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GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. 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. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. His coverage is more complete than his moustache. 2023. However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. Also, Sonder has access to $220 million debt facility with existing PIPE investors, to be available following the closing of the merger, which Sonder says will be enough to fund its growth over the next several years. Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. Leading next 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. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. Guesty, a property management startup targeting Airbnb hosts, raised $50 million last week. The company scored a 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. The Sonder app gives guests full control over their stay. We think the current online players are overly focused on capturing agents fees.. Something went wrong while submitting the form. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The company will also have access to up to $450 million in cash through Gore Metropoulos IIs trust account. The Sonder app gives guests full control over their stay. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. UPDATE: SONDER. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. SAN FRANCISCO & LOS ANGELES-- ( BUSINESS WIRE )--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality Volt does not purport to provide any legal, tax, or accounting advice. The Hail Mary at the time was identifying other use cases. Plus, a startup that tracks our cell phones raised $50M. All Rights Reserved. We hire and we invest heavily into the communities in which we operate. "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. And it's typical for the landlord to fund it. 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. 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. Below are the highlights from the presentation. Takeaway: Given industry multiples and Sonder's growth rate, Sonder's valuation seems like the deal of a lifetime. Revenue tripled, the company said. The content should not be considered investment advice and is for educational purposes only. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. Additional Information and Where to Find It. 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. u2014 CoStar CEO Andy Florance. The announcement follows a grueling year for hospitality. Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. 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. Media Contacts Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Managing Director The results presented should not be viewed as indicative of the adviser skill and do not reflect the performance results that were achieved by any particular client. Volt does not purport to provide any legal, tax, or accounting advice. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. 0001819395-23-000056.pdf. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. 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. 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. This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. The full filing with the amended merger agreement is here. Brokerage giant Realogy struck a massive deal with MoxiWorks, a real estate software startup. Form. And their 2021 SPAC merger investor presentation here. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? One is the fact that our guests are much more leisure-oriented: 80% of our guests were leisure. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. This kind of financial discipline, with a really rapid response to the pandemic, has meant that we've been able to outperform a lot of the competition and be in a relatively strong position. Investing involves risk and possible loss of principal capital. Download the Sonder app on Apple or Google Play. Finsbury Glover Hering 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. CEO Francis Davidson co-founded Sonder as a college student in Montreal in 2014. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. 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. Also, securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk.The content on this site is not intended to serve as financial advice nor should it be the sole basis for any investment decisions. 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. Download the Sonder app on Apple or Google Play. It's a growing share for sure. Sonder will retain its experienced management team. For more information, please visit www.gores.com. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Download PDF View All Featured Events September 13, 2022 Heliogen 2022 Investor & Analyst Day Presentation March 29, 2023 Heliogen Fourth Quarter and Full Year 2022 Earnings Call Webcast 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. Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments Last year, OpenSpaces maps more than came in handy. 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. We are happy to share any additional information with you on request. 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. 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 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 amended terms revise the combined companys pro forma enterprise value to $1.925 billion. Investing involves risk and possible loss of principal capital. Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. 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. jchou@gores.com 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. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Metropoulos IIs or Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. WebReports & Presentations. The company expects the deal to close in the second half of 2021. WebThe Investor Relations website contains information about Sonder Holdings Inc.'s business for stockholders, potential investors, and financial analysts. EBITDA margin going from (181%) in 2020 to 16% in 2025. 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. 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. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. It also gave a peek at its pipeline of units. SPACs can then merge with private companies, taking them public in the process. So we think there's actually been a leapfrogging of behavior that maps really closely to the way that we've been operating our business. 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 $67.5 milliona 155 percent YoY increase, and a 43 percent increase compared to Q2 of last year. Corporate Demand Guided Expansion Strategy San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin And this is really the purpose that the technology serves. SPAC Cash in Trust, US$ 450 million Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 35 markets spanning ten countries and three continents. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. Arguably, business is going to take longer to recover. 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 We've always built a really financially diligent company, but we took this to the next level. Our mission is really one of democratization here. Concurrently with the consummation of the transaction, additional investors have committed to participate in the proposed business combination by purchasing shares of common stock of GM II in a private placement (the PIPE). We've never thought of positioning the business for a quick acquisition. What we know is that we have a lot of favorable characteristics that would allow us to recover faster. