Something went wrong while submitting the form. We're not acquiring these assets, but we're running a process that's just as thorough. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. And this is really the purpose that the technology serves. 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, Real estate lender dodges bullet after Signatures collapse. Please contact our IR department. Thats due to the leadership and staff who built a flexible model thats been proven at scale, Roberts told BetaKit. EBITDA margin going from (181%) in 2020 to 16% in 2025. 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. Javascript is required for this site to display correctly. We think the current online players are overly focused on capturing agents fees.. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. 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. 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 & 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. 99.2 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.. Leadership Team | Sonder Holdings Inc. From an overhead view, how has the pandemic changed things for the business? The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. Placer operates on a subscription model, and Ben-Zvi said it tripled its revenue in 2020 as customers sought data to guide decisions during the pandemic. 2019, US$ 178.767 million (LOSS). Last year, because of the pandemic, it lost almost $198 million, but projects profitability by 2023. 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. John Christiansen/Cassandra Bujarski 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. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Sonder will retain its experienced management team. 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. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed Business Combination will be included in the Registration Statement that Gores Metropoulos II intends to file with the SEC. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. The deal will give Sonder $650 million in cash to scale up. 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. The company scored a What are you expecting to see in hospitality this year? We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. 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. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. 310-209-3010 Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Sonder Investor Presentation (Nov 2021) - All Key Slides The San-Francisco-based company was in talks with Gores about going public in So now it's about 50% of our business. Before, we had to make the pitch that the lobby should be on your phone and you should be able to do everything there. 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. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. 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. Its analytics can be used to ensure workers comply with safety standards; managers can use it to benchmark performance. 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. In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. The idea is that Sonder is not a short-term-rental company. 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. 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. Sonder None of Volts proprietary content may be reproduced or referenced, in full or in part, in any other publication without the expressed written consent of Volt. |, 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. 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. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. The full filing with the amended merger agreement is here. 310-209-3010 To ensure the most secure and best overall experience on our website, we recommend the latest versions of. But Sonder is able to score well on all 3 dimensions. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos II stockholders in connection with the proposed Business Combination and other matters to be voted upon at the Special Meeting will be set forth in the Registration Statement for the proposed Business Combination when available. Sonder's pre-SPAC merger investor presentation outlined the narrative and future of Sonder with surprising transparency. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. This interview has been edited for length and clarity. 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. How? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. New PIPE Investment, US$ 200 million It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. 1, will be provided in a Current Report on Form 8-K which will be filed by Gores Metropoulos II with the SEC and will also be available at www.sec.gov. 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). Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. Gores is taking Sonder public. 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. One is the fact that our guests are much more leisure-oriented: 80% of our guests were leisure. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. The high redemption rate for the Sonder deal stands out for SPACs led by buyout Sonder Holdings Inc. and Gores Metropoulos II, Inc. Announce 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 Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. 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. Investors 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 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. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. 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. 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. A trend that I've been watching the development of is the "digital nomad," where remote workers move between different cities instead of settling down in one location. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, For more information, please visit www.gores.com. This works really well for apartments, which is where we got started, but we realized that we could actually do this and operate hotels more effectively. Media Contacts Sign up to our email list so you don't miss a thing. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. UPDATE: SONDER. Placers data helped them understand and navigate the change.. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. Sonder was last valued at $1.3 billion, after raising $170 million in June. WebLatest Presentation For optimal viewing of the presentation, please open the PDF in a new window by clicking the Download PDF button below. Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. Last year, Sonder reached a valuation of $1.3 billion after a funding round. Presentations | Sonder Holdings Inc. Sonder's CEO called the listing a historic moment for the company. Access exclusive travel research, data insights, and surveys. The industry leader for online information for tax, accounting and finance professionals. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. 2020, US$ 240.663 million (LOSS) The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. SPAC Two is that the vast majority of our travelers are domestic, not international. Wilson Sonsini Goodrich & Rosati, P.C. Sonder In addition to the very compelling narrative and numbers presented in Sonder's investor presentation, Sonder's strategic advantage relative to both incumbents and potential new entrants makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. 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%. The San Francisco-based travel tech and hospitality company has strong Canadian roots. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. 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 As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. Sard Verbinnen & Co You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. We are happy to share any additional information with you on request. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. Placer is based in California with an engineering team in Israel. WebExpedia Investor Presentation Deck. 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. For more information, please visit www.gores.com. Many services like the front desk, concierge, customer service, cleaning are replaced with their app. Oops! Sonder CEO Explains the $2.2 Billion Company's SPAC Deal 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. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. 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. Leading next Plus, can SPAC investors take advantage of the big moves that are hidden in SPACs with announced deals? real estate targeting, warehouse and inventory management, logistics planning, etc.). All this allows them to cut down on operating costs by as much as ~50%. 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. But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. 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.
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