WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments The opportunity in residential is so large and our assets have so much potential, CEO Andy Florance said during an earnings call. Presentations | Sonder Holdings Inc. Sonder continues to generate impressive results amid the ongoing recovery of the travel industry and is well positioned for future growth given their unique value proposition. Sanford also took a smaller salary $656,480 instead of $1.5 million. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. 310-209-3010 Quarterly Results | Sonder Holdings Inc. 2021. Exclusive news, data and analytics for financial market professionals. Oops! Except as required by law, neither Gores Metropoulos II nor Sonder undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. See here for a complete list of exchanges and delays. 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. The landlord is funding it. 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. The SPACs investors include affiliates of Gores Metropoulos II, Fidelity Management & Research, funds and accounts managed by BlackRock Subsidiaries, Atreides Management, and Senator Investment Group. It operates over 300 properties in 35 markets, with plans to invest in tech, expand Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. Plus, a startup that tracks our cell phones raised $50M. And this is really the purpose that the technology serves. SAN FRANCISCO & LOS ANGELES--(BUSINESS WIRE)--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality company that is redefining the guest experience through technology and design, and Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW and GMIIU), a special purpose acquisition company formed by affiliates of The Gores Group and Metropoulos & Co., announced strategic amendments to the terms of their previously announced definitive agreement (the Merger Agreement) to combine. At a valuation of ~$2B and considering their estimated 2022 revenue, Sonder's revenue multiple would fall below the median multiple of upscale lodging companies like Hilton and Mariott, just above the median multiple of digital hospitality and real estate companies like Redfin and Tripadavisor, and below the median multiple of vertical disruptors like Uber, Doordash, and Airbnb. It projected $4 billion in revenues in 2025, and Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. As part of the transaction, Sonder and GMII raised a $200 million fully committed PIPE, led by an affiliate of The Gores Group, with participation from top-tier institutional investors, including Fidelity Management & It's early to say how large that demographic is going to be in the years to come, when the world is reopened and offices are reopened, but it's going to be more than what it was before the pandemic. Utilizing an option overlay strategy involves the risk that as the buyer of a put or call option, the buyer risks losing the entire premium invested in the option if the buyer does not exercise the option. Sard Verbinnen & Co The This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The hospitality startup, which leases apartments and turns them into furnished, short-term rentals, announced plans to merge with a blank-check firm backed by SPAC pioneers Alec Gores and Dean Metropoulos. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Their view is that we'll see a full recovery of revenue per available room by 2023 or 2024, depending on the market. Investors should be aware of the inherent risks involved in investing in the markets and that past performance is not an indication of future results. 2019, US$ 142.908 million It also gave a peek at its pipeline of units. As part of the deal, Sonder will secure approximately $310 million USD in private investment in public equity (PIPE) capital and $165 million in delayed draw notes to support its new and existing growth initiatives. San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. Moelis & Company LLC acted as additional financial advisor to GM II. Your submission has been received! Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. 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. Funding: Placer.ai, a location-data startup, raised $50 million from Josh Buckley, CEO of Product Hunt; angel investor Todd Goldberg and Rahul Vohra, CEO of Superhuman, an AI-focused email startup. The company scored a To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. [email protected], Internet Explorer presents a security risk. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Opendoor tapped Squares Mike Cieri as vice president of product for its buyer team. 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. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. Hospitality startup will reap $650 million, notches $2.2 billion valuation, Sonder co-founder Francis Davidson (Sonder, iStock). We saw that there's a chance that this would spread to the US and our core markets, and if that happened, we needed to be ready to respond. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. For more information, please visit www.gores.com. Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. The combined company will operate as Sonder Holdings Inc. and will commence trading its common stock and publicly traded warrants on the Nasdaq Global Select Market (Nasdaq) tomorrow under the ticker symbols SOND and SONDW, respectively. 2020, US$ 240.663 million (LOSS) Finsbury Glover Hering It's going to be really interesting to see how we might be able to capture some of that demand. With property level profit margins going from (54%) in 2020 to 32% in 2025. Investors British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Wilson Sonsini Goodrich & Rosati, P.C. GMII dropped 5.5% today and closed at $8.86. He brings nearly two 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. Why are you in such a good position to go public now when it's been a challenge across the board for your competitors? Proptech CEO pay, the #s behind Sonders $2.2B SPAC deal Sonder CEO Explains the $2.2 Billion Company's SPAC Deal We've always built a really financially diligent company, but we took this to the next level. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Moelis & Company LLC acted as additional financial advisor to GM II. Shares of Gores Metropoulos II rose 0.5% in afternoon trading on Friday. Sonder will retain its experienced management team. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 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. As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. This interview has been edited for length and clarity. 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 brand generates $10 million per quarter, CoStar said. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. is serving as legal advisor to Sonder. Volt does not purport to provide any legal, tax, or accounting advice. 2019, US$ 178.767 million (LOSS). 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. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. 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. We believe the addition of this incremental funding brings stability and security, enabling Sonder to be appropriately capitalized to fund our continued growth over the next several years. Were excited to watch them continue to expand and reshape guest stays at a global level.. 