MIAMI BEACH, Fla., Nov. 1, 2024 — Jaws Mustang Acquisition Corporation (NYSEA: JWSM), a special purpose acquisition company (“Jaws”), has decided to stop pursuing its previously announced hospitality business combination. On March 8, 2024, Jaws entered into a non-binding letter of intent (“non-binding LOI”) with investment affiliates of Starwood Capital Group (collectively, the “Starwood Capital Entities”) that owned interests in a portfolio of hotels (the “Initial Portfolio”), including the 1 Hotel Central Park in Manhattan (“1 CP”), for a potential business combination. However, the Starwood Capital Entities later received an offer from Host Hotels & Resorts, Inc. (NYSE: HST) to purchase the 1 CP on terms that they considered more advantageous for their investors. HST’s acquisition of the 1 CP was completed on July 31, 2024. As of now, Jaws has not found any other hotel properties that could adequately replace the 1 CP in the Initial Portfolio. Consequently, Jaws has decided to suspend further efforts to pursue this previously announced hospitality business combination.

About Jaws

Jaws, led by Chairman Barry S. Sternlicht and Chief Executive Officer Andrew Klaber, is a special purpose acquisition company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

SOURCE JAWS Mustang Acquisition Corporation