Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. Law firms and corporate law departments find strategic partners in ALSPs, US regulation after SVBs collapse: What regulators can do and where Congress needs to act, Ransomware & crypto: The growing compliance challenge, Insights in Action: Corporate law departments find their outside firms innovation lagging, but there may be little incentive to change, Regulators seize First Republic Bank, sell assets to JPMorgan, American Airlines pilots authorize a strike mandate, Factbox: JPMorgan's deal for collapsed First Republic explained, Exclusive: Subway comes up with debt plan to clinch $10 billion-plus sale. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Compass acquired digital closing startup Glide for an undisclosed sum. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. The company expects the deal to close in the second half of 2021. 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. Your submission has been received! The San Francisco-based travel tech and hospitality company has strong Canadian roots. Sonder will retain its experienced management team. The SPAC attack is back for a San Francisco-based hospitality startup. Three is demographics. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Sonder also expects to have approximately $310 million in private investment in public equity (PIPe) proceeds, up to $450 million in cash in Gores Metropoulos II's trust account and $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. From an overhead view, how has the pandemic changed things for the business? Obviously, tech and automation are part of why you have better profit margins compared to hotels. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. Sonder Holdings Inc. and Gores Metropoulos II Announce Other CEOs followed suit. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. 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). SEC Filings | Sonder Holdings Inc. 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. Sonder Discovers Growth Comes at The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. We think the current online players are overly focused on capturing agents fees.. We hire and we invest heavily into the communities in which we operate. And improving their Revenue per Available Room (RevPAR) from $74 to $165. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. It operates over 300 properties in 35 markets, with plans to invest in tech, expand Sonder makes Nasdaq debut following close of SPAC deal Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. The announcement follows a grueling year for hospitality. Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. We improved unit economics by having landlords funding all of the investments required for a company to become a Sonder. Plus, can SPAC investors take advantage of the big moves that are hidden in SPACs with announced deals? 1 to Agreement and Plan of Merger, dated as of October 27, 2021, by and among Gores Metropoulos II, Sonder and the other parties to the Merger Agreement (such amendment, Amendment No. 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. This document may contain a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. And it's typical for the landlord to fund it. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. So now it's about 50% of our business. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. I sign off in DocuSign on a summary of all the deals. 2018, US$ 68 million, Net Income Sonder's pre-SPAC merger investor presentation outlined the narrative and future of Sonder with surprising transparency. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. Your submission has been received! San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. UPDATE: SONDER. Last year, because of the pandemic, it lost almost $198 million, but projects profitability by 2023. The deal with Gores Metropoulos II (GMII.O)will give the hospitality startup $650 million of cash proceeds, including a private placement of $200 million from investors such as Fidelity Management & Research Company LLC and BlackRock Inc (BLK.N). press@sonder.com, Investor Contacts 2019, US$ 178.767 million (LOSS). We're not cutting a check 90% of the time now when a property opens. Money Losing, Short Term Rental Platform Sonder Gets Saved We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. 2021, Volt Equity (Volt). GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. 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. For The Gores Group and affiliates: 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). 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. Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. Sonder The high redemption rate for the Sonder deal stands out for SPACs led by buyout 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. 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. 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. 2012-2023 BetaKit Incorporated. All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. Investor Presentation Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity All material subject to strictly enforced copyright laws. 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. 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 . 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. Portfolio 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. Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). Latham & Watkins LLP is serving as legal advisor to the co-placement agents. GM II raised $450 million through an initial public offering in January. Sonder recently took over the Flatiron Hotel in New York City as part of its model to lease, refurbish and rent short- and medium-stay rooms. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. Gores Taking Sonder Public + Hidden SPAC Volatility Finsbury Glover Hering We reported company-record quarterly revenue in Q2 and are eager to pursue continued growth, said Francis Davidson, Co-Founder and CEO of Sonder. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Past investors in Sonder include Atreides Management, LP, Bezos Expeditions, GreenOaks, Fidelity Management & Research, GreyLock Partners, iNovia, Spark Capital, Tao, Valor Equity Partners, Westcap, and the Wilson family. 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. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly. Sonder illustrates the downfall of 3 different product offerings in the lodging and travel space today. Thats relatively flat year over year and up $36 million from Q4 2020. 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. Jennifer Kwon Chou Hospitality - SPAC - Current. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. Forward-looking statements in this release include, but are not limited to, the closing of the drawdown on Sonders Delayed Draw Notes, the commencement of trading of Sonders common stock and publicly traded warrants on Nasdaq, Sonders beliefs regarding its current and future financial position, Sonders beliefs regarding its future financial and operating results and growth and the effect of the COVID-19 pandemic, its timing of recovery and the pandemics impact to Sonders business and financial position. We sat down with Francis Davidson, Sonder's cofounder and CEO who founded the company by renting out his college apartment to discuss the deal and the future of travel. Sonder Investor Presentation (Nov 2021) - All Key Slides 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. Our Standards: The Thomson Reuters Trust Principles. 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. The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. Starting from right to left: Usually a lodging provider would need to make a trade-off in terms of these 3 dimensions of price, design, quality consistency. 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%. Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. 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 Proptech CEO pay, the The deal will give Sonder $650 million in cash to scale up. View. The company previously raised more than $560 million and is backed by investors 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. 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. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 310-209-3010 San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Metropoulos II, that values the newly combined company at $2.2 billion, Sonder announced Friday.. 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. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. 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: Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. How? Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. 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. The pandemic was such a black-swan event that now we are even more robust when it comes to down-side investment. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. 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. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. "I think you can view us as a next-generation Marriott," Davidson said, adding that Sonder partners with companies including Expedia Group Inc (EXPE.O), Airbnb Inc (ABNB.O) and Booking.com to reach out to customers. It currently operates more than 300 properties in 35 markets. Opendoor tapped Squares Mike Cieri as vice president of product for its buyer team. 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. 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. The landlord is funding it. Our view was that we wanted to lean into the recovery. 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. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 1, will be provided in a Current Report on Form 8-K which will be filed by Gores Metropoulos II with the SEC and will also be available at www.sec.gov. 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. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. Forward-looking statements included in this document speak only as of the date of this document. See here for a complete list of exchanges and delays. 99.1 As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. Fifth Wall Ventures, JBV Capital and Aleph VC also participated. 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. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. 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. We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. In the short-run, were focused on rapidly growing, improving our technology, guest experience and operational efficiency, wrote Davidson in a LinkedIn post about the companys journey to becoming publicly-traded. A year ago, Redfin CEO Glenn Kelman said he would forgo a salary after the tech brokerage had to furlough 40 percent of agents and staff. Sonder Earlier this month, the firm said it would buy Homes.com for $156 million. In this space you will find all of our financial reports, presentations, webcasts and relevant video material. 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. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. 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. We are happy to share any additional information with you on request. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. The Thank you! Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. The business was heavily impacted when the global pandemic brought the travel industry to a halt last year, but has rebounded as it targets millennial leisure travelers, said Chief Executive and co-founder Francis Davidson. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. Were thrilled to have a committed and creative partner in Gores and the amendments, and incremental investment announced today will allow us to pursue our ambitious growth and expansion strategy in full force. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. Get research, business strategy, and tech analysis delivered to your inbox. The SPACs investors include affiliates of Gores Metropoulos II, Fidelity Management & Research, funds and accounts managed by BlackRock Subsidiaries, Atreides Management, and Senator Investment Group. But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. Two is that the vast majority of our travelers are domestic, not international. SPAC press@sonder.com With property level profit margins going from (54%) in 2020 to 32% in 2025. Stay up to date with what you want to know. 2020, US$ 116.153 million 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.
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