It currently operates 8,000 (with contracts for 10,000 more). The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. As part of the SPAC deal, Sonder will retain its management team: Davidson will stay on as CEO, and Sanjay Banker will continue to serve as president and CFO. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. It's going to be really interesting to see how we might be able to capture some of that demand. The hospitality startup, which leases apartments and turns them into furnished, short-term rentals, announced plans to merge with a blank-check firm backed by SPAC pioneers Alec Gores and Dean Metropoulos. All this allows them to cut down on operating costs by as much as ~50%. Over the course of their careers, Messrs. Gores and Metropoulos and their respective teams have invested in more than 180 portfolio companies through varying macroeconomic environments with a consistent, operationally-oriented investment strategy. In 2020, Sonder had 5,000 units (with contracts for another 7,000). We improved unit economics by having landlords funding all of the investments required for a company to become a Sonder. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Past investors in Sonder include Atreides Management, LP, Bezos Expeditions, GreenOaks, Fidelity Management & Research, GreyLock Partners, iNovia, Spark Capital, Tao, Valor Equity Partners, Westcap, and the Wilson family. All Rights Reserved. The way Sonder achieves this is through cutting out the fat in the hospitality industry through technology. Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. Volt does not purport to provide any legal, tax, or accounting advice. And improving their Revenue per Available Room (RevPAR) from $74 to $165. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. San Franciscos short-term rental startupSonder has lowered its going-public-through-SPAC valuation down to $1.925 billion from the earlier planned $2.2 billion, as market conditions change and SPACs face more headwind. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. 2020, US$ 240.663 million (LOSS) And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. The Sonder app gives guests full control over their stay. Investors Moelis & Company LLC acted as additional financial advisor to GM II. ir@sonder.com, For The Gores Group and affiliates: We are happy to share any additional information with you on request. OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. Revenue tripled, the company said. It has also pushed back the completion of its reverse merger deal with Gores Metropoulos II, the black check company backed by the Gores Group that is taking it public, from the earlier anticipated close October 28 this year to January 31, 2022, though the two insist they will close the deal by the end of the year. Sonder will merge with SPAC to All material subject to strictly enforced copyright laws. Proptech was no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRDs SPAC tracker. Our Standards: The Thomson Reuters Trust Principles. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Please contact our IR department. And their expected growth rate is also head and shoulders above the median of each of those industries. We can show the value proposition on a spreadsheet. Let's also plug in our technology and modernize this hotel so that the customer experience can be improved and the cost structure can go down.". Latham & Watkins LLP is serving as legal advisor to the co-placement agents. In connection with the proposed Business Combination, Gores Metropoulos II has filed a registration statement on Form S-4 (the Registration Statement) that includes a preliminary proxy statement, consent solicitation statement and prospectus with respect to Gores Metropoulos IIs securities to be issued in connection with the proposed Business Combination that also constitutes a preliminary prospectus of Gores Metropoulos II and will mail a definitive proxy statement/consent solicitation statement/prospectus and other relevant documents to its stockholders. Chris Mammone, The Blueshirt Group Any and all subjective claims and statements made on this site regarding companies or securities are strictly the beliefs and views held by Volt and are in no way meant to be an endorsement by Volt of any company or security and nor is it meant to be a recommendation by Volt to buy, sell, or hold any security.Past performance is no guarantee of future returns. ir@sonder.com Sonder 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? Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. 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. We are happy to share any additional information with you on request. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Takeaway: Regarding the 3 dimensions of price, design, and quality consistency, Sonder introduces technology to drive down the price dimension, so that it can score top marks on all 3. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. Were thrilled to have a committed and creative partner in Gores and the amendments, and incremental investment announced today will allow us to pursue our ambitious growth and expansion strategy in full force. In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. When available, the definitive proxy statement/consent solicitation statement/prospectus will be mailed to Gores Metropoulos II stockholders as of a record date to be established for voting on the proposed Business Combination and the other matters to be voted upon at the Special Meeting. 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, Real estate lender dodges bullet after Signatures collapse. 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 amended terms revise the combined companys pro forma enterprise value to $1.925 billion. 0001819395-23-000056.pdf. Amid a rebound in leisure travel demand, Sonder reported record quarterly revenue and year-over-year (YoY) growth in the third quarter of 2021, with revenue of $67.5 milliona 155 percent YoY increase, and a 43 percent increase compared to Q2 of last year.
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