Revenue Per Available Room Up 10% Compared to
2019 and Doubled YoY
Sonder Holdings Inc. (“Sonder”), a leading next-generation
hospitality company that is redefining the guest experience through
technology and design, saw strong demand across its U.S. properties
over New Year’s Eve, with Revenue per Available Room increasing
more than 10% over New Year’s Eve compared to the same day in 2019,
and nearly double 2020 levels. Occupancy rate for New Year’s Eve
was over 75%, indicating continued traveler demand for Sonder
accommodations despite the Omicron variant.
Some of the most popular Sonder locations on New Year’s Eve were
warm-weather destinations including Phoenix, San Diego and Dallas.
The Continental, featuring expansive windows and private balconies,
located in the popular San Diego Little Italy neighborhood, proved
to be a top choice. Travelers also flocked to colder destinations
like Chicago and Boston, frequently choosing one of Sonder’s newest
Boston locations at 907 Main for easy access to local boutiques,
restaurants and museums.
“Our strong performance over New Year’s Eve shows that despite
the ongoing pandemic, demand for Sonder spaces remains strong. Our
hospitality model is built around contactless stays in modern,
tech-enabled spaces that provide a safe and contained environment
for travelers,” said Shruti Challa, Sonder’s Senior Vice President
of Revenue. “Today’s travelers want elevated stays that deliver
great value and that ultimately give them a large degree of
autonomy and control over their stay. Sonder is very well
positioned to meet those needs and to respond to new travel trends
as they emerge.”
In an effort to continuously improve the guest experience,
Sonder is piloting dozens of tech and service-driven initiatives
across a number of cities. Currently, Sonder is piloting a new
mobile keys feature in select markets to enable guests to
seamlessly unlock their rooms with one tap through the Sonder app.
The company has also chosen specific properties to install private
Pelotons in individual units and launch gym partnerships to provide
free access to guests. Sonder plans to scale select initiatives
across additional markets next year.
With Sonder, guests can request early check-in or late check-out
directly from their phones, and check-in to their unit through the
Sonder app — bypassing crowded lobbies completely. Sonder guests
can also receive instant support through the company’s 24/7
Concierge service via the app.
Business Combination with Gores Metropoulos II
Sonder recently announced that the Registration Statement on
Form S-4 filed with the U.S. Securities and Exchange Commission
(the “SEC”) on July 7, 2021, as amended by Amendment No. 7 filed on
December 20, 2021, was declared effective on December 22, 2021. The
Registration Statement was filed in connection with the proposed
business combination of Sonder and Gores Metropoulos II, Inc.
(Nasdaq: GMII, GMIIW, and GMIIU). A special meeting of Gores
Metropoulos II stockholders to approve the business combination
will be held on January 14, 2022, at 9:00 a.m. Eastern Time.
Sonder’s common stock and public warrants are expected to be
listed on Nasdaq under the ticker symbols “SOND” and “SONDW,”
respectively, following the closing of the business combination.
Upon completion of the business combination, subject to any
redemptions by the public stockholders of Gores Metropoulos II and
the payment of transaction expenses at the closing, Sonder expects
to have approximately $310 million in PIPE proceeds, up to $450
million in cash in Gores Metropoulos II’s trust account, and $165
million of Delayed Draw Notes to fund operations and support new
and existing growth initiatives.
About Sonder
Sonder is revolutionizing hospitality through innovative,
tech-enabled service and inspiring, thoughtfully designed
accommodations combined into one seamless experience. 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. The Sonder app gives guests full
control over their stay. 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.
To learn more, visit www.sonder.com or follow Sonder on
Facebook, Twitter or Instagram. Download the Sonder app on Apple or
Google Play.
About Gores Metropoulos II, Inc.
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. 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.
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. 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. For
more information, please visit www.gores.com.
