sonder spac investor presentation
sonder spac investor presentation
Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). 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. John Christiansen/Cassandra Bujarski Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. 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. I sign off in DocuSign on a summary of all the deals. SWFI is a minority-owned organization. We've always built a really financially diligent company, but we took this to the next level. jchou@gores.com 2012-2023 BetaKit Incorporated. Inspirato is the innovative luxury hospitality brand that provides affluent travelers access to a managed and controlled portfolio of hand-selected vacation options, delivered through a subscription model to ensure the service and certainty that affluent customers demand. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. 1); (c) the ability to meet Nasdaqs listing standards following the consummation of the proposed Business Combination; (d) the inability to complete the Existing PIPE or the New PIPEs; (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 SECs recently released statement on accounting and reporting considerations for warrants in SPACs) which could result in the need for Gores Metropoulos II to restate its historical financial statements and cause unforeseen delays in the timing of the Business Combination and negatively impact the trading price of Gores Metropoulos IIs securities and the attractiveness of the Business Combination to investors; (i) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (j) the inability of Sonder to enter into definitive documentation with respect to the Delayed Draw Notes prior to closing, and (k) other risks and uncertainties indicated from time to time in the final prospectus of Gores Metropoulos II, including those under Risk Factors therein, and other documents filed or to be filed with the Securities and Exchange Commission (SEC) by Gores Metropoulos II. 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. There's no product out there that is as high quality, consistent, affordable, and perfectly well set up to work while you're on the road. ir@sonder.com Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos II stockholders in connection with the proposed Business Combination and other matters to be voted upon at the Special Meeting will be set forth in the Registration Statement for the proposed Business Combination when available. Investing involves risk and possible loss of principal capital. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. Download the Sonder app on Apple or Google Play. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. Sonder's TAM, the global lodging market, was $809B in 2019. 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. We don't think it makes sense to spend several hundred dollars a night for a place to stay. For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. Thank you! Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. Gores is taking Sonder public. The startups software lets hosts manage listings, communicate with tenants, process payments and send push notifications. We're not acquiring these assets, but we're running a process that's just as thorough. 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. 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. Plus, a startup that tracks our cell phones raised $50M. The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos arent worried about the impending regulatory crackdown on SPACs. 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. Additional information about the proposed Business Combination, including a copy of Amendment No. 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. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. As part of the deal, Sonder will secure approximately $310 million USD in private investment in public equity (PIPE) capital and $165 million in delayed draw notes to support its new and existing growth initiatives. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Managing Director 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. "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. 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. Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. 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. Below are the highlights from the presentation. 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. So we think there's actually been a leapfrogging of behavior that maps really closely to the way that we've been operating our business. Download PDF View All Featured Events September 13, 2022 Heliogen 2022 Investor & Analyst Day Presentation March 29, 2023 Heliogen Fourth Quarter and Full Year 2022 Earnings Call Webcast Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. It's a growing share for sure. 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. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Something went wrong while submitting the form. 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, today announced that it completed its previously announced business combination with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (GM II), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC, and Metropoulos & Co. The opportunity in residential is so large and our assets have so much potential, CEO Andy Florance said during an earnings call. Its analytics can be used to ensure workers comply with safety standards; managers can use it to benchmark performance. Media Contacts As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? And in those cases, it's commonplace in the hospitality industry to have a reserve for capital improvements. For Sonder: Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. In the last year, I spent nine out of last 12 months in Sonders across 20 plus of our markets, driving from place to place and working from them. The pandemic was a challenge for the entire hospitality world. All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. 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%. 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. These amendments and associated incremental investments by leading institutional investors to adapt to current market conditions strongly position Sonder for long-term growth, and underscore Sonders and Gores Metropoulos IIs collective commitment to driving long-term value creation for all stockholders. Get research, business strategy, and tech analysis delivered to your inbox. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. We're not cutting a check 90% of the time now when a property opens. Before, we had to make the pitch that the lobby should be on your phone and you should be able to do everything there. Download the Sonder app on Apple or Google Play. The San Francisco-based travel tech and hospitality company has strong Canadian roots. 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. GM II raised $450 million through an initial public offering in January. Sonder projected it will have 77,000 units within five years. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. Content is subject to change without notice. WebLaunched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments GAAP Revenue 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. Exclusive news, data and analytics for financial market professionals. Sonder began trading on the Nasdaq this morning, after completing its previously announced business combination with Gores Metropoulos II, a California-based special purpose acquisition company (SPAC). To ensure the most secure and best overall experience on our website, we recommend the latest versions of. For more investment insights, sign up for our email list below and subscribe to our YouTube channel. We are happy to share any additional information with you on request. OpenSpace, founded in 2017, uses AI and cameras affixed to workers hardhats, to provide 360-degree images of job sites. April 19, 2023. Wilson Sonsini Goodrich & Rosati, P.C. WebReports & Presentations. It proved to be really successful: We managed to bring occupancy rates back to pre-pandemic levels quite rapidly. This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Oops! WebSeptember 27, 2007 - The Gores Group, LLC and Investors Complete Purchase of Compudyne Corporation; August 7, 2007 - Compudyne Corporation Agrees to be Acquired by Investor Group for $7.00 Per Share in Cash . The company currently operates in 70 countries, and CEO Amiad Soto said the funding will go toward market and tech expansion. This comes as the travel and short-term-rental industries are set to rebound after pandemic lows. 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. Leading next 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. GMII dropped 5.5% today and closed at $8.86. The content should not be considered investment advice and is for educational purposes only. 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. Investor Contacts The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. Sonders common shares are currently trading on the Nasdaq under the symbol SOND, at a price of $8.61 USD. 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. Hospitality startup will reap $650 million, notches $2.2 billion valuation, Sonder co-founder Francis Davidson (Sonder, iStock). 2021. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. For more information, please visit www.gores.com. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the Existing PIPE.
