2022. 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. Below are the highlights from the presentation. 2019, US$ 142.908 million Before, we had to make the pitch that the lobby should be on your phone and you should be able to do everything there. A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. 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). It also gave a peek at its pipeline of units. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Oops! For more investment insights, sign up for our email list below and subscribe to our YouTube channel. Gores Metropoulos II stockholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they will contain important information about the proposed Business Combination. 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. As part of the transaction, Sonder and GMII raised a $200 million fully committed PIPE, led by an affiliate of The Gores Group, with participation from top-tier institutional investors, including Fidelity Management & Download the Sonder app on Apple or Google Play. Volt does not purport to provide any legal, tax, or accounting advice. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. The proposed business combination remains on track to close in the second half of 2021, subject to approval by Gores Metropoulos IIs stockholders and other customary closing conditions. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. Hospitality - SPAC - Current. The now United States-based company has strong Canadian roots. Plus, can SPAC investors take advantage of the big moves that are hidden in SPACs with announced deals? Driven in part by increasing supply from 12k total units (live + contracted) in 2020 to 102k total units in 2025. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Sonder projected it will have 77,000 units within five years. "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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The company currently operates in 70 countries, and CEO Amiad Soto said the funding will go toward market and tech expansion. The Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. We hire and we invest heavily into the communities in which we operate. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. And Adj. Managing Director In 2020, Sonder had 5,000 units (with contracts for another 7,000). 2021, Volt Equity (Volt). 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. Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. We are happy to share any additional information with you on request. Last year, Sonder reached a valuation of $1.3 billion after a funding round. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. Thats relatively flat year over year and up $36 million from Q4 2020. 2018, US$ 68 million, Net Income Guesty, a property management startup targeting Airbnb hosts, raised $50 million last week. Sonder illustrates the downfall of 3 different product offerings in the lodging and travel space today. 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. With property level profit margins going from (54%) in 2020 to 32% in 2025. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. 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. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. 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. We appear to be moving pastthe pandemic disruption. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. The content should not be considered investment advice and is for educational purposes only. When available, the definitive proxy statement/consent solicitation statement/prospectus will be mailed to Gores Metropoulos II stockholders as of a record date to be established for voting on the proposed Business Combination and the other matters to be voted upon at the Special Meeting. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. And when that happens if you're building a building where every unit is $500,000, spending an extra $10,000 to bring it up to Sonder standard it's easy to show the owner the benefits we bring to the table. The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. 2020, US$ 116.153 million Investing involves risk and possible loss of principal capital. The Gores Group Seller Rollover Equity, US$ 2,177 million. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. Access exclusive travel research, data insights, and surveys. Another interesting observation is on consumer behavior. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. It currently operates more than 300 properties in 35 markets. All references to available cash are subject to any redemptions by the public stockholders of GM II and payment of transaction expenses. 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. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. 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. Thats due to the leadership and staff who built a flexible model thats been proven at scale, Roberts told BetaKit. Although the travel sector still faces strong headwinds due to COVID-19, Davidson said the company remains aggressively optimistic on the future of travel, citing Sonders record Q2 and Q3 2021 performance as evidence of the resiliency of its business. 310-209-3010 Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. The announcement follows a grueling year for hospitality. 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. Finsbury Glover Hering The vast majority, around 80%, of our guests are less than 50 years old. His coverage is more complete than his moustache. Weil, Gotshal & Manges LLP is serving as legal advisor to Gores Metropoulos II. 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. View. This interview has been edited for length and clarity. 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. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. Something went wrong while submitting the form. Thank you! Sonder was last valued at $1.3 billion, after raising $170 million in June. As part of the SPAC deal, Sonder will retain its management team: Davidson will stay on as CEO, and Sanjay Banker will continue to serve as president and CFO. 333-251663), which was declared effective by the SEC on January 19, 2021. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. 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. Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. Official notification to shareholders of matters to be brought to a vote ("Proxy") DEF 14A. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. 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. 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. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Metropoulos IIs or Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. 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. WebLatest Presentation For optimal viewing of the presentation, please open the PDF in a new window by clicking the Download PDF button below. Jennifer Kwon Chou Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. 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. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For Sonder: Arguably, business is going to take longer to recover. Any and all subjective claims and statements made on this site regarding companies or securities are strictly the beliefs and views held by Volt and are in no way meant to be an endorsement by Volt of any company or security and nor is it meant to be a recommendation by Volt to buy, sell, or hold any security.Past performance is no guarantee of future returns. 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. Obviously, tech and automation are part of why you have better profit margins compared to hotels. The Gores Group 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. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Many services like the front desk, concierge, customer service, cleaning are replaced with their app. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. Sonder reported $116 million in revenue last year, a 19% drop year-over-year. Gores is taking Sonder public. Please contact our IR department. 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. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. Brokerage giant Realogy struck a massive deal with MoxiWorks, a real estate software startup. 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 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. jchou@gores.com, John Christiansen/Cassandra Bujarski/Kate Gorgi We should be conservative.". All quotes delayed a minimum of 15 minutes. Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. It's going to be really interesting to see how we might be able to capture some of that demand. Additional information about the proposed Business Combination, including a copy of Amendment No. 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 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). RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. Takeaway: Given industry multiples and Sonder's growth rate, Sonder's valuation seems like the deal of a lifetime.
