EDITOR'S COMMENT
• As expected, Sonder has become the first short-term lodging company to go public this year, though it is unlikely to be the last. It has been a long journey to the public markets for the San Francisco-based startup but what can we expect from Sonder now that it has completed its long-awaited SPAC merger?
The self-styled "next-generation hospitality company" has outlined its plans to operate an asset-light model that caters to flexible short- and long-term stays alike. Speaking to my colleague Eloise Hanson [Boutique Hotel News editor] on a recent podcast, co-founder Martin Picard was coy about the SPAC, but emphasised how it would give the company "financial runway" to expand into more territories, especially in EMEA. That said, Sonder will face huge competition to establish itself as a true experience-focused and tech-enabled brand after lowering its pre-SPAC valuation estimate from $2.2 billion to $1.925 billion and it faces a battle to be profitable with adjusted losses climbing.
Another company to go down the SPAC route is SmartRent, whose CEO Lucas Haldeman joined me for this week's STRz podcast. It was interesting to hear his insights on why SmartRent is broadening its offering across a range of asset classes, from short-term rentals to multifamily and now to student housing, as well as his predictions on which smart home and automation innovations will trend in 2022. Listen to the latest episode here.
• The entries period for the 2022 Shortyz Awards is now open! You can submit your entries in as many of the 20 categories here as you wish at no cost by Friday 11 March. View the full list of categories here [including three new categories for 2022].
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