99.1 We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. 2008-2023 Sovereign Wealth Fund Institute. Instantly search thousands of Decks by world-leading companies on Slidebook SPAC December 2016 Despegar Mergers and Acquisitions Sonder Start Up January 2019 Related decks Tripadvisor Investor Zonda acquired BuzzBuzzHome, a new development listing site, for an undisclosed sum. 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. For Sonder: 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. Something went wrong while submitting the form. And their 2021 SPAC merger investor presentation here. Two is that the vast majority of our travelers are domestic, not international. 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. Form. Sonder Investor Presentation (May 2022) Company Profile. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. Investor What are you expecting to see in hospitality this year? Sonder will merge with SPAC to go public - The Real In 2020, Sonder had 5,000 units (with contracts for another 7,000). However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. And improving their Revenue per Available Room (RevPAR) from $74 to $165. "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. Wilson Sonsini Goodrich & Rosati, P.C. Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. Sonder was last valued at $1.3 billion, after raising $170 million in June. 2018, US$ 68 million, Net Income 99.2 No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Sard Verbinnen & Co Get research, business strategy, and tech analysis delivered to your inbox, Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. SPACs can then merge with private companies, taking them public in the process. Sonder began trading on the Nasdaq this morning, after completing its previously announced business combination with Gores Metropoulos II, a California-based special purpose acquisition company (SPAC). In the past year alone, weve launched in three additional countries and expanded our operations in dozens of other markets, and we expect to continue to scale our business and innovate to adapt to the needs of emerging traveler segments like digital nomads.. Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. 333-251663), which was declared effective by the SEC on January 19, 2021. 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. Investing involves risk and possible loss of principal capital. Sonders SPAC deal was first announced in April 2021. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. 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? The announcement follows a grueling year for hospitality. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. Your submission has been received! From an overhead view, how has the pandemic changed things for the business? We improved unit economics by having landlords funding all of the investments required for a company to become a Sonder. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. We sat down with Francis Davidson, Sonder's cofounder and CEO who founded the company by renting out his college apartment to discuss the deal and the future of travel. Portfolio Sign up to our email list so you don't miss a thing. See here for a complete list of exchanges and delays. Sonder's TAM, the global lodging market, was $809B in 2019. Volt does not purport to provide any legal, tax, or accounting advice. |, Sonder makes Nasdaq debut following close of SPAC deal, 0 replies on Sonder makes Nasdaq debut following close of SPAC deal, Support BetaKit and independent Canadian tech journalism, Sonder lowers valuation, expectations for SPAC deal amid market conditions, All signs point to Montral as home of Sonders second headquarters, Revisiting BlackBerrys extraordinary rise and spectacular fall, Banking apps Pillar and Billi shut down as funding dries up for FinTech businesses, As Bill C-11 passes, YouTube influencers, content creators express concern while Big Tech quiet. 2012-2023 BetaKit Incorporated. When the country went into lockdown last year, OpenSpace allowed construction bosses to monitor essential jobs remotely with its site-mapping tool. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. These forward-looking statements are based on Gores Metropoulos IIs or Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. 310-209-3010 The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. Sonder Holdings Inc. and Gores Metropoulos II, Inc. Announce All material subject to strictly enforced copyright laws. 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. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. WebInvestor Presentation (March 2023)21.8 MB 3Q22 Shareholder Letter5.8 MB 2Q22 Shareholder Letter6.5 MB Cash Flow Positive Plan Presentation1.4 MB 1Q22 Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. OR The content should not be considered investment advice and is for educational purposes only. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. GAAP Revenue CoStars profit machine is back in action. Sonder also expects to have approximately $310 million in private investment in public equity (PIPe) proceeds, up to $450 million in cash in Gores Metropoulos II's trust account and $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. Filing date. Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. Francis Davidson co-founded the company in 2014 while managing several apartments in Montreal as a university student. On top of that, I think the benefit of our technology here is that it allows us to provide a really elevated stay at a much more affordable price point. Web10. The Sonder app gives guests full control over their stay. 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. 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. 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. Download the Sonder app on Apple or Google Play. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. Jennifer Kwon Chou All Rights Reserved. And their expected growth rate is also head and shoulders above the median of each of those industries. Additional Information and Where to Find It. Sonder Holdings Inc. and Gores Metropoulos II Announce Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. 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. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. Investing involves risk and possible loss of principal capital. All quotes delayed a minimum of 15 minutes. 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. The deal with Gores Metropoulos II (GMII.O)will give the hospitality startup $650 million of cash proceeds, including a private placement of $200 million from investors such as Fidelity Management & Research Company LLC and BlackRock Inc (BLK.N). Investors WebThe Investor Relations website contains information about Sonder Holdings Inc.'s business for stockholders, potential investors, and financial analysts. 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. Last year, Sonder reached a valuation of $1.3 billion after a funding round. Driven in part by increasing supply from 12k total units (live + contracted) in 2020 to 102k total units in 2025.
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