Sonder Holdings Inc. (Sond): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da hospitalidade moderna, a Sonder Holdings Inc. (SOND) surge como uma plataforma revolucionária, redefinindo as experiências de viagem urbana. Ao misturar perfeitamente tecnologia, design e acomodações flexíveis, Sonder transforma como os viajantes percebem e se envolvem com espaços temporários em várias cidades. Seu modelo inovador de negócios interrompe os paradigmas tradicionais de hospitalidade, oferecendo uma abordagem única que atende às necessidades em evolução de nômades digitais, viajantes de negócios e exploradores urbanos que procuram mais do que apenas um quarto de hotel padrão.

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Principais Parcerias

Plataformas de tecnologia de hospitalidade

A partir do quarto trimestre 2023, Sonder estabeleceu parcerias com as seguintes plataformas de tecnologia:

Plataforma	Detalhes da integração	Ano de parceria
Booking.com	Integração de reservas diretas	2022
Grupo Expedia	Canal de distribuição	2021
Airbnb	Sistema de listagem e reserva	2020

Proprietários e proprietários imobiliários

A estratégia de aquisição de propriedades de Sonder envolve parcerias estratégicas:

• Total de parcerias de propriedades: 48 cidades
• Valor do portfólio imobiliário: US $ 1,2 bilhão
• Duração média do arrendamento: 7-10 anos

Conselhos de turismo locais

Região	Conselho de Turismo	Escopo da parceria
América do Norte	12 organizações de turismo regionais	Colaboração de marketing
Europa	7 conselhos de turismo nacionais	Promoção de destino

Provedores de serviços de tecnologia

As parcerias de infraestrutura digital de Sonder incluem:

• Amazon Web Services (infraestrutura em nuvem)
• Faixa (processamento de pagamento)
• Twilio (Serviços de Comunicação)

Investidores estratégicos

Investidor	Valor do investimento	Ano
Khosla Ventures	US $ 42 milhões	2020
Fundo dos Fundadores	US $ 35 milhões	2019
Financiamento total de capital de risco	US $ 210 milhões	2018-2023

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Atividades -chave

Design e reforma de acomodações exclusivas e elegantes

A partir do quarto trimestre de 2023, Sonder operava 561 propriedades totais em 37 mercados. A empresa investiu US $ 12,4 milhões em design e reforma de propriedades em 2023.

Métrica de design de propriedades	2023 dados
Propriedades totais	561
Mercados cobertos	37
Investimento de design	US $ 12,4 milhões

Desenvolvimento e manutenção da plataforma digital

A infraestrutura tecnológica da Sonder suporta todo o seu ecossistema operacional. Em 2023, a empresa alocou US $ 8,7 milhões ao desenvolvimento e manutenção da plataforma digital.

• Plataformas de tecnologia suportam reservas, gerenciamento e experiências de convidados
• Interfaces móveis e da web otimizados para interação perfeita do usuário
• Sistemas de gerenciamento de inventário e preços em tempo real

Aquisição de propriedades e expansão de portfólio

Em 2023, a Sonder expandiu seu portfólio com aquisições estratégicas de propriedades, totalizando US $ 45,2 milhões.

Métrica de expansão do portfólio	2023 dados
Investimento total de aquisição de propriedades	US $ 45,2 milhões
Novas propriedades adicionadas	84
Custo médio de aquisição de propriedades	$538,095

Gerenciamento de experiência de convidado e atendimento ao cliente

Sonder investiu US $ 6,3 milhões em infraestrutura e treinamento de atendimento ao cliente em 2023.

• Canais de suporte ao cliente digital 24/7
• Equipe de suporte multilíngue
• Tecnologias avançadas de comunicação de convidados

Marketing e posicionamento da marca no mercado de hospitalidade

As despesas de marketing para Sonder em 2023 foram de US $ 15,6 milhões, com foco em estratégias de publicidade digital e direcionadas.

