VM HOTEL ACQUISITION CORP. PROVIDES UPDATE ON QUALIFYING ACQUISITION

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

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.

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