BETHESDA, Md., Aug. 19,
2024 /PRNewswire/ -- Today, Marriott International,
Inc. (NASDAQ: MAR) announced a long-term licensing agreement with
Sonder Holdings Inc. (NASDAQ: SOND, "Sonder"), which is expected to
add over 9,000 rooms to Marriott's portfolio by year-end and
approximately 1,500 rooms to its pipeline. Under this agreement,
Sonder's open and pipeline portfolio, which primarily consists of
apartment-style accommodations in urban markets, is expected to be
added to the Marriott system under a new collection called "Sonder
by Marriott Bonvoy."
With over 9,000 rooms expected to be added to its portfolio
later this year, Marriott now expects full year 2024 net rooms
growth of 6 to 6.5 percent. The Sonder pipeline rooms are
anticipated to be added to Marriott's system over the next few
years. Under the agreement, Marriott will receive a royalty fee
based on a percentage of Sonder gross room revenues.
"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."
Founded in 2014, Sonder currently operates apartment-style
accommodations and small boutique hotels in urban markets across
North America, Europe and the Middle East. Appealing to key demographics,
including younger travelers, these assets leverage a digital-first
operating model and cater to longer stays.
Beginning later this year, Marriott Bonvoy members are expected
to be able to earn and redeem points on stays at approximately 200
Sonder by Marriott Bonvoy properties. Full integration of Sonder
properties with Marriott's digital channels, including Marriott.com
and the Marriott Bonvoy app, is expected in 2025.
Note On Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of United States
federal securities laws, including statements related to expected
arrangements between Marriott International, Inc. and Sonder
Holding Inc.; the expected addition of properties and rooms to
Marriott's system; Marriott's expectations regarding full year 2024
net rooms growth; the expected timing of Marriott Bonvoy earn and
redeem availability at Sonder by Marriott Bonvoy properties; the
expected timing of Sonder by Marriott Bonvoy properties being
fully integrated into Marriott's platforms; the expected
appeal of Sonder by Marriott Bonvoy to customers; and similar
statements concerning anticipated future events and expectations
that are not historical facts. We caution you that these statements
are not guarantees of future performance and are subject to
numerous evolving risks and uncertainties that we may not be able
to accurately predict or assess, including the risk factors that we
identify in our U.S. Securities and Exchange Commission filings,
including our most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q. Any of these factors could cause actual
results to differ materially from the expectations we express or
imply in this press release. We make these forward-looking
statements as of the date of this press release and undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Marriott International, Inc.
Marriott International, Inc. (Nasdaq: MAR) is based in
Bethesda, Maryland, USA, and
encompasses a portfolio of approximately 9,000 properties across
more than 30 leading brands in 141 countries and territories.
Marriott operates and franchises hotels and licenses vacation
ownership resorts all around the world. The company offers Marriott
Bonvoy®, its highly awarded travel program. For more information,
please visit our website at www.marriott.com, and for the latest
company news, visit www.marriottnewscenter.com. In addition,
connect with us on Facebook and @MarriottIntl on X and
Instagram.
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SOURCE Marriott International, Inc.