VM Hotel Acquisition Corp. (TSX:VMH.U) agreed to acquire The Battery Wharf Hotel & Spa for $29.7 million on December 7, 2021. VM Hotel will pay $198,000 per room for the 150 room hotel, subject to adjustments. In related transactions, VM Hotel also agreed to acquire Sheraton Centre, Hyatt Regency, The Renaissance and Sheraton Golf & Spa for a total of $411 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, with Skyline retaining a 10% interest as part of a strategic partnership with VMH. The 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 the PIPE Investment amounting to $145 million. 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, which is subject to obtaining certain regulatory approvals, the satisfaction of certain conditions (including the approval of the TSX) and the continued listing of VMH's common shares on the TSX, is anticipated to occur in the first quarter of 2022. The outside date for the acquisition is February 28, 2022, or such other date as the applicable counterparties and VMH may mutually agree in writing. Echelon Capital Markets and Janney Montgomery Scott LLC are acting as co-bookrunners and co-lead agents on the PIPE Investment as well as serving as financial advisors to VMH. Goodmans LLP is serving as legal counsel to VMH and the sponsors.

VM Hotel Acquisition Corp. (TSX:VMH.U) cancelled the acquisition of The Battery Wharf Hotel & Spa on February 23, 2022.