Sonder tips

Short-term rental operators including Kasa Living, Placemakr, and AvantStay are taking over properties managed by Sonder. 

It’s another setback for short-term rental firm Sonder: The company delayed the release of its fourth-quarter earnings report and said it will have to restate earnings for 2022 and 2023 because of accounting errors.

Short-term rental and hotel operator Sonder announced that it would lay off 106 corporate employees, or 17% of that workforce, as it moved to reduce overhead costs and deal with underperforming properties.

Reverse stock splits are almost never a good sign and companies have a tough time recovering. They do it when their shares are in the basement and they’re at risk of a delisting.

Welcome to a brand new week, folks! After a harrowing trip back home, I can confirm that Europe has an airport staff shortage.

Sonder is sharpening the focus on its hotel business and adding more units while managing its portfolio of apartments. 

Sonder announced Tuesday that it’s 1-for-20 reverse stock split would become legally effective after market close Wednesday, and that its shares would start trading on that basis Thursday morning.

Property manager Vacasa announced its intent to conduct a one-for-20 reverse stock split that’s geared to get its share price higher than $1 per share and therefore to be continued to trade on Nasdaq.

If you follow the short-term rental industry, you would have read or heard Sonder touting itself as “a leading next-generation hospitality company that is redefining the guest experience through technology and design” countless times.

HomeToGo, the Germany-based vacation rental business that went public in Frankfurt in 2021, said this week that it has started strongly in 2023 and is on track to break even this year.

Property manager Sonder, which continued to tout itself as “a leading next-generation hospitality company that is redefining the guest experience through technology and design,” laid off 14 percent of its corporate workforce.

Airbnb reduced its recruiting staff by 30 percent — affecting perhaps a couple of dozen jobs — even as the company plans on increasing its overall workforce in 2023.

Sonder, the property management company that went public through a blank check merger, or SPAC, found someone to replace its outgoing chief financial officer with the help of 2.7 million stock options as an incentive.

Despite a couple of rounds of layoffs since the middle of last year, Sonder hired 97 new, non-executive employees, and gave them all stocks options, as is the company’s practice.

Australian short-term rental operator Alloggio will be taken private by private equity firm Next Capital. If approved by a shareholder vote in July, the deal will be worth around $40 million (AU $60 million). 

Good morning from Skift. It’s Wednesday, April 26. Here’s what you need to know about the business of travel today.

Property manager Sonder, received a notice of delisting from Nasdaq because the company failed to satisfy the minimum bid price listing rule as its common stock traded below $1.00 per share for 30 consecutive business days. 

Vacation rental property manager Vacasa received a notice of delisting from Nasdaq because the company failed to satisfy the minimum bid price listing rule as its common stock traded below $1.00 per share for 30 consecutive business days. 

Sonder CEO Francis Davidson acknowledges that his company has undergone a lot of changes throughout the years, and it’s poised for more, with the short-term rental operator considering expansions to popular leisure markets.

The short-term rental industry has seen a significant boom following the pandemic, largely due to the rise in remote work. However, industry executives gathered at Skift’s Short-Term Rental Summit to discuss the future of the sector and its sustainability.

Good morning from Skift. It’s Tuesday, July 25. Here’s what you need to know about the business of travel today.