VM HOTEL ACQUISITION CORP. PROVIDES UPDATE ON QUALIFYING ACQUISITION

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES/

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

VM Hotel Acquisition Corp.: Ian McAuley, President and CEO, [email protected]