04:57 PM EDT, 11/01/2024 (MT Newswires) -- Jaws Mustang Acquisition ( JWSM ) said late Friday it has suspended pursuit of its previously disclosed hospitality merger following a failed deal with Starwood Capital affiliates.

The company said it signed a nonbinding letter of intent in March with Starwood affiliates that owned interests in a portfolio of hotels, including the 1 Hotel Central Park in Manhattan, for a potential merger. Starwood entities then received an offer from Host Hotels & Resorts ( HST ) to buy 1 Hotel Central Park on terms that they believed were better, Jaws added.

Jaws said it hasn't identified one or more additional hotel interests that would be a suitable replacement for the 1 Hotel Central Park in the portfolio.