"I fully understand the Italian Prime Minister's vote, which has been explained publicly. I will work closely with Giorgia Meloni, as I will with the other 26 EU leaders," António Costa told journalists on Friday at the headquarters of the Party of European Socialists in Brussels.
Sonder Exited 60 Buildings, Gains $10 Million in Refinancing Deal
11.06.2024 - 22:13 / skift.com / Dennis Schaal / Francis Davidson
Sonder gained $10 million in liquidity in a refinancing deal, and announced that it has exited 60 buildings, or 2,300 units, as it seeks to shed underperforming leases.
The company announced Tuesday that since it embarked on a portfolio optimization drive in November, that it signed pacts to exit buildings or reduce rents in 105 buildings, or 4,300 units. It has already left 60 of those buildings.
The contract changes in the 105 buildings is forecast to provide a $40 million annual improvement in free cash flow, Sonder stated. However, it would also cost an expected “less than $20 million” in termination fees.
Sonder said it expects to exit 20 additional buildings this year.
Sonder operates both short-term rentals and hotels. Before the lease exits, most of its portfolio consisted of short-term rentals, many in multi-family buildings.
The company, which failed to file a 2023 10-K financial report and needs to restate 2022 and 2023 earnings, said Tuesday that the refinancing will “improve the company’s unrestricted liquidity.”
“Sonder’s business has shown remarkable resilience and we continue to take decisive action to optimize our cost structure and deliver sustainable positive free cash flow as soon as possible,” Sonder co-founder and CEO Francis Davidson said nb a statement. “The confidence from our investors is a testament to the force of our global brand and the meaningful progress we have made to strengthen our financial foundation. With a stronger balance sheet and an optimized lease portfolio, we are on the right path to achieve our financial goals while delivering Sonder’s high-quality, design-forward guest experience in prime locations.”
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
skift.com
27.06.2024 / 06:57
India Shows Big Gains as U.S. Travel Source - India Report
Between January and May 2024, India has emerged as the second-largest international source market – not including Canada and Mexico – for tourism in the U.S., according to data released by the U.S. National Travel and Tourism Office (NTTO).
skift.com
26.06.2024 / 18:23
Fetcherr Raises $25 Million to Help Airlines Set Fares
Fetcherr, which offers an AI-driven market engine to help airlines create enticing fares for travelers, closed a $90 million Series B funding round.
breakingtravelnews.com
25.06.2024 / 19:14
World’s Most Expensive Holiday Costs £1.7 Million
The world’s most expensive holiday has been unveiled costing one super-rich couple £1.7 million. Revealed by travel experts at Panache Cruises, two lucky guests will cruise the world, staying in the unrivalled luxury of a unique 4,443 square foot ultra-luxury suite.
travelpulse.com
25.06.2024 / 18:39
Panache Cruises Unveils $2.2 Million Cruise Vacation
Do you have an extra $2.2 million lying around? Then you, too, can take one of the world’s most expensive vacations.
thepointsguy.com
24.06.2024 / 21:44
American Airlines flight attendants move closer to strike as Alaska reaches deal
Flight attendants at Alaska Airlines reached a preliminary deal with the airline for a new contract on Friday, while cabin crew at American Airlines inched closer to a summertime strike.
travelandleisure.com
21.06.2024 / 17:27
This Airline's Cabins Just Got a $200 Million Overhaul — See Inside
Finland's flagship carrier, Finnair, just completed a $200 million overhaul of its cabins, and it’s officially rolled out on flights across the United States.
breakingtravelnews.com
21.06.2024 / 15:31
UK Economy Set for Multi-Million Pound Boost During European Championships and Paris Olympics
The UK economy is poised for a significant boost as fans prepare to spend big during the Summer of Sport. According to Experian Economics, the European Championships in Germany and the upcoming Paris Olympics are expected to drive an additional £233 million in spending over the next three months.
thepointsguy.com
20.06.2024 / 22:07
Deal alert: Head from the US to Spain from $442 round-trip
Spain is always a popular choice for travelers. A new sale on airfares allows travelers to visit the country and enjoy its incredible culture and diverse geography. Some fares are more than 50% off normal prices. The deal is not just to popular destinations like Barcelona and Seville but also to cities like Malaga and coastal gem Santander.
insider.com
19.06.2024 / 13:45
A woman is seeking $1 million, saying she saw her husband drown after being electrocuted in a jacuzzi at a Mexican resort
A Texas woman is seeking over $1 million in damages, saying she watched her husband get electrocuted and then drown while in a hot tub during a family vacation in Mexico.
breakingtravelnews.com
18.06.2024 / 09:11
Close to 2.3 million EURO 2024 tickets allocated to fans
With more than 50 million ticket requests in the two application phases, UEFA EURO 2024 is officially the most demanded UEFA European Championship of all time. In order to accommodate the high number of requests, close to 2.3 million tickets (or 85%) of the 2.7 million tickets were made available to the general public and to fans of the teams. So far, 93,147 more tickets than originally planned have been made available, meaning more supporters than ever will get the opportunity to cheer on their team from the stands.
skift.com
18.06.2024 / 07:05
Domestic Airlines Carried 13.8 Million Passengers in May
Budget airline IndiGo continued to hold the top position in the domestic aviation market with a 61.6% market share in May, up from 60.6% in April. Air India was a distant second at 13.7%, and Vistara followed with a 9.2% share, Directorate General of Civil Aviation data showed.