sonder spac investor presentation
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. The pandemic was such a black-swan event that now we are even more robust when it comes to down-side investment. Compass acquired digital closing startup Glide for an undisclosed sum. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. For The Gores Group and affiliates: 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. The company currently operates in 70 countries, and CEO Amiad Soto said the funding will go toward market and tech expansion. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. From an overhead view, how has the pandemic changed things for the business? All this allows them to cut down on operating costs by as much as ~50%. Content is subject to change without notice. Takeaway: Given industry multiples and Sonder's growth rate, Sonder's valuation seems like the deal of a lifetime. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. 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.. Another interesting observation is on consumer behavior. Get the latest news about hotels and short-term rentals delivered to your inbox once a week. 2019, US$ 142.908 million Arguably, business is going to take longer to recover. 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. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. Javascript is required for this site to display correctly. The For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. 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). The pandemic was a challenge for the entire hospitality world. 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 Plus, can SPAC investors take advantage of the big moves that are hidden in SPACs with announced deals? 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. Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity It currently operates more than 300 properties in 35 markets. Hospitality - SPAC - Current. Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), 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 Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine with Sonder. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. 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. Gores and Metropoulos facilitated an IPO for lidar sensor maker Luminar Technologies last August in a nearly $2.9 billion merger with a different SPAC. 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. Wu only took $189,584, however, voluntarily donating the rest to a company relief fund for affected employees. Sonder was last valued at $1.3 billion, after raising $170 million in June. The now United States-based company has strong Canadian roots. 2012-2023 BetaKit Incorporated. 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. Managing Director As part of the proposed business combination, the Company will receive approximately $110 million in incremental capital from affiliates of Gores Metropoulos II and other leading investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group pursuant to the New PIPEs, in addition to the $200 million Existing PIPE, which continues to be led by affiliates of Gores Metropoulos II, with participation from top-tier institutional investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, funds and accounts managed by Principal Global Investors, LLC, and Senator Investment Group. For more information, please visit www.gores.com. There might not be a better time, in the history of hospitality, to bring our revolutionary concept to the forefront. press@sonder.com WebSonder Holdings, Inc., a leading next-generation hospitality company, and Gores Metropoulos II, Inc. announce closing of business combination. He brings nearly two The company expects the deal to close in the second half of 2021. WebExpedia Investor Presentation Deck. Your goal is to grow quite rapidly and become a leading force in hospitality. Two is that the vast majority of our travelers are domestic, not international. What does that mean for hospitality jobs? I think it's really important to underscore that we are a technology meets operations company. 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. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. For Sonder: Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. 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. Terms werent disclosed. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. 2021. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. The amended terms revise the combined companys pro forma enterprise value to $1.925 billion. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. View. 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. Sonders leases are also subject to early termination. 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. In 2020, Sonder had 5,000 units (with contracts for another 7,000). During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. The new funding raised will help continue to focus on building the company and hopefully keep the economics in check enough to complete the deal. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. 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.. WebInvestor Presentation (March 2023)21.8 MB 3Q22 Shareholder Letter5.8 MB 2Q22 Shareholder Letter6.5 MB Cash Flow Positive Plan Presentation1.4 MB 1Q22 San Franciscos short-term rental startup Sonder has lowered its going-public-through-SPAC valuation down to $1.925 billion from the earlier planned $2.2 The Gores Group UPDATE: SONDER. 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. 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. Sign up for notifications from Insider! ir@sonder.com 2021, Volt Equity (Volt). "If travel demand dries up, let's find traveling nurses. 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. The landlord is funding it. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. GM II raised $450 million through an initial public offering in January. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. For more information, please visit www.gores.com. 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 This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. Sign up to our email list so you don't miss a thing. Sonders SPAC deal was first announced in April 2021. 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. jchou@gores.com, John Christiansen/Cassandra Bujarski/Kate Gorgi Our mission is really one of democratization here. 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. 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. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. 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. And this is really the purpose that the technology serves. For Sonder: Sard Verbinnen & Co Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos II. 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. Revenue tripled, the company said. In conjunction with the round, Guesty said it acquired rival Your Porter just a month after buying MyVR. The vast majority, around 80%, of our guests are less than 50 years old. 