Lodging startup Sonder is going public via a special acquisition company (SPAC) in a deal that values the newly combined entity at $2.2 billion. The deal with Gores Metropoulos II will give the hospitality startup $650 million of cash proceeds, including a private placement of $200 million from investors such as Fidelity Management and BlackRock, Reuters noted.
What they do: Sonder refurbishes apartment rentals into short-term, hotel-like units. It subsequently lists them on its website, as well as with Airbnb and Expedia Group’s Vrbo.
Return of business travel will be key: After the pandemic brought travel in the U.S. largely to a halt last spring, the resumption of activity has largely been concentrated among people taking leisure trips. However, business travel and group events like conventions and conferences are crucial for airlines and the hospitality sector.
Be Smart: Loews Hotels CEO Jonathan Tisch told CNBC on Friday…