Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. Sard Verbinnen & Co He brings nearly two The Sonder recently took over the Flatiron Hotel in New York City as part of its model to lease, refurbish and rent short- and medium-stay rooms. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Sign up for notifications from Insider! When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 2012-2023 BetaKit Incorporated. The idea of contactless service and skipping the front desk and going straight to your room are things that are now sought out by a larger share of consumers. EBITDA margin going from (181%) in 2020 to 16% in 2025. We provide modern service through the phone, and we bring quality and standards to the industry. Sonder will merge with SPAC to go public - The Real served as legal advisor to Sonder. Sonder's pre-SPAC merger investor presentation outlined the narrative and future of Sonder with surprising transparency. 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. 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. Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Subject to any redemptions by the public stockholders of Gores Metropoulos II and the payment of transaction expenses at the closing, the $200 million in Existing PIPE proceeds and approximately $110 million in proceeds from the New PIPEs will be used together with up to $450 million in cash in Gores Metropoulos IIs trust account and Delayed Draw Notes of $220 million to fund operations and support new and existing growth initiatives. Hospitality startup will reap $650 million, notches $2.2 billion valuation, Sonder co-founder Francis Davidson (Sonder, iStock). 2022. Access exclusive travel research, data insights, and surveys. Media Contacts To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. I remember being in a war room in February 2020, seeing our Italy numbers start going down every week.We've been an international business since 2015. On the other side is our expansion into the hotel business. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. And their expected growth rate is also head and shoulders above the median of each of those industries. Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). The US$ 200 million PIPE investment is led by an affiliate of The Gores Group, with participation from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group. In response to evolving market dynamics, we are also amending the terms of our merger agreement, reflecting our commitment to driving long-term value creation, transparency and stockholder alignment in this high-performing and innovative business., We continue to see a rebound in leisure travel, and we are aggressively pursuing our expansion plans and capturing significant consumer demand. You can read more of our analysis on Sonder's strategic position vs. hotels in this post. WebExpedia Investor Presentation Deck. The content should not be considered investment advice and is for educational purposes only. Can you talk me through your decision to go public? John Christiansen/Cassandra Bujarski It's going to be really interesting to see how we might be able to capture some of that demand. All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. We're not acquiring these assets, but we're running a process that's just as thorough. Gores Metropoulos II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos II in Gores Metropoulos IIs registration statement on Form S-1 (File No. Were excited to watch them continue to expand and reshape guest stays at a global level.. Thank you! The Gores Group The Gores Group 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. Equipping the balance sheet with hundreds of millions of dollars through this transaction allows us to do that in a way that is super financially sound and finances a plan that can bring really rapid growth and investments in technology we think are really going to pay off big time. Sonder is a hospitality company focused at short-term rentals. Additionally, the parties agreed to extend the Merger Agreement end date from October 28, 2021 to January 31, 2022 after which Gores Metropoulos II and Sonder would have the right to terminate the Merger Agreement if the proposed business combination has not been consummated by January 31, 2022. What it does: The five-year-old company uses cell phone data to track pedestrian foot traffic in order to give retail and office landlords feedback on how stores and assets are doing. 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. In 2020, Sonder says they have 4,565 units. real estate targeting, warehouse and inventory management, logistics planning, etc.). Finsbury Glover Hering However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. Chris Mammone, The Blueshirt Group Sonder reported $116 million in revenue last year, a 19% drop year-over-year. This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. No affiliation or endorsement, express or implied, is provided by their use. Finsbury Glover Hering We thought that's where the hospitality industry was bound to go and where the customer would prefer to go, but COVID has really accelerated that. None of Volts proprietary content may be reproduced or referenced, in full or in part, in any other publication without the expressed written consent of Volt. In terms of real estate supply availability, Sonder has just scratched the surface with only 0.8% of new apartment units to be contracted in their current US markets, and only 1.8% of global hotel units to be contracted. Highlights from the presentation are below. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. 0001819395-23-000056.pdf. In 2020, Sonder had 5,000 units (with contracts for another 7,000). This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. 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. Volt does not purport to provide any legal, tax, or accounting advice. A trend that I've been watching the development of is the "digital nomad," where remote workers move between different cities instead of settling down in one location. 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. jchou@gores.com Last year, Sonder reached a valuation of $1.3 billion after a funding round. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. Gores Metropoulos II stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, once available, at the SECs website at www.sec.gov or by directing a request to: 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou, or by contacting Morrow Sodali LLC, the Companys proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).