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TORONTO, Feb. 23, 2022 /CNW/ - VM Hotel Acquisition Corp.
(TSX: VMH.U) (TSX: VMH.WT.U) ("VMH" or the
"Company"), a special purpose acquisition company
("SPAC"), today announced that it has determined not to
proceed with the acquisition of the Battery Wharf and Sheraton
Centre hotels located in Boston,
Massachusetts and Montreal,
Quebec, respectively. The acquisition of these two
properties, which were originally intended to form part of VMH's
initial portfolio (the "Initial Portfolio"), which was to
constitute its proposed qualifying acquisition, was previously
announced by the Company on December 7,
2021.
The Company is currently working with stakeholders to determine
how to best proceed with the acquisition of the other assets
comprising the Initial Portfolio, being the Hyatt Regency, in
Cleveland, Ohio, The Renaissance,
in Cleveland, Ohio, and the
Sheraton Golf & Spa, in Panama City
Beach, Florida. The Company will provide an update on its
qualifying acquisition when appropriate to do so.
About VM Hotel Acquisition Corp.
VMH is a SPAC
incorporated under the laws of the Province of British Columbia for the purpose of effecting
a qualifying acquisition within a specified period of time. VMH's
head office is located at Brookfield Place, 161 Bay Street, Suite
2420, Toronto, ON, M5J 2S1 and the
registered office is located at700 West Georgia Street, Floor 25,
Vancouver, BC V7Y 1B3.
Forward-Looking Statements
This press release may
contain forward-looking information within the meaning of
applicable securities legislation, which reflects VMH's current
expectations regarding future events. The words "will", "expects",
"intends" and similar expressions are often intended to identify
forward-looking information, although not all forward-looking
information contains these identifying words. Specific
forward-looking information contained in this press release
includes, but is not limited to, statements with respect to the
following: the Company's qualifying acquisition. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond VMH's
control, which could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information. Such risks and uncertainties include,
but are not limited to: there can be no assurance that the Company
will complete a qualifying acquisition. VMH undertake no obligation
to update such forward-looking information, whether as a result of
new information, future events or otherwise, except as expressly
required by applicable law.
SOURCE VM Hotel Acquisition Corp