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. The Gores Group Join the Industrys Brightest Minds in New York City, Business Travelers: A Multi-Country Survey Report, Hotel Tech Benchmark: Booking Engines, Website Builders, and Direct Booking Tools 2023. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. 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. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. Sard Verbinnen & Co It also gave a peek at its pipeline of units. He brings nearly two Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Javascript is required for this site to display correctly. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.While an option overlay is intended to improve performance, there is no guarantee that it will do so. 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. WebLatest Presentation For optimal viewing of the presentation, please open the PDF in a new window by clicking the Download PDF button below. April 19, 2023. Last year, OpenSpaces maps more than came in handy. We appreciate our close partnership with the Gores team and with our business combination completed, Sonder now has a very strong balance sheet to aggressively pursue our ambitious growth strategy, revolutionize hospitality, and deliver long-term value to shareholders., "Were proud to have partnered with Sonder and look forward to supporting their next chapter of growth," said Ted Fike, Senior Managing Director at The Gores Group. 310-209-3010 Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. What we know is that we have a lot of favorable characteristics that would allow us to recover faster. 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. Sonders leases are also subject to early termination. Sign up for notifications from Insider! To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. In 2020, Sonder had 5,000 units (with contracts for another 7,000). Investing involves risk and possible loss of principal capital. There are some luxury hotels that do a great job, but it would be way better if those kinds of experiences were accessible to the many. 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. 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. Team: CEO Noam Ben-Zvi co-founded Placer with Zohar Bar-Yehuda, Oded Fossfeld, Ofir Lemel and Koby Ben-Zvi, Noams father. Gores and Metropoulos facilitated an IPO for lidar sensor maker Luminar Technologies last August in a nearly $2.9 billion merger with a different SPAC. Sonder Investor Presentation (May 2022) Overview | Sonder Holdings Inc. His coverage is more complete than his moustache. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. The brand generates $10 million per quarter, CoStar said. Earlier this month, the firm said it would buy Homes.com for $156 million. We're not acquiring these assets, but we're running a process that's just as thorough. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. SPAC Cash in Trust, US$ 450 million Three is demographics. Sonder Investor Presentation (Nov 2021) - All Key Slides 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. 2021, Volt Equity (Volt). Thank you! The proposed business combination remains on track to close in the second half of 2021, subject to approval by Gores Metropoulos IIs stockholders and other customary closing conditions. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. It's a really robust process to ensure that we're covered on the downside and that we only take on properties that are going to be really, really profitable and valued by our guests. WebCombination with Gores Metropoulos II . The opportunity in residential is so large and our assets have so much potential, CEO Andy Florance said during an earnings call. A year ago, Redfin CEO Glenn Kelman said he would forgo a salary after the tech brokerage had to furlough 40 percent of agents and staff. We're a design company. What does that mean for hospitality jobs? For Sonder: Sonder recently announced its entry into France with the opening of a property in Paris near the iconic Champs-lyses, as well as large expansions of its operations in the Middle East and Mexico. 333-251663), which was declared effective by the SEC on January 19, 2021. Sonder is a hospitality company focused at short-term rentals. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. 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 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). Sonder Takeaway: Even with Sonder's phenomenal historical growth (and jaw-dropping estimated future growth), there will still be a LOTof room for even more growth in this core lodging market for many years to come. With the Gores team and with our business combination completed, Sonder now has a very strong balance sheet to aggressively pursue our ambitious growth strategy, said Banker. 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 the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores 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. The San Francisco-based travel tech and hospitality company has strong Canadian roots. All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. Download the Sonder app on Apple or Google Play. 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. Sonder. And this is really the purpose that the technology serves. All material subject to strictly enforced copyright laws. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the PIPE. How? However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. Sonder's CEO called the listing a historic moment for the company. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. Investor Contacts The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, when it is declared effective by the SEC, will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of Gores Metropoulos IIs stockholders to be held to approve the proposed Business Combination and other matters (the Special Meeting) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Gores Metropoulos II stockholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they will contain important information about the proposed Business Combination. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. WebExpedia Investor Presentation Deck. The past 2 years have been a hard journey for the hospitality industry and Sonder not only survivedthey thrived, said ScaleUP Ventures Partner Matt Roberts, an early investor in Sonder through both BDC and later, ScaleUP. Sonder will merge with SPAC to 2019, US$ 142.908 million 99.2 The company scored a Fifth Wall Ventures, JBV Capital and Aleph VC also participated. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Two is that the vast majority of our travelers are domestic, not international. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. 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.. Get research, business strategy, and tech analysis delivered to your inbox. Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. 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.
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