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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). 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 & 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. WebReports & Presentations. Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. Law firms and corporate law departments find strategic partners in ALSPs, US regulation after SVBs collapse: What regulators can do and where Congress needs to act, Ransomware & crypto: The growing compliance challenge, Insights in Action: Corporate law departments find their outside firms innovation lagging, but there may be little incentive to change, Regulators seize First Republic Bank, sell assets to JPMorgan, American Airlines pilots authorize a strike mandate, Factbox: JPMorgan's deal for collapsed First Republic explained, Exclusive: Subway comes up with debt plan to clinch $10 billion-plus sale. 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.. San Franciscos short-term rental startup Sonder has lowered its going-public-through-SPAC valuation down to $1.925 billion from the earlier planned $2.2 Sonder was last valued at $1.3 billion, after raising $170 million in June. Our Standards: The Thomson Reuters Trust Principles. 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. And improving their Revenue per Available Room (RevPAR) from $74 to $165. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. Hospitality - SPAC - Current. 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. 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. We appear to be moving pastthe pandemic disruption. All quotes delayed a minimum of 15 minutes. The San-Francisco-based company was in talks with Gores about going public in Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Metropoulos II, that values the newly combined company at $2.2 billion, Sonder announced Friday.. 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. Gores is taking Sonder public. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. You can see their 2019 Series D investor pitch deck here. But Sonder is able to score well on all 3 dimensions. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. For The Gores Group and affiliates: The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. 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. "If travel demand dries up, let's find traveling nurses. We're not acquiring these assets, but we're running a process that's just as thorough. We delivered record quarterly revenue in both Q2 and Q3 and we remain aggressively optimistic on the future of travel, said Francis Davidson, Co-Founder and Chief Executive Officer of Sonder. Sonders common stock to commence trading on the Nasdaq under ticker SOND on January 19, Approximately $310 million PIPE capital from leading investors including affiliates of Gores Metropoulos II, Fidelity Management & Research LLC, funds and accounts managed by subsidiaries of BlackRock, Inc., Atreides Management, LP, and Senator Investment Group, Sonder to draw on $165 million in principal amount of Delayed Draw Notes following the closing of the business combination. Your submission has been received! 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. See here for a complete list of exchanges and delays. The now United States-based company has strong Canadian roots. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with real estate owners and developers, guests and suppliers and retain its management and key employees; (b) changes in applicable laws or regulations, including legal or regulatory developments (such as changes in local laws affecting hotels, apartments and other accommodation and regulatory developments related to special purpose acquisition companies); (c) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (d) risks related to the impact of the COVID-19 pandemic, including the Omicron and other variants and potential governmental and other restrictions (including travel restrictions) resulting therefrom; and (e) other risks and uncertainties described in the final proxy statement/prospectus/consent solicitation statement, including those under the heading Risk Factors therein, and other documents filed by the Company from time to time with the SEC. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Web10. OR 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. The content should not be considered investment advice and is for educational purposes only. 1); (c) the ability to meet Nasdaqs listing standards following the consummation of the proposed Business Combination; (d) the inability to complete the Existing PIPE or the New PIPEs; (e) the risk that the proposed Business Combination disrupts current plans and operations of Sonder or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (f) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (g) costs related to the proposed Business Combination; (h) changes in applicable laws or regulations, including legal or regulatory developments (such as the SECs recently released statement on accounting and reporting considerations for warrants in SPACs) which could result in the need for Gores Metropoulos II to restate its historical financial statements and cause unforeseen delays in the timing of the Business Combination and negatively impact the trading price of Gores Metropoulos IIs securities and the attractiveness of the Business Combination to investors; (i) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (j) the inability of Sonder to enter into definitive documentation with respect to the Delayed Draw Notes prior to closing, and (k) other risks and uncertainties indicated from time to time in the final prospectus of Gores Metropoulos II, including those under Risk Factors therein, and other documents filed or to be filed with the Securities and Exchange Commission (SEC) by Gores Metropoulos II. Stay up to date with what you want to know. 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). We can show the value proposition on a spreadsheet. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 310-209-3010 We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. Wilson Sonsini Goodrich & Rosati, P.C. What are you expecting to see in hospitality this year? And this is kind of the force that the capital markets are, in a sense, designed to go and bet on. WebCombination with Gores Metropoulos II . I sign off in DocuSign on a summary of all the deals. Sanford also took a smaller salary $656,480 instead of $1.5 million. 2022. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. 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. There might not be a better time, in the history of hospitality, to bring our revolutionary concept to the forefront. The new funding raised will help continue to focus on building the company and hopefully keep the economics in check enough to complete the deal. It operates over 300 properties in 35 markets, with plans to invest in tech, expand Get research, business strategy, and tech analysis delivered to your inbox. 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. This was a theory back in 2018, and we tested it out for a few dozen properties, and it was proved that it's worked extremely well. From an overhead view, how has the pandemic changed things for the business? WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps.

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