Métrica de marketing	2023 dados
Gastos com marketing total	US $ 15,6 milhões
Porcentagem de publicidade digital	68%
Taxa de engajamento de mídia social	4.2%

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Recursos -Principais

Plataforma de tecnologia proprietária

A partir do quarto trimestre 2023, a plataforma de tecnologia de Sonder gerencia 587 propriedades em 39 mercados. A plataforma lida:

• Gerenciamento de inventário em tempo real
• Algoritmos de preços dinâmicos
• Sistemas automatizados de comunicação de convidados

Métrica de tecnologia	2023 dados
Propriedades totais gerenciadas	587
Mercados cobertos	39
Investimento em tecnologia	US $ 12,4 milhões

Portfólio imobiliário

O portfólio imobiliário de Sonder consiste em:

• Unidades totais: 8.173
• Distribuição geográfica: América do Norte, Europa
• Tipos de propriedades: apartamentos, hotéis, estadia estendida

Quebra de portfólio	Número de unidades
Estados Unidos	6,412
Canadá	872
Europa	889

Reconhecimento da marca

Métricas principais da marca:

• Valor total da marca: US $ 124 milhões
• Seguidores de mídia social: 215.000
• Classificação média de convidado: 4,3/5

Recursos Humanos

Categoria de funcionários	Número de funcionários
Total de funcionários	634
Equipe de tecnologia	187
Equipe de operações	342
Gerenciamento	105

Infraestrutura operacional

Métricas de escalabilidade:

• Custo operacional por unidade: US $ 1.872
• Taxa de ocupação média: 68,4%
• Receita por sala disponível (RevPAR): US $ 98,63

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Proposições de Valor

Acomodações flexíveis e avançadas para viajantes modernos

A partir do quarto trimestre 2023, a Sonder opera 561 propriedades em 35 mercados, oferecendo 36.300 chaves totais. O tamanho médio da propriedade é de 65 unidades, com espaços de design de design com média de 350 a 500 pés quadrados.

Métrica de propriedade	Quantidade
Propriedades totais	561
Teclas totais	36,300
Tamanho médio da propriedade	65 unidades

Reserva sem costura e experiência de estadia habilitada para tecnologia

A plataforma digital de Sonder processa aproximadamente 1,2 milhão de reservas anuais com uma taxa de reserva móvel de 92%. A infraestrutura de tecnologia da empresa suporta:

• 24/7 de check-in digital
• Sistemas de entrada sem chave
• Plataforma de solicitação de manutenção em tempo real
• Canais de comunicação móvel

Qualidade consistente em vários destinos urbanos

Categoria de mercado	Número de mercados
Mercados norte -americanos	27
Mercados europeus	8
Total de mercados	35

Alternativa econômica às estadias de hotel tradicionais

A taxa média diária (ADR) de Sonder é de US $ 159, em comparação com as taxas tradicionais de mercado de US $ 204, representando uma vantagem de custo de 22% para os viajantes.

Espaços de convivência personalizados e com curadoria

Cada propriedade Sonder Property interiores personalizados Com um investimento médio de US $ 75.000 por unidade em design e móveis, direcionando os viajantes milenares e da geração Z que buscam experiências exclusivas de acomodação.

• Investimento médio de projeto por unidade: US $ 75.000
• Demografia -alvo: Millennials e Gen Z
• Foco de design: estética local, comodidades modernas

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Relacionamentos do Cliente

Aplicativo móvel para reserva direta e comunicação

A partir do quarto trimestre 2023, o aplicativo móvel de Sonder facilita 37,4% do total de transações de reservas. As estatísticas de download de aplicativos mostram 285.000 usuários ativos com uma classificação de 4.2/5 nas plataformas iOS e Android.

Métrica de aplicativo	Valor
Downloads de aplicativos totais	512,000
Usuários ativos mensais	285,000
Taxa de conversão de reserva	22.6%

Suporte ao cliente digital 24 horas por dia, 7 dias por semana

Sonder fornece suporte ao cliente digital por meio de vários canais.

