2020, US$ 116.153 million 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. Something went wrong while submitting the form. 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. Our view was that we wanted to lean into the recovery. WebThe Investor Relations website contains information about Sonder Holdings Inc.'s business for stockholders, potential investors, and financial analysts. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. There's no product out there that is as high quality, consistent, affordable, and perfectly well set up to work while you're on the road. We're not acquiring these assets, but we're running a process that's just as thorough. No affiliation or endorsement, express or implied, is provided by their use. 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. 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. Content is subject to change without notice. [email protected], Investor Contacts 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. 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 & UPDATE: SONDER. Overview | Sonder Holdings Inc. Sonder will merge with SPAC to Form. 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. And this is kind of the force that the capital markets are, in a sense, designed to go and bet on. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. I sign off in DocuSign on a summary of all the deals. 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. 2022. And improving their Revenue per Available Room (RevPAR) from $74 to $165. John Christiansen/Cassandra Bujarski I think it's really important to underscore that we are a technology meets operations company. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. We can show the value proposition on a spreadsheet. The landlord is funding it. Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 investor presentation) It's interesting to see how Sonder's narrative has evolved from when they Weil, Gotshal & Manges LLP served as legal advisor to GM II. 99.2 With this incremental investment, we will have ~$530M of capital at closing, in addition to up to $450M proceeds from the SPAC trust, which provides for a fully funded business plan upon closing, the SPAC said in a letter to Sonder team. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. Company Profile. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Placers data helped them understand and navigate the change.. Sign up to our email list so you don't miss a thing. Can you talk me through your decision to go public? The company will also have access to up to $450 million in cash through Gore Metropoulos IIs trust account. [email protected], John Christiansen/Cassandra Bujarski/Kate Gorgi Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Shares of Gores Metropoulos II rose 0.5% in afternoon trading on Friday. 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. WebReports & Presentations. Our mission is really one of democratization here. In the last year, I spent nine out of last 12 months in Sonders across 20 plus of our markets, driving from place to place and working from them. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. And this is really the purpose that the technology serves. Javascript is required for this site to display correctly. 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 deal will give Sonder $650 million in cash to scale up. 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. We appear to be moving pastthe pandemic disruption. 310-209-3010 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. And Adj. 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. We've always built a really financially diligent company, but we took this to the next level. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. Investors 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. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. The company expects the deal to close in the second half of 2021. The high redemption rate for the Sonder deal stands out for SPACs led by buyout For full disclosures, please go to our Terms & Conditions page. 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. The announcement follows a grueling year for hospitality. The pandemic was a challenge for the entire hospitality world. He brings nearly two Official notification to shareholders of matters to be brought to a vote ("Proxy") DEF 14A. 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. San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Picard, Global Head of Real Estate. Launched by Davidson and cofounder Lucas Pellan in 2012 as a way to rent vacant college apartments, Sonder's portfolio has grown to a massive size. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. Moelis & Company LLC acted as additional financial advisor to GM II. 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 Gores is taking Sonder public. 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. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. Get research, business strategy, and tech analysis delivered to your inbox. 333-251663), which was declared effective by the SEC on January 19, 2021. u2014 CoStar CEO Andy Florance. As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. 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. served as legal advisor to Sonder. The way Sonder achieves this is through cutting out the fat in the hospitality industry through technology. And their 2021 SPAC merger investor presentation here. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. WebSeptember 27, 2007 - The Gores Group, LLC and Investors Complete Purchase of Compudyne Corporation; August 7, 2007 - Compudyne Corporation Agrees to be Acquired by Investor Group for $7.00 Per Share in Cash . Web10. Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. We bring beautiful spaces to life. I noticed in the investor presentation that they were mentioned, and I also know that you yourself have spent some time living as a digital nomad. Quarterly Results | Sonder Holdings Inc. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.While an option overlay is intended to improve performance, there is no guarantee that it will do so. The US$ 200 million PIPE investment is led by an affiliate of The Gores Group, with participation from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group. 2019, US$ 142.908 million Sonder. Sonder will be scheduling a bell ringing ceremony with Nasdaq at a later date to formally celebrate its public listing. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, [email protected], Internet Explorer presents a security risk. In 2020, Sonder had 5,000 units (with contracts for another 7,000). Sonder's CEO called the listing a historic moment for the company. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. 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. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. Additional information about the proposed Business Combination, including a copy of Amendment No. Managing Director Let's find people who need to relocate. In 2020, Sonder says they have 4,565 units. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. We appreciate our close partnership 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, revolutionize hospitality, and deliver long-term value to shareholders., "Were proud to have partnered with Sonder and look forward to supporting their next chapter of growth," said Ted Fike, Senior Managing Director at The Gores Group. For The Gores Group and affiliates: It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. Volt does not purport to provide any legal, tax, or accounting advice. In the past few years, we've shifted away from trying to get into existing buildings that are up and running, but rather working with developers to build new ones or do really substantial renovations on older ones. 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. It projected $4 billion in revenues in 2025, and To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Rental Startup Sonder Agrees to Sonder was last valued at $1.3 billion, after raising $170 million in June. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. 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. 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. Compass acquired digital closing startup Glide for an undisclosed sum. 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're not cutting a check 90% of the time now when a property opens. Opendoor tapped Squares Mike Cieri as vice president of product for its buyer team. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Sonder Holdings Inc. and Gores Metropoulos II Announce It currently operates more than 300 properties in 35 markets. 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. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. Lodging startup Sonder agrees to go public via $2.2 bln SPAC deal Gores SPACs High Redemptions Signal Worsening Sector 2019, US$ 178.767 million (LOSS). April 19, 2023. 2018, US$ 68 million, Net Income Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. All Rights Reserved. The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. 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. Download the Sonder app on Apple or Google Play. Forward-looking statements included in this document speak only as of the date of this document. 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. The brand generates $10 million per quarter, CoStar said. 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. Presentations | Sonder Holdings Inc. Existing Sonder stockholders will retain 74% ownership in the pro forma company. Sonders SPAC deal was first announced in April 2021. Media Contacts These margins being driven by post-COVID recovery, better lease agreements, and RevPAR and Property Level Cost initiatives. In response to evolving market dynamics, we are also amending the terms of our merger agreement, reflecting our commitment to driving long-term value creation, transparency and stockholder alignment in this high-performing and innovative business., We continue to see a rebound in leisure travel, and we are aggressively pursuing our expansion plans and capturing significant consumer demand. 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. For Sonder: 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. 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. SPAC What are you expecting to see in hospitality this year? 2022. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. Access exclusive travel research, data insights, and surveys. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. 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, today announced that it completed its previously announced business combination with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (GM II), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC, and Metropoulos & Co. 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. February 24, 2022 Updated: March 3, 2022 Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November 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. Its analytics can be used to ensure workers comply with safety standards; managers can use it to benchmark performance. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms.
City Of Glendale Electrical Permit,
Meridian Plastic Surgery Lawsuit,
How Did Eric Lemarque Meet His Wife,
Christopher Disney Miller,
Jenny The Challenge Before Surgery,
Articles S