Sonder Turns to SPAC Merger to Go Public

May 2, 2021

Jumping on the SPAC train is short-term accommodation company, Sonder, having just entered an agreement to go public with Gores Metropoulos II, sponsored by an affiliate of The Goes Group, through a SPAC merger.

Sonder co-founder and CEO, Francis Davidson, said: 

“Through innovative technology and thoughtfully designed accommodations, Sonder is revolutionizing the hospitality industry. With modernised service, we are delivering uncompromising quality with inspiring design, and offering accommodations at a price point that democratises access to an extraordinary hospitality experience.

“We are incredibly excited about this transaction with Gores, which we view as a natural extension of our longstanding relationship that will enable us to accelerate our growth on the path to build the iconic 21st-century brand in hospitality.”

The transaction is predicted to end sometime in the second half of this year. 

Sonder offers real estate professionals a place to easily operate their short-term rental spaces. With other 300 properties across 25 markets in eight countries, Sonder’s users can experience the best pre-furnished accommodations at affordable prices based on a nightly, weekly, or monthly basis.

With this SPAC merger, Sonder will use the extra capital to accelerate growth and strengthen its position as a top short-term rental accommodation provider within the hospitality market. 

Alec Gores, chairman and CEO of The Gores Group, and CEO of Gores Metropoulos II, said: 

“Sonder’s differentiated, tech-driven platform and unique value proposition have put the company at the forefront of the hospitality industry. With its enormous market opportunity and experienced leadership team, Sonder has already proven the resiliency and scalability of its business and has tremendous potential to continue expanding globally amid tailwinds created by the impending travel recovery.

“This transaction strikes at the core of our continued focus on identifying and partnering with companies that are true disruptors in their industries, and we’re confident that our partnership will enable Sonder to solidify its leading position as the hospitality brand of tomorrow.”

Sonder has a number of goals planned in the coming years, including boosting its tech innovation, expanding its brand and product offerings, and offering its real estate partners a better user experience. 

Dean Metropoulos, chairman of Gores Metropoulos II, said: 

“Throughout the course of my career I’ve been focused on finding and developing unique consumer brands and experiences. Sonder’s fresh approach to hospitality meets the needs of an evolving traveller and puts the company in a great position to take advantage of these rapidly transforming trends.”

May 2, 2021
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

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