Moelis & Company LLC acted as additional financial advisor to GM II. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. 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. Sonder And Adj. Sonder will retain its experienced management team. When available, the definitive proxy statement/consent solicitation statement/prospectus will be mailed to Gores Metropoulos II stockholders as of a record date to be established for voting on the proposed Business Combination and the other matters to be voted upon at the Special Meeting. Sonder was last valued at $1.3 billion, after raising $170 million in June. And this is really the purpose that the technology serves. Investor Contacts WebExpedia Investor Presentation Deck. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. Sonders SPAC deal was first announced in April 2021. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. Let's find people who need to relocate. Hospitality startup will reap $650 million, notches $2.2 billion valuation, Sonder co-founder Francis Davidson (Sonder, iStock). 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. San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Sonder reported $116 million in revenue last year, a 19% drop year-over-year. The Gores Group Forward-looking statements included in this document speak only as of the date of this document. We appear to be moving pastthe pandemic disruption. 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. Sonder Lowers Valuation to $1.9 Billion and Raises More Money The idea is that Sonder is not a short-term-rental company. We don't think it makes sense to spend several hundred dollars a night for a place to stay. We have an exceptional team in place to drive the next chapters of growth for our organization., We continue to lead and innovate with our tech-enabled offering, inspiring design, consistent quality, and compelling value that are the hallmarks of a great modern hospitality experience, said Sanjay Banker, President and Chief Financial Officer of Sonder. 2020, US$ 116.153 million We bring beautiful spaces to life. 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! SEC Filings | Sonder Holdings Inc. Sard Verbinnen & Co 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. We delivered record quarterly revenue in both Q2 and Q3 and we remain aggressively optimistic on the future of travel, said Francis Davidson, Co-Founder and Chief Executive Officer of Sonder. It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. Sonder's pre-SPAC merger investor presentation outlined the narrative and future of Sonder with surprising transparency. 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. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. The full filing with the amended merger agreement is here. See here for a complete list of exchanges and delays. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. And this is kind of the force that the capital markets are, in a sense, designed to go and bet on. 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. 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. Managing Director 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. Subject to any redemptions by the public stockholders of Gores Metropoulos II and the payment of transaction expenses at the closing, the $200 million in Existing PIPE proceeds and approximately $110 million in proceeds from the New PIPEs will be used together with up to $450 million in cash in Gores Metropoulos IIs trust account and Delayed Draw Notes of $220 million to fund operations and support new and existing growth initiatives. As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. 2022. 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. 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. And their expected growth rate is also head and shoulders above the median of each of those industries. Compass acquired digital closing startup Glide for an undisclosed sum. 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. We should be conservative.". Fifth Wall Ventures, JBV Capital and Aleph VC also participated. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. Other CEOs followed suit. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Jennifer Kwon Chou Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. Our view was that we wanted to lean into the recovery. 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. 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. These forward-looking statements are based on Gores Metropoulos IIs or Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. 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. 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. 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. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. In the next three to five years, we expect to be truly global with presence in Latin America and the Asia-Pacific region., RELATED: All signs point to Montral as home of Sonders second headquarters. Sonders leases are also subject to early termination. 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. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. Content is subject to change without notice. And when that happens if you're building a building where every unit is $500,000, spending an extra $10,000 to bring it up to Sonder standard it's easy to show the owner the benefits we bring to the table. In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. Managing Director 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. And improving their Revenue per Available Room (RevPAR) from $74 to $165. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. Quarterly Results | Sonder Holdings Inc. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. 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. CEO Francis Davidson co-founded Sonder as a college student in Montreal in 2014. As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. It's going to be really interesting to see how we might be able to capture some of that demand. All material subject to strictly enforced copyright laws. Additional risks and uncertainties are identified and discussed in Gores Metropoulos IIs reports filed with the SEC and available at the SECs website at www.sec.gov. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the PIPE. 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. Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. It operates over 300 properties in 35 markets, with plans to invest in tech, expand 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 . And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. We're a design company. 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. Oops! All Rights Reserved. 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. Its analytics can be used to ensure workers comply with safety standards; managers can use it to benchmark performance. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day.

Volusia County Employee Directory, Articles S