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Starwood Capital, the owner of the De Vere portfolio, has announced that it is planning to merge with Jaws Mustang Acquisition Corp.
The two companies have signed a non-binding letter of intent to complete a deal that outlines a joint venture which would include the acquisition of the De Vere and 1 Hotels portfolios.
Both parties hope to finalise an agreement in the next few weeks but this will be subject to investor, third-party consents, and regulatory review by the SEC and a national securities exchange.
Full details of the merger will be announced once a definitive agreement has been reached between the two parties.
The De Vere portfolio comprises a number of historic country estates in the UK in places such as the Cotswolds.
The 1 Hotels brand is based on sustainability and currently operates properties in London and New York amongst other places.