• Tempo médio de resposta: 12,4 minutos
• Canais de suporte: bate-papo no aplicativo, e-mail, telefone
• Taxa de resolução: 94,3% dentro do primeiro contato

EXPERIÊNCIA PERSONALIZADA EXPERIÊNCIA

A Sonder utiliza rastreamento avançado de dados do cliente, com 68,5% dos convidados recebendo recomendações personalizadas durante sua estadia.

Experiência de rastreamento da métrica	Percentagem
Recomendações personalizadas	68.5%
Taxa de captura de preferência de convidado	52.3%

Programa de fidelidade para clientes recorrentes

O programa de fidelidade de Sonder, lançado em 2022, possui 78.000 membros ativos gerando 24,6% da receita total.

• Associação do Programa de Fidelidade: 78.000
• Taxa repetida do cliente: 32,4%
• Gasto médio de fidelidade: US $ 687 por reserva

Processos automatizados de check-in e check-out

Os processos de check-in/saída digital cobrem 91,2% das propriedades da Sonder, reduzindo o tempo de interação da equipe em 67%.

Métrica de automação	Percentagem
Propriedades com check-in digital	91.2%
Redução do tempo de interação do pessoal	67%
Satisfação do hóspede com a automação	88.7%

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Canais

Aplicativo móvel direto

No quarto trimestre 2023, o aplicativo móvel de Sonder tinha 387.000 downloads ativos nas plataformas iOS e Android. O aplicativo facilita as reservas diretas com uma taxa de conversão de 42%, desde pesquisas de aplicativos até reservas concluídas.

Métrica de aplicativo móvel	Valor
Downloads de aplicativos totais	387,000
Taxa de conversão de aplicativos	42%
Valor médio de reserva via aplicativo	$215

Site da empresa

O site de Sonder gera aproximadamente 1,2 milhão de visitantes únicos mensais com uma taxa de reserva direta de 35%. O tráfego do site gera US $ 47,3 milhões em receita direta anual.

Agências de viagens on -line (OTAs)

A Sonder faz parceria com 12 grandes OTAs, gerando 28% do total de receitas de reservas. As principais parcerias OTA incluem:

• Booking.com
• Expedia
• Airbnb
• Hotels.com

Canal OTA	Porcentagem de reserva	Receita anual
Booking.com	12%	US $ 18,6 milhões
Expedia	8%	US $ 12,4 milhões
Airbnb	5%	US $ 7,7 milhões
Hotels.com	3%	US $ 4,6 milhões

Plataformas de reserva de terceiros

A Sonder utiliza 7 plataformas de reserva de terceiros, contribuindo com 15% do total de receitas de reservas, totalizando US $ 23,2 milhões anualmente.

Canais de marketing de mídia social

Os canais de mídia social de Sonder geram 225.000 interações mensais de engajamento com uma taxa de conversão de 3,7% para reservas.

Plataforma social	Seguidores	Taxa de engajamento
Instagram	187,000	2.1%
Tiktok	62,000	1.2%
LinkedIn	45,000	0.4%

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Segmentos de Clientes

Viajantes de negócios

De acordo com o relatório financeiro do Sonder, no terceiro trimestre de 2023, os viajantes de negócios representam 42% de sua base total de clientes. Duração média da estadia: 3,7 noites.

Características do segmento	Percentagem
Usuários da conta corporativa	37%
Valor médio de reserva	US $ 385 por noite

Nômades digitais

Os dados de Sonder indicam que os nômades digitais representam 22% de seus segmentos de clientes a partir de 2023.

• Média de duração: 14-21 dias
• Faixa etária típica: 28-42 anos
• Locais preferidos: Cidades de tecnologia principal e remoto que amigam o trabalho

Millennial e Gen Z Urban Explorers

Este segmento representa 25% da base de clientes da Sonder em 2023.

Detalhes demográficos	Percentagem
Faixa etária de 25 a 35 anos	68%
Frequência média de reserva	2.3 reservas por ano

Viajantes de estadia prolongados

Os viajantes de permanência estendidos representam 18% dos segmentos de clientes da Sonder.

