24/7 Market News- Sonder Enters Strategic Licensing Agreement with Marriott International

August 19, 2024

DENVER, Colo., Aug 19, 2024 (247marketnews.com)- Sonder Holdings (NASDAQ: SOND) reported entering into a long-term strategic licensing agreement with Marriott International (NASDAQ: MAR), in which Sonder’s properties, including apartment-style accommodations and intimate boutique hotels, are scheduled to be fully integrated with Marriott’s extensive distribution channels by the end of the year.

Sonder’s CEO, Francis Davidson, commented, “We’re delighted about our strategic agreement with Marriott. Benefitting from the extensive distribution, loyalty program and sales capabilities of a global hospitality leader will help us to prioritize our core value drivers, including our unique guest experience, while unlocking significant opportunities for increased revenue and cost efficiency.

“We look forward to welcoming Marriott Bonvoy members to our approximately 200 properties worldwide, creating new opportunities for guests to enjoy Marriott’s award-winning loyalty program. Thank you to all our employees, guests, partners and stakeholders as we launch this exciting new chapter.”

The strategic agreement is expected to deliver significant revenue opportunities and cost efficiencies for the parties.

Marriott International’s Global Officer for M&A, Business Development and Real Estate, Tim Grisius, stated, “We are excited about this new agreement, which is set to expand our portfolio of longer-stay accommodations in key markets around the world.

“Marriott has long believed in providing the right product at the right price point for all trip purposes and generations of travelers. With the planned addition of Sonder by Marriott Bonvoy, we will be able to provide guests seeking apartment-style urban accommodations with even more options in the Marriott Bonvoy portfolio.”

Additionally, Sonder secured approximately $146 million in additional liquidity, including approximately $43 million convertible preferred equity investment to strengthen balance sheet.

Janice Sears, Lead Independent Director of the Sonder Board of Directors, added, “Today’s announcement is the result of deliberate and thoughtful planning by the Board and the management team to best position Sonder to deliver value for all stakeholders. Sonder has been relentlessly focused on operational efficiency to deliver long-term profitability and these actions are the next step in achieving that goal. With significantly improved financial flexibility from the support of our lenders and investors, Sonder now has a stronger balance sheet to fuel its value creation strategy as it embarks on its next chapter, including the strategic licensing agreement with Marriott.”

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