Additional Information and Where to Find It
In connection with the proposed business combination, Gores
Metropoulos II, Inc. (“Gores Metropoulos II”) has filed a
registration statement on Form S-4 (the “Registration Statement”)
that includes a preliminary proxy statement, prospectus and consent
solicitation statement with respect to Gores Metropoulos II’s
securities to be issued in connection with the proposed business
combination. The Form S-4 was declared effective by the SEC on
December 22, 2021. The definitive proxy
statement/prospectus/consent solicitation statement was mailed to
all Gores Metropoulos II stockholders as of November 30, 2021, the
record date established for voting on the proposed business
combination and the other matters to be voted upon at a meeting of
Gores Metropoulos II’s stockholders to be held to approve the
proposed business combination and other matters (the “Special
Meeting”). Gores Metropoulos II may also file other documents
regarding the proposed business combination with the SEC. The
definitive proxy statement/prospectus/consent solicitation
statement contains important information about the proposed
business combination and the other matters to be voted upon at the
Special Meeting and is not intended to provide the basis for any
investment decision or any other decision in respect of such
matters. Investors and securityholders will also be able to obtain
copies of the definitive proxy statement/prospectus/consent
solicitation statement and all other relevant documents filed or
that will be filed with the SEC without charge, once available, at
the SEC’s 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, Gores Metropoulos II’s proxy
solicitor, for help, toll-free at (800) 662-5200 (banks and brokers
can call collect at (203) 658-9400).
Participants in Solicitation
Gores Metropoulos II, Sonder and their respective directors and
officers may be deemed participants in the solicitation of proxies
of Gores Metropoulos II stockholders in connection with the
proposed business combination. Gores Metropoulos II stockholders
and other interested persons may obtain, without charge, more
detailed information regarding the interests of those persons and
other persons who may be deemed participants in the proposed
business combination by reading Gores Metropoulos II’s registration
statement on Form S-1 (File No. 333-251663), which was declared
effective by the SEC on January 19, 2021, and the proxy
statement/prospectus/consent solicitation statement regarding the
proposed business combination.
You may obtain free copies of these documents as described in
the preceding paragraph.
Forward-Looking Statements
This press release contains a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not
limited to, statements about Sonder’s forecasted revenue growth and
cash flow (including Sonder’s outlook for Total Revenue and
Adjusted EBITDA for the year ended December 31, 2021), Sonder’s
forecasted growth in units (including Sonder’s forecast for growth
in Total Portfolio for the year ended December 31, 2021),
information concerning Gores Metropoulos II’s or Sonder’s possible
or assumed future financial or operating results and metrics,
business strategies, debt levels, competitive position, industry
environment, potential growth opportunities, future operations,
products and services, planned openings, expected unit contractings
and the effects of regulation, including whether the proposed
business combination will generate returns for stockholders. These
forward-looking statements are based on Gores Metropoulos II‘s or
Sonder’s management’s current expectations, estimates, projections
and beliefs, as well as a number of assumptions concerning future
events. 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. 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 II’s or Sonder’s management’s
control, that could cause actual results to differ materially from
the results discussed in the forward-looking statements. 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. 1 to Agreement and Plan of Merger, dated October 27,
2021 (“Amendment No. 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. 1); (c) the
ability to meet Nasdaq’s listing standards following the
consummation of the proposed business combination; (d) the
inability to complete the private placement transactions in
connection with the business combination as described in the
Registration Statement; (e) the risk that the proposed business
combination disrupts current plans and operations of Sonder or its
subsidiaries as a result of the announcement and consummation of
the transactions described herein; (f) 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 customers and suppliers and retain its
management and key employees; (g) costs related to the proposed
business combination; (h) changes in applicable laws or
regulations, including legal or regulatory developments (such as
the SEC’s statement on accounting and reporting considerations for
warrants in special purpose acquisition companies); (i) the
possibility that Sonder may be adversely affected by other
economic, business and/or competitive factors; (j) 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 (k) 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 Gores Metropoulos II from time to time with the SEC. You
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Except as
required by law, neither Gores Metropoulos II nor Sonder undertakes
any obligation to update or revise its forward-looking statements
to reflect events or circumstances after the date of this report.
Additional risks and uncertainties are identified and discussed in
Gores Metropoulos II’s reports filed and to be filed with the SEC
and available at the SEC’s website at www.sec.gov.
No Offer or Solicitation
This communication relates to a proposed business combination
between Gores Metropoulos II and Sonder. This document does not
constitute an offer to sell or exchange, or the solicitation of an
offer to buy or exchange, any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220106005327/en/
Media Contact: Fiona Story press@sonder.com
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