333-251663), which was declared effective by the SEC on January 19, 2021. Get research, business strategy, and tech analysis delivered to your inbox, Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. The company scored a One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. press@sonder.com 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. served as legal advisor to Sonder. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. When the country went into lockdown last year, OpenSpace allowed construction bosses to monitor essential jobs remotely with its site-mapping tool. 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. "If travel demand dries up, let's find traveling nurses. Thank you! WebReports & Presentations. It currently operates more than 300 properties in 35 markets. Download the Sonder app on Apple or Google Play. Sonder recently announced its entry into France with the opening of a property in Paris near the iconic Champs-lyses, as well as large expansions of its operations in the Middle East and Mexico. 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. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. 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. is serving as legal advisor to Sonder. 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 Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. Your goal is to grow quite rapidly and become a leading force in hospitality. Concurrently with the consummation of the transaction, additional investors have committed to participate in the proposed business combination by purchasing shares of common stock of GM II in a private placement (the PIPE). Leading next Equipping the balance sheet with hundreds of millions of dollars through this transaction allows us to do that in a way that is super financially sound and finances a plan that can bring really rapid growth and investments in technology we think are really going to pay off big time. 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. 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. The landlord is funding it. For more information, please visit www.gores.com. However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. The Gores Group 2021. We thought that's where the hospitality industry was bound to go and where the customer would prefer to go, but COVID has really accelerated that. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. 2023. We saw that there's a chance that this would spread to the US and our core markets, and if that happened, we needed to be ready to respond. What are you expecting to see in hospitality this year? The vast majority, around 80%, of our guests are less than 50 years old. Revenue tripled, the company said. Meaning, you can perform well in 2 dimensions but not in all 3. OR 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). Moelis & Company LLC acted as additional financial advisor to GM II. Sign up to our email list so you don't miss a thing. Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. Chris Mammone, The Blueshirt Group WebInvestor presentation The Gores SPAC franchise has a stellar track record Proven SPAC track record Alignment with key stakeholders An attractive opportunity for prospective targets Note: An investment in Gores Guggenheim or Polestar is not an investment in any other current or previous special purpose acquisition company sponsored by affiliates of We are happy to share any additional information with you on request. Sign up for notifications from Insider! Corporate Demand Guided Expansion Strategy 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). His coverage is more complete than his moustache. It operates over 300 properties in 35 markets, with plans to invest in tech, expand Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. EBITDA margin going from (181%) in 2020 to 16% in 2025. The combined company will operate as Sonder Holdings Inc. and will commence trading its common stock and publicly traded warrants on the Nasdaq Global Select Market (Nasdaq) tomorrow under the ticker symbols SOND and SONDW, respectively. I think it's really important to underscore that we are a technology meets operations company. This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. 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. 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. OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. Obviously, tech and automation are part of why you have better profit margins compared to hotels. The Company also launched a corporate travel offering, opening its doors to even more business travelers and continues to grow its extended stays offering to capture new traveler groups. 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. Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. 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. Gores Metropoulos II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos II in Gores Metropoulos IIs registration statement on Form S-1 (File No. 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 startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. Sonder currently operates more than 300 properties across 35 markets in eight countries. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. WebReports & Presentations. Sanford also took a smaller salary $656,480 instead of $1.5 million. Your submission has been received! Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. So now it's about 50% of our business. What it does: The five-year-old company uses cell phone data to track pedestrian foot traffic in order to give retail and office landlords feedback on how stores and assets are doing. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Real estate lender dodges bullet after Signatures collapse. Gores is taking Sonder public. We're talking about a cost structure that's roughly, on an operating-cost basis, up to 50% lower than traditional. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 35 markets spanning ten countries and three continents. Investing involves risk and possible loss of principal capital. 2019, US$ 178.767 million (LOSS). Can you talk me through your decision to go public? Managing Director With property level profit margins going from (54%) in 2020 to 32% in 2025. 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 WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments Let's also plug in our technology and modernize this hotel so that the customer experience can be improved and the cost structure can go down.". In addition to the very compelling narrative and numbers presented in Sonder's investor presentation, Sonder's strategic advantage relative to both incumbents and potential new entrants makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Takeaway: Given industry multiples and Sonder's growth rate, Sonder's valuation seems like the deal of a lifetime. The announcement follows a grueling year for hospitality. 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. GM II raised $450 million through an initial public offering in January. GAAP Revenue 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. Francis Davidson, Sonders co-founder and CEO, called the listing a historic moment for the company, adding that it is a testament to how weve revolutionized the hospitality industry by reimagining and delivering what the modern traveler demands.. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. 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. 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. The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. 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. 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. Content is subject to change without notice. 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. jchou@gores.com Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. 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. 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. Click here to join the thousands of knowledgeable readers who subscribe to Future City. 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. Thank you! Francis Davidson co-founded the company in 2014 while managing several apartments in Montreal as a university student. 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. See here for a complete list of exchanges and delays. Sonder's TAM, the global lodging market, was $809B in 2019. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? All quotes delayed a minimum of 15 minutes. ir@sonder.com Placers data helped them understand and navigate the change.. You can see their 2019 Series D investor pitch deck here. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. 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. Below are the highlights from the presentation. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. Something went wrong while submitting the form. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. This interview has been edited for length and clarity. In 2020, Sonder says they have 4,565 units. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly.

Sebastian Salazar Espn Cancer, Articles S