VM Hotel Acquisition Corp. (TSX:VMH.U) agreed to acquire Le Centre Sheraton Montreal Hotel on December 7, 2021. In related transactions VM Hotel Acquisition Corp.

(TSX:VMH.U) announced its proposed qualifying acquisitions to acquire four other hotels namely Battery Wharf in Boston, Massachusetts, Hyatt Regency in Cleveland, Ohio, The Renaissance in Cleveland, Ohio and Sheraton Golf & Spa in Panama City Beach, Florida. The combined acquistion cost for all the five hotels is $411 million. The US$411 million purchase price is expected to be funded through a combination of approximately $260 million of mortgage financing and $20 million raised through the issuance of VMH shares to a vendor, with the remaining portion funded through cash on hand and a PIPE Investment with gross proceeds of $145 million.

Following the closing, VMH will have a 100% interest in each of the hotels other than the Renaissance, in which it will have a 90% interest. Following the acquisition, VMH's current President and Chief Executive Officer, Ian McAuley, Executive Chair, Tom Vukota and Chief Financial Officer, Tom Wenner will continue to lead the business. Blake D. Lyon (current Chief Executive Officer and a Director at Skyline Investments) will join the board at closing.

The closing of the acquisition is subject to obtaining certain regulatory approvals and the satisfaction of certain conditions (including the approval of the TSX) and the continued listing of VMH's common shares on the TSX. Closing of the transaction is anticipated to occur in the first quarter of 2022. Echelon Capital Markets acted as financial advisor to VM Hotel Acquisition Corp.

Janney Montgomery Scott LLC acted as financial advisor to VM Hotel Acquisition Corp. Goodmans LLP acted as legal advisor to VM Hotel Acquisition Corp.