03:19 PM EST, 03/08/2024 (MT Newswires) -- Jaws Mustang Acquisition ( JWSM ) and Investment entities associated with Starwood Capital Group said Friday they signed a nonbinding letter of intent for a potential merger.

After the merger, the combined public company would be listed on a national securities exchange and assume ownership of Starwood Capital Entities' interests in 10 properties including 1 Hotel Brooklyn Bridge and 1 Hotel Central Park in New York and the De Vere portfolio in England, the companies said.

After the combination, SH Group Hotels & Residences US will continue to manage externally 1 Hotel Brooklyn Bridge and 1 Hotel Central Park, while the De Vere Portfolio will continue to be managed by its internal operational team.

Starwood Capital Entities and Jaws aim to finalize a definitive agreement in the coming weeks, though here's no assurance the proposed combination will be concluded, the companies said.

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