2018, US$ 68 million, Net Income Thank you! 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. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. 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. All this allows them to cut down on operating costs by as much as ~50%. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. 2021, Volt Equity (Volt). 310-209-3010 We think the current online players are overly focused on capturing agents fees.. 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. All material subject to strictly enforced copyright laws. Below are the highlights from the presentation. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. |, 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. 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. Volt does not purport to provide any legal, tax, or accounting advice. Managing Director WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments 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. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Moelis & Company LLC acted as additional financial advisor to GM II. In this space you will find all of our financial reports, presentations, webcasts and relevant video material. 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. Brokerage giant Realogy struck a massive deal with MoxiWorks, a real estate software startup. The high redemption rate for the Sonder deal stands out for SPACs led by buyout 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. We provide modern service through the phone, and we bring quality and standards to the industry. 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. 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. jchou@gores.com Last year, OpenSpaces maps more than came in handy. What does that mean for hospitality jobs? And it's typical for the landlord to fund it. Official notification to shareholders of matters to be brought to a vote ("Proxy") DEF 14A. Hospitality - SPAC - Current. Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. 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. 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. served as legal advisor to Sonder. Our view was that we wanted to lean into the recovery. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Your submission has been received! Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. As part of the deal, Sonder will secure approximately $310 million USD in private investment in public equity (PIPE) capital and $165 million in delayed draw notes to support its new and existing growth initiatives. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Wilson Sonsini Goodrich & Rosati, P.C. 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 Founded in 2014, the Israel-based company has been in growth mode. 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. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. 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 says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. The full filing with the amended merger agreement is here. Also, Sonder has access to $220 million debt facility with existing PIPE investors, to be available following the closing of the merger, which Sonder says will be enough to fund its growth over the next several years. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 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. The announcement follows a grueling year for hospitality. 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. Forward-looking statements included in this document speak only as of the date of this document. 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. Let's find people who need to relocate. Placers data helped them understand and navigate the change.. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. These two things have meant that we've gone from funding 84% of the capital expenditure of the deals we did in 2019 to now funding 10%. The San-Francisco-based company was in talks with Gores about going public in Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management & Research LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group (the New PIPEs), in addition to the $200 million previously announced PIPE (the Existing PIPE). We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. See here for a complete list of exchanges and delays. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. Your goal is to grow quite rapidly and become a leading force in hospitality. Sonder is dependent on landlords to manage and maintain properties and maybe unable to negotiate attractive rates with new properties. Sonder had to lay off or furlough one-third of its workforce last spring, while some of its highest-profile competitors were forced to shutter (Lyric) or pivot their business models after layoffs (Zeus Living). Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. I remember being in a war room in February 2020, seeing our Italy numbers start going down every week.We've been an international business since 2015. In the last year, I spent nine out of last 12 months in Sonders across 20 plus of our markets, driving from place to place and working from them. 2020, US$ 116.153 million And their expected growth rate is also head and shoulders above the median of each of those industries. Investor Contacts 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. 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. Leading next The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. ir@sonder.com, For The Gores Group and affiliates: The business was heavily impacted when the global pandemic brought the travel industry to a halt last year, but has rebounded as it targets millennial leisure travelers, said Chief Executive and co-founder Francis Davidson. We are happy to share any additional information with you on request. Their view is that we'll see a full recovery of revenue per available room by 2023 or 2024, depending on the market. For full disclosures, please go to our Terms & Conditions page. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. 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. And Adj. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. For Sonder: And this is really the purpose that the technology serves. Media Contacts For Sonder: Compass acquired digital closing startup Glide for an undisclosed sum. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. In 2020, Sonder had 5,000 units (with contracts for another 7,000). It's a growing share for sure. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. 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. 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. 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. Something went wrong while submitting the form. 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, said Banker. Sonders SPAC deal was first announced in April 2021. Were excited to watch them continue to expand and reshape guest stays at a global level.. So now it's about 50% of our business. Finsbury Glover Hering Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. 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. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. 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.
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