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. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? It projected $4 billion in revenues in 2025, and It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. Driven in part by increasing supply from 12k total units (live + contracted) in 2020 to 102k total units in 2025. The full filing with the amended merger agreement is here. 2019, US$ 142.908 million 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. 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. 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. 2023. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. Jennifer Kwon Chou Meaning, you can perform well in 2 dimensions but not in all 3. 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. CoStars profit machine is back in action. 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. 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. is serving as legal advisor to Sonder. Before, we had to make the pitch that the lobby should be on your phone and you should be able to do everything there. We appear to be moving pastthe pandemic disruption. 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. real estate targeting, warehouse and inventory management, logistics planning, etc.). Our Standards: The Thomson Reuters Trust Principles. 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. !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. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. We appreciate our close partnership 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, revolutionize hospitality, and deliver long-term value to shareholders., "Were proud to have partnered with Sonder and look forward to supporting their next chapter of growth," said Ted Fike, Senior Managing Director at The Gores Group. 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. Sonder expects to hit $4 billion of revenue in 2025 and touts its technology-driven service model can reduce operating costs compared with traditional hotels. Why should there be a concierge desk if you can message back and forth with a concierge in the same city you're in and get immediate responses? In 2020, Sonder had 5,000 units (with contracts for another 7,000). SPAC Cash in Trust, US$ 450 million Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We really wanted to build an iconic 21st-century brand, and this is just one of the transitions that are required for it to make that happen. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ir@sonder.com 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. Guesty, a property management startup targeting Airbnb hosts, raised $50 million last week. The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. A trend that I've been watching the development of is the "digital nomad," where remote workers move between different cities instead of settling down in one location. Sonder currently operates more than 300 properties across 35 markets in eight countries. OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. 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. 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. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. No affiliation or endorsement, express or implied, is provided by their use. 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. The company previously raised more than $560 million and is backed by investors 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. In this space you will find all of our financial reports, presentations, webcasts and relevant video material. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. 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. 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.". Amid a rebound in leisure travel demand, Sonder reported record quarterly revenue and year-over-year (YoY) growth in the third quarter of 2021, with revenue of $67.5 milliona 155 percent YoY increase, and a 43 percent increase compared to Q2 of last year. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 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 Sonders managements control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Leading next 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. 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. That said there are some positives in the newly restructured deal between the two parties: Sonder will get an $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management and others, in addition to the $200 million previously announced PIPE. In the past year alone, weve launched in three additional countries and expanded our operations in dozens of other markets, and we expect to continue to scale our business and innovate to adapt to the needs of emerging traveler segments like digital nomads.. 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. The industry leader for online information for tax, accounting and finance professionals. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. 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. 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. Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November 2021 laying out the narrative and future of their company with amazing clarity and transparency. 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. 0001819395-23-000056.pdf. 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. Other CEOs followed suit. Forward-looking statements included in this document speak only as of the date of this document. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 2012-2023 BetaKit Incorporated. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. Wilson Sonsini Goodrich & Rosati, P.C. In 2020, Sonder says they have 4,565 units. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. What we know is that we have a lot of favorable characteristics that would allow us to recover faster. The high redemption rate for the Sonder deal stands out for SPACs led by buyout With a differentiated, tech-driven platform and unique value proposition, were confident that becoming a public company will enable Sonder to solidify its leading position as the hospitality brand of tomorrow., Justin Wilson, Senior Managing Director at The Gores Group, added, "Sonder is a true disruptor in the travel space, with a proven ability to execute and deliver despite a very challenging period for the hospitality industry as a whole. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. WebLatest Presentation For optimal viewing of the presentation, please open the PDF in a new window by clicking the Download PDF button below. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. April 19, 2023. Sonder, the hospitality technology company, announced on Friday that it plans to go public via a SPAC deal with Gores Metropoulos II, a blank-check company sponsored by the private-equity firm The Gores Group and the billionaire Dean Metropoulos. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Were excited to watch them continue to expand and reshape guest stays at a global level.. And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. Something went wrong while submitting the form. We bring beautiful spaces to life. Obviously, tech and automation are part of why you have better profit margins compared to hotels. Your submission has been received! Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. Highlights from the presentation are below. 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. John Christiansen/Cassandra Bujarski One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 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 idea is that Sonder is not a short-term-rental company. "If travel demand dries up, let's find traveling nurses. From an overhead view, how has the pandemic changed things for the business? All Rights Reserved. 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. 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. Placers data helped them understand and navigate the change.. 2021, Volt Equity (Volt). Sonders leases are also subject to early termination. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. With this incremental investment, we will have ~$530M of capital at closing, in addition to up to $450M proceeds from the SPAC trust, which provides for a fully funded business plan upon closing, the SPAC said in a letter to Sonder team. 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 WebExpedia Investor Presentation Deck. Additional information about the proposed Business Combination, including a copy of Amendment No. 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%. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. Sonder projected it will have 77,000 units within five years. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. In terms of real estate supply availability, Sonder has just scratched the surface with only 0.8% of new apartment units to be contracted in their current US markets, and only 1.8% of global hotel units to be contracted. One is the fact that our guests are much more leisure-oriented: 80% of our guests were leisure. 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. 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. SWFI is a minority-owned organization. The opportunity in residential is so large and our assets have so much potential, CEO Andy Florance said during an earnings call. WebCombination with Gores Metropoulos II . It has also pushed back the completion of its reverse merger deal with Gores Metropoulos II, the black check company backed by the Gores Group that is taking it public, from the earlier anticipated close October 28 this year to January 31, 2022, though the two insist they will close the deal by the end of the year. Volt does not purport to provide any legal, tax, or accounting advice. Sonder's CEO called the listing a historic moment for the company. 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. 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. 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. The brand generates $10 million per quarter, CoStar said. We can show the value proposition on a spreadsheet. For more information, please visit www.gores.com. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. 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. 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. And this is really the purpose that the technology serves. Forward-looking statements include information concerning Gores Metropoulos IIs or Sonders possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether this proposed Business Combination will generate returns for stockholders. Jennifer Kwon Chou 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. We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. It operates over 300 properties in 35 markets, with plans to invest in tech, expand to news regions, and sign more properties. Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). 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. 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. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. So now it's about 50% of our business. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup, and Deutsche Bank Securities Inc. served as joint lead placement agents on the PIPE. 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. Oops! Gores Metropoulos II, Sonder and their respective directors and officers may be deemed participants in the solicitation of proxies of Company stockholders in connection with the proposed Business Combination. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Your goal is to grow quite rapidly and become a leading force in hospitality. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. 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. Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). 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. 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. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. 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.
?>
sonder spac investor presentation