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TORONTO, May 30, 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 due to
capital market volatility caused by current world events it has
determined not to proceed with the acquisition of the Hyatt Regency
and the Renaissance hotels in Cleveland,
Ohio. The Hyatt Regency and the Renaissance hotels were the
only remaining assets comprising the Company's formerly proposed
initial portfolio, which was originally announced by the Company on
December 7, 2021 and was to
constitute its proposed qualifying acquisition.
The Company intends to continue its search for target
business(es) or assets with a focus on hotel and resort properties
and/or related real estate assets and/or businesses. However, the
Company is not limited to a particular industry or geographic
region for purposes of completing its qualifying acquisition.
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 its
registered office is located at 1600 - 925 West Georgia Street
Vancouver, BC V6C 3L2.
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 statements with respect to 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, that 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.