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Stock impact report

Garry Marr: Sonder nightmare a reminder that a traditional hotel can be a traveller's best friend [Yahoo! Finance Canada]

Sonder Holdings Inc. - Class A (SOND) 
Sonder Holdings Inc. this past week, leaving thousands stranded at the Marriott-backed short-term rental provider. That's the type of notice you might get when a hurricane is inbound, but in this case the storm was financial and appears to have been brewing for some time. It hit full force when the world's largest hotel chain pulled its licence agreement with Sonder, now based in San Francisco but once a hot Montreal start-up, sending the company toward bankruptcy proceedings Marriott hasn't said much beyond noting Sonder was in default. What's clearer is that the 2024 licensing deal, which let Sonder customers book through Marriott and collect Bonvoy points, had essentially been a financial life raft. It kept the company afloat after a rapid expansion that saw Sonder grow to 9,000 rooms in 40 cities. Sonder went public through a SPAC transaction in 2022, when it was able to sign leases with better terms because the pandemic had hit the hotel sector hard. The company grew fa Show less Read more
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