Tech-enabled hospitality provider continues to
grow across the United States in second half of 2021
Sonder Holdings Inc. (“Sonder” or the “Company”), a leading
next-generation hospitality company that is redefining the guest
experience through technology and design, announced today it has
added over 25 new buildings across the U.S. to its portfolio in the
second half of 2021. The Company’s growth covers over a dozen
cities, including top tourist destinations such as New York City,
Nashville and Seattle. Sonder’s new locations include both hotel
and apartment style spaces – all designed to provide flexible
accommodations to serve a wide range of traveler needs.
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Sonder Europa in Washington D.C. (Photo:
Business Wire)
Sonder’s East Coast expansion includes buildings in Boston,
Miami, New York City, Philadelphia and Washington D.C. In
Washington D.C., Sonder recently opened three new buildings in the
desirable neighborhoods of Georgetown, Barracks Row and the Central
Business District. Spanning approximately 300 Live Units in total,
each of these properties are within easy access to some of the
city's most popular attractions. In New York City, Sonder’s
recently opened Duane Street property is a charming space in the
heart of Tribeca with hardwood floors, curated artwork and
thoughtfully designed rooms.
“We’re thrilled to partner with Sonder, a hospitality company
that prioritizes thoughtful design and a modernized, tech-forward
experience, to operate our second location together at Duane
Street,” shared Uzi Ben-Abraham, founding partner of Premier
Equities. “As we enter a new era of travel, we believe Sonder’s
flexible self-service model is the ideal way for modern travelers
to experience New York City, and we look forward to continuing to
work together on more opportunities in the future.”
In the Central region, Sonder added ten new buildings across
Atlanta, Dallas, Nashville, New Orleans and San Antonio in the
second half of 2021. Three of those buildings are centrally located
in Nashville, including the historic Mastrapasqua Asset Management
building. This property has been transformed into a modern hotel
with 45 rooms and is surrounded by some of the world's most iconic
venues, vintage stores and culinary treasures. In Atlanta, Sonder
opened a brand new building with over 115 Live Units in Midtown
South, featuring art by local artists and amenities such as a gym,
yoga room, outdoor patio and restaurant. Additionally, in the
Western region, Sonder added buildings in Los Angeles, Palm
Springs, San Francisco and Seattle.
“The U.S. continues to be a high-growth market for us with a
strong and varied supply of real estate, and we plan to continue
expanding aggressively,” said Martin Picard, Co-Founder and Global
Head of Real Estate at Sonder. “Our future-forward model and
well-capitalized business continue to attract prominent real estate
partners, while our innovative approach to hospitality brings
travelers from across the globe to our spaces. Our properties
across the United States provide a wide variety of unique urban
stays and we look forward to continuing to grow and evolve our
portfolio with our current and future real estate partners.”
In addition to newly opened buildings, Sonder has also
contracted a number of hotel and apartment style spaces across the
country, including partnering with Property Markets Group for a
second time in Florida to operate a 130+ unit building in downtown
Miami.
“Working with Sonder at Society Las Olas in Fort Lauderdale was
a phenomenal experience, and we look forward to collaborating again
at Society Biscayne in the heart of downtown Miami,” said Ryan
Shear, Managing Partner at Property Markets Group. “Sonder’s unique
approach to hospitality – combining tasteful design with advanced
technology and smooth operations at each property – is a major
benefit to our residents and communities, and we’re pleased to
expand this partnership.”
Headquartered in San Francisco, Sonder operates in 35+ cities
across ten countries, and has over 16,000 Live and Contracted Units
worldwide as of September 30, 2021. The Company partners with real
estate owners and landlords to manage and operate hotels and
apartment-style buildings. Sonder distinguishes itself in the
hospitality industry through applying forward thinking design and
infusing technology into its properties and guest experience. This
tech-enabled experience puts guests in full control of their stay.
They can access everything they need – from booking, to interacting
with guest services, to check-out – via their own mobile device
from anywhere and at any time, using the Sonder 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 cities 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
(including Sonder’s outlook for Total Revenue and Adjusted EBITDA
for the year ended December 31, 2021), Sonder’s growth in total
unit portfolio (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 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; (c) the ability to meet Nasdaq’s
listing standards following the consummation of the proposed
business combination; (d) the inability to complete the PIPE; (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 Delta variant 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 release.
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/20220113005262/en/
Kate Cory press@sonder.com
Gores Metropoulos II (NASDAQ:GMIIU)
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