 Hotels, created by Barry Sternlicht, chairman and CEO of Starwood Capital Group, in 2015, is a mission-driven luxury lifestyle platform that places environmental sustainability at the forefront without sacrificing luxury or a premium guest experience. Each 1 Hotel is consciously designed in collaboration with eco-friendly architects and craftsmen, and each property features a high design with low impact that leverages reclaimed and natural mate
