No affiliation or endorsement, express or implied, is provided by their use. Other CEOs followed suit. We can show the value proposition on a spreadsheet. Sonder Investor Presentation (Nov 2021) - All Key Slides 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. Sonder. 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.. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. Placers data helped them understand and navigate the change.. Company Profile. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. 2021, Volt Equity (Volt). Please contact our IR department. 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. Managing Director 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 For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. 333-251663), which was declared effective by the SEC on January 19, 2021. Web10. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. The vast majority, around 80%, of our guests are less than 50 years old. Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos 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. The company scored a 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. Sonder Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. Sonder will merge with SPAC to Sonder Discovers Growth Comes at 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 $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. 2020, US$ 116.153 million Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. 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. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. Moelis & Company LLC acted as additional financial advisor to GM II. 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. is serving as legal advisor to Sonder. Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. There's nothing like it. Additional risks and uncertainties are identified and discussed in Sonders reports filed and to be filed with the SEC and available at the SECs website at www.sec.gov. 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. 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. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. 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. Guesty, a property management startup targeting Airbnb hosts, raised $50 million last week. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. Opendoor tapped Squares Mike Cieri as vice president of product for its buyer team. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. Past investors in Sonder include Atreides Management, LP, Bezos Expeditions, GreenOaks, Fidelity Management & Research, GreyLock Partners, iNovia, Spark Capital, Tao, Valor Equity Partners, Westcap, and the Wilson family. 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. 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. 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. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. SPAC Cash in Trust, US$ 450 million We've always built a really financially diligent company, but we took this to the next level. However, the company reported up a loss of $54.6 million for its second quarter, on an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] basis. 2023. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. 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. ir@sonder.com Sonder expects to hit $4 billion of revenue in 2025 and touts its technology-driven service model can reduce operating costs compared with traditional hotels. View. 310-209-3010 Something went wrong while submitting the form. Hospitality - SPAC - Current. Today is a historic moment for the entire Sonder team and a testament to how weve revolutionized the hospitality industry by reimagining and delivering what the modern traveler demands. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. OR 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 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 & Their view is that we'll see a full recovery of revenue per available room by 2023 or 2024, depending on the market. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. 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. Meaning, you can perform well in 2 dimensions but not in all 3. We have an exceptional team in place to drive the next chapters of growth for our organization., We continue to lead and innovate with our tech-enabled offering, inspiring design, consistent quality, and compelling value that are the hallmarks of a great modern hospitality experience, said Sanjay Banker, President and Chief Financial Officer of Sonder. 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. 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. Our view was that we wanted to lean into the recovery. As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. Investing involves risk and possible loss of principal capital. WebReports & Presentations. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. Additional information about the proposed Business Combination, including a copy of Amendment No. We've never thought of positioning the business for a quick acquisition. Two is that the vast majority of our travelers are domestic, not international. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup, and Deutsche Bank Securities Inc. served as joint lead placement agents on the PIPE. 2023. Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. Sonder will retain its experienced management team. Sanford also took a smaller salary $656,480 instead of $1.5 million. See here for a complete list of exchanges and delays. Another interesting observation is on consumer behavior. 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. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. We are happy to share any additional information with you on request. Volt does not purport to provide any legal, tax, or accounting advice. EBITDA margin going from (181%) in 2020 to 16% in 2025. 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. Sonder Holdings Inc. and Gores Metropoulos II Announce 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. We're not acquiring these assets, but we're running a process that's just as thorough. The announcement follows a grueling year for hospitality. WebReports & Presentations. 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. The industry leader for online information for tax, accounting and finance professionals. Gores SPACs High Redemptions Signal Worsening Sector We're a design company. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. real estate targeting, warehouse and inventory management, logistics planning, etc.). Something went wrong while submitting the form. Let's also plug in our technology and modernize this hotel so that the customer experience can be improved and the cost structure can go down.". Its analytics can be used to ensure workers comply with safety standards; managers can use it to benchmark performance. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. Download the Sonder app on Apple or Google Play. What does that mean for hospitality jobs? SAN FRANCISCO & LOS ANGELES-- ( BUSINESS WIRE )--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality Our Standards: The Thomson Reuters Trust Principles. The Sonder app gives guests full control over their stay. Wilson Sonsini Goodrich & Rosati, P.C. 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. For The Gores Group and affiliates: The combined company will operate as Sonder Holdings, while Sonders common stock and publicly traded warrants will trade on the Nasdaq Global Select Market today under the ticker symbols SOND and SONDW, respectively. 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. 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. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. 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. We are happy to share any additional information with you on request. Sonders SPAC deal was first announced in April 2021. Sonder was last valued at $1.3 billion, after raising $170 million in June. 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. Oops! 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. The company previously raised more than $560 million and is backed by investors His coverage is more complete than his moustache. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. Please contact our IR department. Can you talk me through your decision to go public? 99.1 These amendments and associated incremental investments by leading institutional investors to adapt to current market conditions strongly position Sonder for long-term growth, and underscore Sonders and Gores Metropoulos IIs collective commitment to driving long-term value creation for all stockholders. Compass acquired digital closing startup Glide for an undisclosed sum. On the other side is our expansion into the hotel business. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly. |, 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. San Franciscos short-term rental startupSonder has lowered its going-public-through-SPAC valuation down to $1.925 billion from the earlier planned $2.2 billion, as market conditions change and SPACs face more headwind. Starting from right to left: Usually a lodging provider would need to make a trade-off in terms of these 3 dimensions of price, design, quality consistency. Filing date. From an overhead view, how has the pandemic changed things for the business? Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos II stockholders in connection with the proposed Business Combination and other matters to be voted upon at the Special Meeting will be set forth in the Registration Statement for the proposed Business Combination when available. 2019, US$ 142.908 million Let's find people who need to relocate. Earlier this month, the firm said it would buy Homes.com for $156 million. 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. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. 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. 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. 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. Last year, OpenSpaces maps more than came in handy. 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. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. The now United States-based company has strong Canadian roots. The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. The Sonder app gives guests full control over their stay. For Sonder: The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. In the markets that we're in we're talking about substantial investments into those local economies either through our partners or with the employees that we have on the ground. Investors All this allows them to cut down on operating costs by as much as ~50%. We hire and we invest heavily into the communities in which we operate. It's interesting to see how Sonder's narrative has evolved from when they raised their series D in 2019 to when they were targeted for a SPAC in 2021. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. SPACs can then merge with private companies, taking them public in the process. All quotes delayed a minimum of 15 minutes. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. So now it's about 50% of our business. We strongly believe that Sonder is the hospitality brand of tomorrow and have high conviction that the company will continue to grow, which is why we are increasing our initial investment, said Alec Gores, Chairman and CEO of The Gores Group and CEO of Gores Metropoulos II. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin 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. And Adj. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. press@sonder.com, Investor Contacts We really wanted to build an iconic 21st-century brand, and this is just one of the transitions that are required for it to make that happen. Finsbury Glover Hering SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. 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. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Existing Sonder stockholders will retain 74% ownership in the pro forma company. 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. WebExpedia Investor Presentation Deck. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. jchou@gores.com, John Christiansen/Cassandra Bujarski/Kate Gorgi 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. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. 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. Forward-looking statements in this release include, but are not limited to, the closing of the drawdown on Sonders Delayed Draw Notes, the commencement of trading of Sonders common stock and publicly traded warrants on Nasdaq, Sonders beliefs regarding its current and future financial position, Sonders beliefs regarding its future financial and operating results and growth and the effect of the COVID-19 pandemic, its timing of recovery and the pandemics impact to Sonders business and financial position.
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