Monday, August 19, 2024 Marriott International, Inc. (NASDAQ: MAR) has revealed a new long-term licensing agreement with Sonder Holdings Inc. (NASDAQ: SOND, “Sonder”).
This partnership is anticipated to bring over 9,000 rooms into Marriott’s portfolio by the end of the year, with an additional 1,500 rooms set to join its development pipeline. Through this agreement, Sonder’s existing and upcoming portfolio—largely featuring apartment-style accommodations in urban areas—will be integrated into the Marriott system under a new brand collection named “Sonder by Marriott Bonvoy.” Marriott International, Inc.
(NASDAQ: MAR) has announced a fresh long-term licensing deal with Sonder Holdings Inc. (NASDAQ: SOND, “Sonder”). This collaboration is expected to add more than 9,000 rooms to Marriott’s collection by year’s end, with an extra 1,500 rooms entering its development pipeline.
As part of this agreement, Sonder’s current and future portfolio—primarily consisting of apartment-style accommodations in urban locations—will be incorporated into the Marriott network under a new brand collection called “Sonder by Marriott Bonvoy.” “We are excited about the addition of Sonder’s portfolio to our system, which will expand our portfolio of longer-stay accommodations in key markets around the world,” said Tim Grisius , Global Officer, M&A, Business Development and Real Estate, Marriott International . “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.” Established in 2014, Sonder operates apartment-style accommodations and boutique hotels in urban areas across North America, Europe, and the Middle East. Targeting key demographics, particularly younger travelers, Sonder’s properties utilize a digital-first approach and are designed to cater to longer stays.
Starting later this year, Marriott Bonvoy members will likely be able to earn and redeem points at approximately 200 Sonder by Marriott Bonvoy locations. Full integration of Sonder properties with Marriott’s digital platforms, including Marriott.com and the Marriott Bonvoy app, is anticipated by 2025.
This press release includes “forward-looking statements” as defined by U.S. federal securities laws, including statements about the anticipated collaboration between Marriott International, Inc.
and Sonder Holding Inc.; the expected addition of new properties and rooms to Marriott’s portfolio; Marriott’s projections for full-year 2024 net room growth; the expected timeline for Marriott Bonvoy point accrual and redemption at Sonder by Marriott Bonvoy locations; the anticipated timing for the full integration of Sonder properties into Marriott’s systems; and other similar statements regarding expected future events that are not historical facts. Please be aware that these statements are not guarantees of future outcomes and are subject to numerous evolving risks and uncertainties that may not be accurately predicted or assessed, including those mentioned in our filings with the U.
S. Securities and Exchange Commission, such as our latest Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could lead to actual results that differ significantly from the expectations expressed or implied in this press release.
We make these forward-looking statements as of the date of this press release and do not undertake any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise..
