San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin SPAC Cash in Trust, US$ 450 million makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. We reported company-record quarterly revenue in Q2 and are eager to pursue continued growth, said Francis Davidson, Co-Founder and CEO of Sonder. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. 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. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. Meaning, you can perform well in 2 dimensions but not in all 3. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. Content is subject to change without notice. Although the travel sector still faces strong headwinds due to COVID-19, Davidson said the company remains aggressively optimistic on the future of travel, citing Sonders record Q2 and Q3 2021 performance as evidence of the resiliency of its business. We don't think it makes sense to spend several hundred dollars a night for a place to stay. Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine with Sonder. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. 2020, US$ 240.663 million (LOSS) 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 $200 million previously announced PIPE. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. We could partner with independent hotel owners and figure out a way to say, "Hey, let's put our design capabilities in here to uplift the aesthetics of the property to attract our modern travelers. We think that the combination of this incremental capital and our proactive response to changing market dynamics will put us in the best position to drive long-term value creation for our shareholders and employees., Alec Gores, the buyout sponsor of the deal, told New York Times that the market has shifted and we totally get that[a]s long as you have a great company, the market is going to go in 100 different ways, and we just have to be smart enough to recognize where the market is.. 2020, US$ 116.153 million Sonder is a travel tech and hospitality firm that competes with Airbnb, leasing and managing an array of short-term rental units across 10 countries and three continents. Get research, business strategy, and tech analysis delivered to your inbox. 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. And it's typical for the landlord to fund it. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. We're not acquiring these assets, but we're running a process that's just as thorough. GMII dropped 5.5% today and closed at $8.86. Sonder currently operates more than 300 properties across 35 markets in eight countries. Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. Revenue tripled, the company said. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. is serving as legal advisor to Sonder. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. 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. It's going to be really interesting to see how we might be able to capture some of that demand. Sonder was last valued at $1.3 billion, after raising $170 million in June. 1 to Agreement and Plan of Merger, dated as of October 27, 2021, by and among Gores Metropoulos II, Sonder and the other parties to the Merger Agreement (such amendment, Amendment No. San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. So now it's about 50% of our business. Morgan Stanley & Co. LLC is serving as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup are serving as capital markets advisors to Gores Metropoulos II. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. 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. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. Zonda acquired BuzzBuzzHome, a new development listing site, for an undisclosed sum. 1)) and the proposed Business Combination contemplated thereby; (b) the inability to complete the proposed Business Combination due to the failure to obtain approval of the stockholders of Gores Metropoulos II or other conditions to closing in the Merger Agreement (as amended by Amendment No. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. Launched in 2014, Davidson came up with the idea for Sonder while managing a few apartments for short-term stays as a university student in Montreal. In the last year, I spent nine out of last 12 months in Sonders across 20 plus of our markets, driving from place to place and working from them. Download the Sonder app on Apple or Google Play. Managing Director April 30 (Reuters) - Lodging startup Sonder, which offers refurbished properties for short-term rentals, has agreed to go public through merging with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos that values the combined company at around $2.2 billion. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. 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.. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. Oops! As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. Wilson Sonsini Goodrich & Rosati, P.C. 2018, US$ 68 million, Net Income In the short-run, were focused on rapidly growing, improving our technology, guest experience and operational efficiency, wrote Davidson in a LinkedIn post about the companys journey to becoming publicly-traded. 333-251663), which was declared effective by the SEC on January 19, 2021. GAAP Revenue Investors should be aware of the inherent risks involved in investing in the markets and that past performance is not an indication of future results. 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. Volt does not seek to solicit or offer any of its products or services to any persons to whom doing so would otherwise be prohibited under the laws applicable to their place of citizenship, domicile or residence.Some of the content on this site may contain forward-looking statements, including but not limited to statements related to future expectations, based on Volts current outlook and assumptions. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. Utilizing an option overlay strategy involves the risk that as the buyer of a put or call option, the buyer risks losing the entire premium invested in the option if the buyer does not exercise the option. 2021, Volt Equity (Volt). And Adj. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. WebInvestor presentation The Gores SPAC franchise has a stellar track record Proven SPAC track record Alignment with key stakeholders An attractive opportunity for prospective targets Note: An investment in Gores Guggenheim or Polestar is not an investment in any other current or previous special purpose acquisition company sponsored by affiliates of With a differentiated, tech-driven platform and unique value proposition, were confident that becoming a public company will enable Sonder to solidify its leading position as the hospitality brand of tomorrow., Justin Wilson, Senior Managing Director at The Gores Group, added, "Sonder is a true disruptor in the travel space, with a proven ability to execute and deliver despite a very challenging period for the hospitality industry as a whole. Access exclusive travel research, data insights, and surveys. As part of the proposed business combination, the Company will receive approximately $110 million in incremental capital from affiliates of Gores Metropoulos II and other leading investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group pursuant to the New PIPEs, in addition to the $200 million Existing PIPE, which continues to be led by affiliates of Gores Metropoulos II, with participation from top-tier institutional investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, funds and accounts managed by Principal Global Investors, LLC, and Senator Investment Group. Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). Get the latest news about hotels and short-term rentals delivered to your inbox once a week. For full disclosures, please go to our Terms & Conditions page. While the travel industry has faced headwinds with the ongoing pandemic, Sonder has continued to grow at a rapid clip, proving the resiliency of our business model and demonstrating our ability to pivot quickly to address emerging trends and traveler needs. Forward-looking statements include information concerning Gores Metropoulos IIs or Sonders possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether this proposed Business Combination will generate returns for stockholders.
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