Starwood Capital Entities Sign Letter of Intent to Create a Publicly-Listed, Growth Oriented Hospitality Company

Investment entities affiliated with Starwood Capital Group (collectively, the "Starwood Capital Entities") that own interests in a portfolio of hotels (the "Initial Portfolio") comprised of the 1 Hotels properties in Manhattan and Brooklyn, and the De Vere Portfolio in the United Kingdom, and Jaws Mustang Acquisition Corp (NYSEA: JWSM), a special purpose acquisition company ("Jaws"), today announced that they have signed a non-binding letter of intent ("LOI") for a potential business combination ("Business Combination"). 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 materials wherever possible. According to Mr. Sternlicht, "I wanted to capture the beauty of nature in a hotel and commit to safeguarding it as best I can, a responsibility that I believe we all share. It's 1 world. But 1 is more than a hotel, it's a philosophy and a platform for change." The 1 Hotels portfolio has grown rapidly since inception and now comprises 11 operating properties and another 8 under development across North America, Europe, and Asia Pacific.

The De Vere Portfolio, previously acquired by investment affiliates of Starwood Capital Group, consists of a collection of country estates and ancestral family seats that have stood the test of time – each with a long tradition of welcoming and entertaining guests, from Winston Churchill to King Edward VII. These historic country estates and houses have been enhanced to accommodate a 21^st Century way of living and working and are complemented by inspiring event spaces. The De Vere experience offers the very best of attentive, personal service and thoughtful touches within atmospheric mansion house surroundings.

Under the terms of the LOI, the combined public company would become the direct or indirect owner of the Starwood Capital Entities' interests in the following ten properties constituting the Initial Portfolio:

• 1 Hotel Brooklyn Bridge – A waterfront retreat, with sweeping views of the East River and Manhattan skyline, and interiors featuring native greenery and reclaimed materials. This property comprises 195 guest rooms and suites.
• 1 Hotel Central Park – A New York City sanctuary, right off Central Park and steps from the heart of Manhattan. This property comprises 234 guest rooms and suites.
• The De Vere Portfolio – Spanning central London, outer London, Southern England, and Northern England, these eight iconic, historic country estates and houses comprise the De Vere Wokefield Estate, De Vere Latimer Estate, De Vere Beaumont Estate, De Vere Horsley Estate, De Vere Cranage Estate, De Vere Tortworth Court, De Vere Cotswold Water Park, and De Vere Grand Connaught Rooms. These properties comprise 1,871 guest rooms and suites.

It is estimated that the Initial Portfolio earned $52 million of Net Operating Income ("NOI") at the property level for the year ended December 31, 2023, and the Initial Portfolio is projected to earn NOI at the property level of $62 million for the year ending December 31, 2024. The 1 Hotel Brooklyn Bridge and the 1 Hotel Central Park will continue to be externally managed by SH Group Hotels & Residences U.S., LLC and the De Vere Portfolio will continue to be managed by its internal operational team. It is expected that on an ongoing basis, the combined public company will seek to acquire additional hotel properties, including 1 Hotels properties.

The Starwood Capital Entities and Jaws intend to finalize their definitive business combination agreement in the coming weeks and will announce additional details at that time. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any such transaction would be subject to various contingencies and conditions, including the Starwood Capital Entities' requisite investor consents, third party consents and regulatory review, including from the Securities and Exchange Commission ("SEC") and a national securities exchange.

Advisors
Santander US Capital Markets LLC is serving as equity capital markets advisor and financial advisor to Jaws.