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Sonder Holdings, Inc. (NASDAQ:SOND) shares jumped more than 125% Monday after the company announced a long-term licensing agreement with Marriott International, Inc. (NASDAQ:MAR).
What To Know: Through the licensing agreement, Marriot will add Sonder’s portfolio of mostly apartment-style accommodations to its system under a novel collection titled “Sonder by Marriott Bonvoy.”
Marriott will earn a royalty fee based on a percentage of Sonder’s gross room revenues. Sonder’s rooms will gradually be integrated into Marriott’s system over several years. Additionally, Marriott projects full-year 2024 net room growth to be between 6% and 6.5%.
“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,” said Marriott Global Officer, M&A Tim Grisius.
What Else: Sonder has secured about $146 million in new liquidity, consisting of a $43 million convertible preferred equity investment from a group of investors and $83 million from existing noteholders.
The $83 million includes $4 million in recent financing. An additional $20 million comes from other sources. The aforementioned financing is in addition to a previously announced $16 million in financing from noteholders.
See Also: Wyndham Expands South Korea Presence With Trademark Debut
SOND Price Action: Sonder stock is moving 125.9% higher at $5.92, according to data from Benzinga Pro.
Image: Photo via Shutterstock