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, said Banker. This was a theory back in 2018, and we tested it out for a few dozen properties, and it was proved that it's worked extremely well. There's nothing like it. Chris Mammone, The Blueshirt Group OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. Founded in 2014, the Israel-based company has been in growth mode. 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. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly. 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. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. The deal will give Sonder $650 million in cash to scale up. And their 2021 SPAC merger investor presentation here. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Last year, Sonder reached a valuation of $1.3 billion after a funding round. His coverage is more complete than his moustache. Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. 0001819395-23-000056.pdf. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Finsbury Glover Hering Join the Industrys Brightest Minds in New York City, Business Travelers: A Multi-Country Survey Report, Hotel Tech Benchmark: Booking Engines, Website Builders, and Direct Booking Tools 2023. New PIPE Investment, US$ 200 million It's a growing share for sure. And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. 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). Please contact our IR department. 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. Let's find people who are in need of temporary housing, or who don't want to live with their roommates during a pandemic." 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. This press release contains a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 2020, US$ 240.663 million (LOSS) This interview has been edited for length and clarity. real estate targeting, warehouse and inventory management, logistics planning, etc.). All Rights Reserved. 310-209-3010 Oops! 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 & The Registration Statement is not yet effective. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. We bring beautiful spaces to life. Sanford also took a smaller salary $656,480 instead of $1.5 million. Meaning, you can perform well in 2 dimensions but not in all 3. There are some luxury hotels that do a great job, but it would be way better if those kinds of experiences were accessible to the many. Additional risks and uncertainties are identified and discussed in Gores Metropoulos IIs reports filed with the SEC and available at the SECs website at www.sec.gov. These forward-looking statements are based on Gores Metropoulos IIs or Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. But in the end, the pandemic didnt cause a housing meltdown or a meaningful deterioration in CEO pay. None of Volts proprietary content may be reproduced or referenced, in full or in part, in any other publication without the expressed written consent of Volt. The combined company will operate as Sonder Holdings, while Sonders common stock and publicly traded warrants will trade on the Nasdaq Global Select Market today under the ticker symbols SOND and SONDW, respectively. Filing date. SPAC Cash in Trust, US$ 450 million Last year, because of the pandemic, it lost almost $198 million, but projects profitability by 2023. Something went wrong while submitting the form. 2020, US$ 116.153 million We have an exceptional team in place to drive the next chapters of growth for our organization., We continue to lead and innovate with our tech-enabled offering, inspiring design, consistent quality, and compelling value that are the hallmarks of a great modern hospitality experience, said Sanjay Banker, President and Chief Financial Officer of Sonder. And Adj. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. Instantly search thousands of Decks by world-leading companies on Slidebook SPAC December 2016 Despegar Mergers and Acquisitions Sonder Start Up January 2019 Related decks Tripadvisor Investor 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. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. 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. Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Sonder. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as amended by that certain Amendment No. Jennifer Kwon Chou 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. Our view was that we wanted to lean into the recovery. We plan to have a multi-part series diving into Sonder's competition, strategy, leadership, and more. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). Placers data helped them understand and navigate the change.. The balance of the $450 million in cash is held in GM IIs trust account, in addition to $165 million raised as part of a March 2021 convertible notes offering led by Moore Strategic Ventures, the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP, together with the approximately $200 million in PIPE proceeds, excluding transaction expenses, will be used to fund operations and support new and existing growth initiatives. 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. The industry leader for online information for tax, accounting and finance professionals. 1)) and the proposed Business Combination contemplated thereby; (b) the inability to complete the proposed Business Combination due to the failure to obtain approval of the stockholders of Gores Metropoulos II or other conditions to closing in the Merger Agreement (as amended by Amendment No. 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. WebReports & Presentations. In 2020, CoStars Andy Florance was compensated $21.3 million, according to the companys recently filed proxy statement. 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. 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. 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. We provide modern service through the phone, and we bring quality and standards to the industry. 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. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. Additional Information and Where to Find It. 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? 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. Investor Contacts The Sonder app gives guests full control over their stay. Existing Sonder stockholders will retain 74% ownership in the pro forma company. Moelis & Company LLC acted as additional financial advisor to GM II. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Sonder projected it will have 77,000 units within five years. 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. And improving their Revenue per Available Room (RevPAR) from $74 to $165. 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. |, Sonder makes Nasdaq debut following close of SPAC deal, 0 replies on Sonder makes Nasdaq debut following close of SPAC deal, Support BetaKit and independent Canadian tech journalism, Sonder lowers valuation, expectations for SPAC deal amid market conditions, All signs point to Montral as home of Sonders second headquarters, Revisiting BlackBerrys extraordinary rise and spectacular fall, Banking apps Pillar and Billi shut down as funding dries up for FinTech businesses, As Bill C-11 passes, YouTube influencers, content creators express concern while Big Tech quiet.