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Sonder Holdings has struck a licensing agreement with Marriott to integrate 9,000 of its units into the Marriott Bonvoy brand, allowing bookings under "Sonder by Marriott Bonvoy" on Marriott’s platforms. This partnership expands Marriott's long-stay offerings in key global markets. Additionally, Sonder announced it has secured $43 million in preferred equity and $83 million in liquidity from existing lenders. This news boosted Sonder’s shares, which more than doubled to $5.50. Despite recent challenges, including the closure of 3,200 units, Sonder remains focused on achieving long-term profitability.
Original article posted on August 19, 2024