According to Sonders presentation, the company had 2,000 live units in 2018, 5,000 live units in 2019, and 4,565 live units in 2020. 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. Below are the highlights from the presentation. 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 $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. 2012-2023 BetaKit Incorporated. While the travel industry has faced headwinds with the ongoing pandemic, Sonder has continued to grow at a rapid clip, proving the resiliency of our business model and demonstrating our ability to pivot quickly to address emerging trends and traveler needs. 2020, US$ 240.663 million (LOSS) 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. Media Contacts Latham & Watkins LLP is serving as legal advisor to the co-placement agents. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. "If travel demand dries up, let's find traveling nurses. 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. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. The now United States-based company has strong Canadian roots. 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. 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. I sign off in DocuSign on a summary of all the deals. Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. 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). 2008-2023 Sovereign Wealth Fund Institute. The content should not be considered investment advice and is for educational purposes only. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The company will also have access to up to $450 million in cash through Gore Metropoulos IIs trust account. Moreover, Sonder has signed a non-binding term sheet for Delayed Draw Notes of $220 million with existing PIPE investors, to be available following the closing of the proposed business combination, which enables the Company to fund its growth over the next several years. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. GM II raised $450 million through an initial public offering in January. 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. Your submission has been received! The deal will give Sonder $650 million in cash to scale up. Many services like the front desk, concierge, customer service, cleaning are replaced with their app. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. 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. CoStars profit machine is back in action. 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). The company expects the deal to close in the second half of 2021. 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). We are happy to share any additional information with you on request. 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. 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 Corporate Demand Guided Expansion Strategy Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. WebReports & Presentations. 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. See here for a complete list of exchanges and delays. Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November 2021 laying out the narrative and future of their company with amazing clarity and transparency. All quotes delayed a minimum of 15 minutes. ir@sonder.com, For The Gores Group and affiliates: In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. As part of the SPAC deal, Sonder will retain its management team: Davidson will stay on as CEO, and Sanjay Banker will continue to serve as president and CFO. We've never thought of positioning the business for a quick acquisition. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 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 It currently operates more than 300 properties in 35 markets. The balance of the $450 million in cash is held in GM IIs trust account, in addition to $165 million raised as part of a March 2021 convertible notes offering led by Moore Strategic Ventures, the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP, together with the approximately $200 million in PIPE proceeds, excluding transaction expenses, will be used to fund operations and support new and existing growth initiatives. Media Contacts Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, These margins being driven by post-COVID recovery, better lease agreements, and RevPAR and Property Level Cost initiatives. 2019, US$ 142.908 million Our Standards: The Thomson Reuters Trust Principles. The idea is that Sonder is not a short-term-rental company. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. Our mission is really one of democratization here. This document may contain a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). Except as required by law, Sonder does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this report. Founded in 2014, the Israel-based company has been in growth mode. Seller Rollover Equity, US$ 2,177 million. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. 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. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. Highlights from the presentation are below. 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. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. 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. Inspirato is the innovative luxury hospitality brand that provides affluent travelers access to a managed and controlled portfolio of hand-selected vacation options, delivered through a subscription model to ensure the service and certainty that affluent customers demand. 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. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. Existing Sonder stockholders will retain 74% ownership in the pro forma company. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. The San-Francisco-based company was in talks with Gores about going public in We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. 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. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Sonder will retain its experienced management team. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. 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. 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. These two things have meant that we've gone from funding 84% of the capital expenditure of the deals we did in 2019 to now funding 10%. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. Placer is based in California with an engineering team in Israel. Thank you! 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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