The Gores Group Mr. Davidson will continue to serve as Co-Founder and CEO and Mr. Banker will continue to serve as President and CFO. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. 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. We can show the value proposition on a spreadsheet. So now it's about 50% of our business. Compass acquired digital closing startup Glide for an undisclosed sum. We're not acquiring these assets, but we're running a process that's just as thorough. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, Sign up for notifications from Insider! But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. 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. 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 the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Gores is taking Sonder public. The full filing with the amended merger agreement is here. 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? Obviously, tech and automation are part of why you have better profit margins compared to hotels. ir@sonder.com, For The Gores Group and affiliates: SPAC It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties. Corporate Demand Guided Expansion Strategy Founded in 2014, the Israel-based company has been in growth mode. Sonders common stock to commence trading on the Nasdaq under ticker SOND on January 19, Approximately $310 million PIPE capital from leading investors including affiliates of Gores Metropoulos II, Fidelity Management & Research LLC, funds and accounts managed by subsidiaries of BlackRock, Inc., Atreides Management, LP, and Senator Investment Group, Sonder to draw on $165 million in principal amount of Delayed Draw Notes following the closing of the business combination. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. It currently operates more than 300 properties in 35 markets. Except as required by law, Sonder does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this report. According to Sonders presentation, the company had 2,000 live units in 2018, 5,000 live units in 2019, and 4,565 live units in 2020. Description. 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. From an overhead view, how has the pandemic changed things for the business? Last year, because of the pandemic, it lost almost $198 million, but projects profitability by 2023. SAN FRANCISCO & LOS ANGELES-- ( BUSINESS WIRE )--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality Let's find people who are in need of temporary housing, or who don't want to live with their roommates during a pandemic." It currently operates 8,000 (with contracts for 10,000 more). 2020, US$ 240.663 million (LOSS) The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. 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. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. It's early to say how large that demographic is going to be in the years to come, when the world is reopened and offices are reopened, but it's going to be more than what it was before the pandemic. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. Portfolio 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. CoStars profit machine is back in action. Sonder CEO Explains the $2.2 Billion Company's SPAC Deal This document may contain a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. 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. Investor Contacts No affiliation or endorsement, express or implied, is provided by their use. Sonder Lowers Valuation to $1.9 Billion and Raises More Money Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. 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. 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 plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. 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. 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). The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. 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. These forward-looking statements are based on Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. All Rights Reserved. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 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. We should be conservative.". Three is demographics. 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. Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). Sonder Holdings Inc. and Gores Metropoulos II Announce April 30 (Reuters) - Lodging startup Sonder, which offers refurbished properties for short-term rentals, has agreed to go public through merging with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos that values the combined company at around $2.2 billion. Proptech CEO pay, the To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Sonder illustrates the downfall of 3 different product offerings in the lodging and travel space today. You can read more of our analysis on Sonder's strategic position vs. hotels in this post. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. 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. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. The San Francisco-based travel tech and hospitality company has strong Canadian roots. What are you expecting to see in hospitality this year? Why are you in such a good position to go public now when it's been a challenge across the board for your competitors? I sign off in DocuSign on a summary of all the deals. Guesty, a property management startup targeting Airbnb hosts, raised $50 million last week. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures. 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. Overview | Sonder Holdings Inc. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. "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. Last week, the startup raised $55 million from investors, led by Alkeon Capital Management, with participation from Penny Pritzkers PSP Partners and others. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Finsbury Glover Hering
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