It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. We strongly believe that Sonder is the hospitality brand of tomorrow and have high conviction that the company will continue to grow, which is why we are increasing our initial investment, said Alec Gores, Chairman and CEO of The Gores Group and CEO of Gores Metropoulos II. Sonders leases are also subject to early termination. Why should there be a concierge desk if you can message back and forth with a concierge in the same city you're in and get immediate responses? Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Metropoulos & Co. whose Principals are Dean, Evan and Daren Metropoulos. Francis Davidson, Sonders co-founder and CEO, called the listing a historic moment for the company, adding that it is a testament to how weve revolutionized the hospitality industry by reimagining and delivering what the modern traveler demands.. Our Standards: The Thomson Reuters Trust Principles. The San-Francisco-based company was in talks with Gores about going public in The Sonder app gives guests full control over their stay. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Miami luxury real estate agent pleads guilty in PPP fraud case, Sonder to open in Flatiron Hotel next month. Except as required by law, Sonder does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this report. The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. Jennifer Kwon Chou SPACs can then merge with private companies, taking them public in the process. Sonders SPAC deal was first announced in April 2021. Why are landlords willing to fund that much capital expenditure? Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all. For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. Stay up to date with what you want to know. The Gores Group Media Contacts For The Gores Group and affiliates: Three is demographics. This interview has been edited for length and clarity. In the markets that we're in we're talking about substantial investments into those local economies either through our partners or with the employees that we have on the ground. It's interesting to see how Sonder's narrative has evolved from when they raised their series D in 2019 to when they were targeted for a SPAC in 2021. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. We are happy to share any additional information with you on request. I noticed in the investor presentation that they were mentioned, and I also know that you yourself have spent some time living as a digital nomad. Your submission has been received! It currently operates more than 300 properties in 35 markets. Sard Verbinnen & Co Earlier this month, the firm said it would buy Homes.com for $156 million. The full filing with the amended merger agreement is here. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. We should be conservative.". Hospitality - SPAC - Current. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. We bring beautiful spaces to life. Please contact our IR department. See here for a complete list of exchanges and delays. There are a lot of organizations that put out forecasts, like Smith Travel Research and CBRE. "I think you can view us as a next-generation Marriott," Davidson said, adding that Sonder partners with companies including Expedia Group Inc (EXPE.O), Airbnb Inc (ABNB.O) and Booking.com to reach out to customers. Additional risks and uncertainties are identified and discussed in Sonders reports filed and to be filed with the SEC and available at the SECs website at www.sec.gov. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. In addition to the very compelling narrative and numbers presented in Sonder's investor presentation, Sonder's strategic advantage relative to both incumbents and potential new entrants makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. These two things have meant that we've gone from funding 84% of the capital expenditure of the deals we did in 2019 to now funding 10%. Hypothetical strategies and indices presented are unmanaged, do not reflect any fees, expenses, transaction costs, commissions or taxes, and one cannot invest directly in any of these. We are happy to share any additional information with you on request. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. Gores Metropoulos II, Sonder and their respective directors and officers may be deemed participants in the solicitation of proxies of Company stockholders in connection with the proposed Business Combination. SAN FRANCISCO & LOS ANGELES-- ( BUSINESS WIRE )--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality WebThe Investor Relations website contains information about Sonder Holdings Inc.'s business for stockholders, potential investors, and financial analysts. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. In the next three to five years, we expect to be truly global with presence in Latin America and the Asia-Pacific region., RELATED: All signs point to Montral as home of Sonders second headquarters. We can show the value proposition on a spreadsheet. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with real estate owners and developers, guests and suppliers and retain its management and key employees; (b) changes in applicable laws or regulations, including legal or regulatory developments (such as changes in local laws affecting hotels, apartments and other accommodation and regulatory developments related to special purpose acquisition companies); (c) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (d) risks related to the impact of the COVID-19 pandemic, including the Omicron and other variants and potential governmental and other restrictions (including travel restrictions) resulting therefrom; and (e) other risks and uncertainties described in the final proxy statement/prospectus/consent solicitation statement, including those under the heading Risk Factors therein, and other documents filed by the Company from time to time with the SEC. 1, will be provided in a Current Report on Form 8-K which will be filed by Gores Metropoulos II with the SEC and will also be available at www.sec.gov. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. I think it's really important to underscore that we are a technology meets operations company. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties. That said there are some positives in the newly restructured deal between the two parties: Sonder will get an $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management and others, in addition to the $200 million previously announced PIPE. Many services like the front desk, concierge, customer service, cleaning are replaced with their app. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. WebReports & Presentations. With property level profit margins going from (54%) in 2020 to 32% in 2025. ir@sonder.com The travel and hospitality industry has been hit hard by the ongoing pandemic, which has led many to cancel, postpone, or scale down their travel plans, impacting both traditional hotels and tech companies like Sonder and Airbnb. WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments WebExpedia Investor Presentation Deck. And Adj. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Jennifer Kwon Chou Sonder, the hospitality technology company, announced on Friday that it plans to go public via a SPAC deal with Gores Metropoulos II, a blank-check company sponsored by the private-equity firm The Gores Group and the billionaire Dean Metropoulos. But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 35 markets spanning ten countries and three continents. Official notification to shareholders of matters to be brought to a vote ("Proxy") DEF 14A. Can you talk me through your decision to go public? All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. Placer is based in California with an engineering team in Israel. Sonder currently operates more than 300 properties across 35 markets in eight countries. All Rights Reserved. Forward-looking statements in this release include, but are not limited to, the closing of the drawdown on Sonders Delayed Draw Notes, the commencement of trading of Sonders common stock and publicly traded warrants on Nasdaq, Sonders beliefs regarding its current and future financial position, Sonders beliefs regarding its future financial and operating results and growth and the effect of the COVID-19 pandemic, its timing of recovery and the pandemics impact to Sonders business and financial position. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. The hospitality business is expected to have a pro forma enterprise value of $2.2 billion and over $700 million of net cash at closing. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. Something went wrong while submitting the form. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. 2022. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The San Francisco-based travel tech and hospitality company has strong Canadian roots. SPAC Cash in Trust, US$ 450 million Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. Chris Mammone, The Blueshirt Group Download PDF View All Featured Events September 13, 2022 Heliogen 2022 Investor & Analyst Day Presentation March 29, 2023 Heliogen Fourth Quarter and Full Year 2022 Earnings Call Webcast It's early to say how large that demographic is going to be in the years to come, when the world is reopened and offices are reopened, but it's going to be more than what it was before the pandemic. Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. Why are you in such a good position to go public now when it's been a challenge across the board for your competitors? Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management & Research LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group (the New PIPEs), in addition to the $200 million previously announced PIPE (the Existing PIPE). Were excited to watch them continue to expand and reshape guest stays at a global level.. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. is serving as legal advisor to Sonder.
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