2023. 2020, US$ 240.663 million (LOSS) Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. There's nothing like it. 0001819395-23-000056.pdf. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Before, we had to make the pitch that the lobby should be on your phone and you should be able to do everything there. On the other side is our expansion into the hotel business. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. All Rights Reserved. Sonder. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger From an overhead view, how has the pandemic changed things for the business? The full filing with the amended merger agreement is here. Gores Taking Sonder Public + Hidden SPAC Volatility Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. Investor Sard Verbinnen & Co 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? 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. We're a design company. Your submission has been received! Your goal is to grow quite rapidly and become a leading force in hospitality. 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. Form. Web10. 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. We improved unit economics by having landlords funding all of the investments required for a company to become a Sonder. But Sonder is able to score well on all 3 dimensions. San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. In the past year alone, weve launched in three additional countries and expanded our operations in dozens of other markets, and we expect to continue to scale our business and innovate to adapt to the needs of emerging traveler segments like digital nomads.. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Gores and Metropoulos facilitated an IPO for lidar sensor maker Luminar Technologies last August in a nearly $2.9 billion merger with a different SPAC. 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 Filing date. jchou@gores.com, John Christiansen/Cassandra Bujarski/Kate Gorgi 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. 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 Jennifer Kwon Chou This press release contains a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. 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. Sonder makes Nasdaq debut following close of SPAC deal After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. We've always built a really financially diligent company, but we took this to the next level. 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. Volt does not purport to provide any legal, tax, or accounting advice. Sonder projected it will have 77,000 units within five years. The company expects the deal to close in the second half of 2021. Corporate Demand Guided Expansion Strategy Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. Other CEOs followed suit. Managing Director 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. 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 will merge with SPAC to go public - The Real Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. EBITDA margin going from (181%) in 2020 to 16% in 2025. The Hail Mary at the time was identifying other use cases. The Gores Group It currently operates more than 300 properties in 35 markets. With a differentiated, tech-driven platform and unique value proposition, were confident that becoming a public company will enable Sonder to solidify its leading position as the hospitality brand of tomorrow., Justin Wilson, Senior Managing Director at The Gores Group, added, "Sonder is a true disruptor in the travel space, with a proven ability to execute and deliver despite a very challenging period for the hospitality industry as a whole. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. 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. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. Lodging startup Sonder agrees to go public via $2.2 bln SPAC deal 2021, Volt Equity (Volt). 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. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Sonder CEO Explains the $2.2 Billion Company's SPAC Deal UPDATE: SONDER. Plus, a startup that tracks our cell phones raised $50M. Stanza Living, an India-based co-living company, raised a $102M Series B. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. 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. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. 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. The SPAC attack is back for a San Francisco-based hospitality startup. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. 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. GMII dropped 5.5% today and closed at $8.86. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Investors The opportunity in residential is so large and our assets have so much potential, CEO Andy Florance said during an earnings call. 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. is serving as legal advisor to Sonder. 310-209-3010 Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). What are you expecting to see in hospitality this year? We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. 2019, US$ 142.908 million For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. Sanford also took a smaller salary $656,480 instead of $1.5 million. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Sonder u2014 CoStar CEO Andy Florance. OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. We thought that's where the hospitality industry was bound to go and where the customer would prefer to go, but COVID has really accelerated that. Team: CEO Noam Ben-Zvi co-founded Placer with Zohar Bar-Yehuda, Oded Fossfeld, Ofir Lemel and Koby Ben-Zvi, Noams father. We think the current online players are overly focused on capturing agents fees.. Placer operates on a subscription model, and Ben-Zvi said it tripled its revenue in 2020 as customers sought data to guide decisions during the pandemic. 2020, US$ 116.153 million Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. served as legal advisor to Sonder. That said there are some positives in the newly restructured deal between the two parties: Sonder will get an $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management and others, in addition to the $200 million previously announced PIPE. ir@sonder.com It's a really robust process to ensure that we're covered on the downside and that we only take on properties that are going to be really, really profitable and valued by our guests. The US$ 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. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. Additional information about the proposed Business Combination, including a copy of Amendment No. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. 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 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. Sonder had to lay off or furlough one-third of its workforce last spring, while some of its highest-profile competitors were forced to shutter (Lyric) or pivot their business models after layoffs (Zeus Living). Sonder's TAM, the global lodging market, was $809B in 2019. 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. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. Sonder's pre-SPAC merger investor presentation outlined the narrative and future of Sonder with surprising transparency. This interview has been edited for length and clarity. 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). |, 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. Hospitality - SPAC - Current. 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. GAAP Revenue 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. 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. Were excited to watch them continue to expand and reshape guest stays at a global level.. We hire and we invest heavily into the communities in which we operate. Stay up to date with what you want to know. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. 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 San-Francisco-based company was in talks with Gores about going public in Proptech CEO pay, the Chris Mammone, The Blueshirt Group 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. SWFI is a minority-owned organization. Proptech was no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRDs SPAC tracker.

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