VM Hotel Acquisition Corp. (TSX:VMH.U) agreed to acquire 90% stake in The Renaissance from Skyline Investments Inc. (TASE:SKLN) for $45.7 million on December 5, 2021. The consideration shall be settled through payment in cash and issuance of newly issued shares. In related transactions VM Hotel Acquisition Corp. announced its proposed qualifying acquisitions to acquire four other hotels namely Battery Wharf in Boston, Massachusetts, Hyatt Regency in Cleveland, Ohio, Le Centre Sheraton Montreal Hotel and Sheraton Golf & Spa in Panama City Beach, Florida. The combined acquisition cost for all the five hotels is $411 million. The $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 90% interest in The Renaissance. 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.

VM Hotel Acquisition Corp. (TSX:VMH.U) cancelled the acquisition of 90% stake in The Renaissance from Skyline Investments Inc. (TASE:SKLN) on May 30, 2022. In a related transaction, VM Hotel Acquisition Corp. also cancelled the acquisition of the Hyatt Regency. Due to capital market volatility caused by current world events VM Hotel has determined not to proceed with the acquisitions.