Sonder, the technology-led hospitality company, has reported its strongest quarterly revenue, which it attributes to leisure travel recovery and its expansion.
The company has reported revenue of just over $47 million for the quarter ending June 30, 2021, representing an increasing of 151% year-on-year and a 50% increase on Q1 2021.
Francis Davidson, co-founder and chief executive of Sonder, says:
“We continue to outperform traditional hotel RevPAR during the pandemic – by at least 40% in each of the past two quarters. Our total portfolio continues to expand rapidly and we’re on track to surpass 18,000 units by end of year, which gives us confidence in our ability to hit the aggressive growth targets we’ve set for 2022 and beyond.”
As a result of its performance, the company is raising its 2021 revenue forecast to between $180 million and $190 million, an increase of between 4% and 10% on previous estimates.
Sanjay Banker, president and chief financial officer of Sonder, says:
“This increase from our initial outlook reflects Sonder’s belief that the recent surge in leisure travel recovery is sustainable and our proven ability to capitalize on this demand for better stays at an exceptional value.”
Revenue per available room of $100 for Sonder was up 112% year-on-year and up 30% compared with Q1 2021.
Occupancy was 68%, up from 57% year-on-year and up two percentage points compared with the first quarter of 2021.
The company recently opened a property in Amsterdam and now has 15,000 live and contracted units in its portfolio.
Sonder also recently announced its corporate travel service with plans to distributed its inventory via the global distributions systems.
Adjusted EBITDA for the company is forecast as a loss of $257 million.
Sonder previously announced it was combining with Gores Metropoulos ll in a SPAC deal, which raised $200 million.