Starwood Capital Entities Sign Letter of Intent to Create a

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.

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