- Sonder Holdings Inc. (SOND, Financial) secures $18 million through Series A preferred stock financing, reducing debt principal by 15% and interest rate by 50%.
- Full integration with Marriott International's digital platforms, including access to Marriott's global sales network and the Bonvoy loyalty program, expected by Q2 2025.
- Implementation of cost reduction strategies projected to save $50 million annually, including headcount reductions and integration efficiencies.
Sonder Holdings Inc. (SOND) has announced strategic financial and operational measures designed to fortify its financial standing and operational effectiveness. The company has raised $18 million through the sale of Series A preferred stock and has amended its Note and Warrant Purchase Agreement, resulting in a 15% reduction in the principal balance and a 50% decrease in the interest rate.
In a significant industry move, Sonder's integration with Marriott International is progressing as planned, with a full integration into Marriott's digital channels anticipated by the second quarter of 2025. This transition will enable Sonder properties to be featured under the "Sonder by Marriott Bonvoy" collection, granting them exposure to Marriott's expansive customer base, which includes approximately 228 million loyalty members. Additionally, Sonder has received $7.5 million in key money from Marriott as part of this strategic partnership.
Alongside these initiatives, Sonder is implementing comprehensive cost reduction measures projected to yield approximately $50 million in annualized savings compared to the third quarter of 2024. These savings will be achieved through workforce reductions, software savings, and efficiencies arising from the Marriott integration.
These combined efforts underscore Sonder's commitment to strengthening its balance sheet, enhancing operational sustainability, and capitalizing on its partnership with Marriott International to drive long-term value creation.
