In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. 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. All quotes delayed a minimum of 15 minutes. Your submission has been received! For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. 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. In 2020, Sonder had 5,000 units (with contracts for another 7,000). Investing involves risk and possible loss of principal capital. 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. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. 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. It has also pushed back the completion of its reverse merger deal with Gores Metropoulos II, the black check company backed by the Gores Group that is taking it public, from the earlier anticipated close October 28 this year to January 31, 2022, though the two insist they will close the deal by the end of the year. The Gores Group And their expected growth rate is also head and shoulders above the median of each of those industries. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. 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. 2021. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. 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 & 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. 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. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. The SPACs investors include affiliates of Gores Metropoulos II, Fidelity Management & Research, funds and accounts managed by BlackRock Subsidiaries, Atreides Management, and Senator Investment Group. Download the Sonder app on Apple or Google Play. CEO Francis Davidson co-founded Sonder as a college student in Montreal in 2014. Stay up to date with what you want to know. We have an exceptional team in place to drive the next chapters of growth for our organization., We continue to lead and innovate with our tech-enabled offering, inspiring design, consistent quality, and compelling value that are the hallmarks of a great modern hospitality experience, said Sanjay Banker, President and Chief Financial Officer of Sonder. Filing date. Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. A trend that I've been watching the development of is the "digital nomad," where remote workers move between different cities instead of settling down in one location. Sonders leases are also subject to early termination. UPDATE: SONDER. 2020, US$ 116.153 million 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. We are happy to share any additional information with you on request. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 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. Can you talk me through your decision to go public? On the supply side, the new deals that we struck with real-estate owners meaningfully improved. For full disclosures, please go to our Terms & Conditions page. We provide modern service through the phone, and we bring quality and standards to the industry. There might not be a better time, in the history of hospitality, to bring our revolutionary concept to the forefront. 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. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. This press release contains a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Let's find people who need to relocate. Morgan Stanley & Co. LLC is serving as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup are serving as capital markets advisors to GM II. Oops! Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, 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. WebReports & Presentations. 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. We could partner with independent hotel owners and figure out a way to say, "Hey, let's put our design capabilities in here to uplift the aesthetics of the property to attract our modern travelers. press@sonder.com 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. 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. 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. The San Francisco-based travel tech and hospitality company has strong Canadian roots. Highlights from the presentation are below. Sonder, founded in 2014, operates short-term rentals out of different types of properties: The company began by operating out of traditional apartments in residential buildings, before expanding to full-building apartment hotels and, more recently, standard hotels. 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? Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. All this allows them to cut down on operating costs by as much as ~50%. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. 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. Description. 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, Internet Explorer is no longer supported. 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. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. Content is subject to change without notice. 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. Sonder. 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. 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. It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. Plus, a startup that tracks our cell phones raised $50M. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. 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 Content is subject to change without notice. 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 And this is really the purpose that the technology serves. The vast majority, around 80%, of our guests are less than 50 years old. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 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). Moelis & Company LLC acted as additional financial advisor to GM II. 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. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. Last year, OpenSpaces maps more than came in handy. Sanford also took a smaller salary $656,480 instead of $1.5 million. It projected $4 billion in revenues in 2025, and In this space you will find all of our financial reports, presentations, webcasts and relevant video material. Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. Leading next Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), 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 Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine with Sonder. The San-Francisco-based company was in talks with Gores about going public in Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Two is that the vast majority of our travelers are domestic, not international. GMII dropped 5.5% today and closed at $8.86. Three is demographics. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. 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. All Rights Reserved. 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. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? These forward-looking statements are based on Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. Our view was that we wanted to lean into the recovery. 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.. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the PIPE. There's nothing like it. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. 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. 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. 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).

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