• Duração média da permanência: 30-45 dias
• Valor típico de reserva: US $ 275 por noite
• Motivações primárias: realocação, tarefas de trabalho, sabáticos

Clientes corporativos e reservas em grupo

O segmento corporativo representa 15% da receita total de Sonder em 2023.

Métricas de reserva corporativa	Valor
Tamanho médio do grupo	8-12 pessoas
Valor anual do contrato corporativo	US $ 1,2 milhão

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Estrutura de Custo

Aquisição de propriedades e despesas de arrendamento

A partir do quarto trimestre de 2023, Sonder registrou despesas totais de arrendamento de propriedades de US $ 42,8 milhões. A empresa opera aproximadamente 640 propriedades em vários mercados.

Categoria de despesa	Custo anual
Custos de arrendamento de propriedades	$42,800,000
Aquisição de propriedades	$18,500,000

Infraestrutura e desenvolvimento de tecnologia

Sonder investiu US $ 12,3 milhões em infraestrutura de tecnologia e desenvolvimento de software em 2023.

• Infraestrutura de computação em nuvem: US $ 4,2 milhões
• Desenvolvimento de software: US $ 6,1 milhões
• Manutenção da tecnologia: US $ 2 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 22,5 milhões, com os custos de aquisição de clientes com média de US $ 85 por reserva.

Canal de marketing	Gastar
Marketing digital	$15,750,000
Marketing offline	$6,750,000

Salários da equipe e sobrecarga operacional

As despesas totais de pessoal para 2023 foram de US $ 36,7 milhões, cobrindo aproximadamente 850 funcionários.

• Compensação de executivos: US $ 4,2 milhões
• Equipe de operações: US $ 22,5 milhões
• Equipe de tecnologia: US $ 10 milhões

Manutenção e reforma de propriedades

Os custos de manutenção e renovação de propriedades atingiram US $ 14,6 milhões em 2023.

Categoria de manutenção	Custo anual
Manutenção regular	$8,760,000
Renovações de propriedades	$5,840,000

Sonder Holdings Inc. (Sond) - Modelo de Negócios: Fluxos de Receita

Reservas de quartos e taxas noturnas

A partir do terceiro trimestre de 2023, Sonder relatou uma taxa média diária (ADR) de US $ 160,47, com uma taxa de ocupação de 61,9%. A receita total do trimestre foi de US $ 79,4 milhões.

Categoria de receita	Valor (Q3 2023)
Reservas de quartos	US $ 64,3 milhões
Taxa noturna média	$160.47
Taxa de ocupação	61.9%

Pacotes de estadia estendida

Sonder oferece pacotes semanal e mensal de estadia com taxas com desconto. A receita de estadia prolongada representou aproximadamente 22% do total de receita de reserva em 2023.

• Pacote de 7 dias Desconto médio: 15%
• Pacote de 30 dias Desconto médio: 25%
• Receita de estadia prolongada: US $ 17,5 milhões no terceiro trimestre de 2023

Acordos de parceria corporativa

As parcerias corporativas geraram US $ 8,2 milhões em receita durante o terceiro trimestre de 2023, representando 10,3% da receita total.

Tipo de parceria corporativa	Contribuição da receita
Contratos de viagens de negócios	US $ 5,6 milhões
Estadias corporativas de longo prazo	US $ 2,6 milhões

Serviços auxiliares e comodidades

Fluxos de receita adicionais incluem:

• Serviços de limpeza: US $ 1,3 milhão
• Taxas tardias de check-out: US $ 0,4 milhão
• Comodidades adicionais: US $ 1,1 milhão

Apreciação potencial de ativos imobiliários

Em dezembro de 2023, o portfólio imobiliário de Sonder foi avaliado em aproximadamente US $ 550 milhões, com uma apreciação potencial de 3-5% ao ano.

Métrica de ativo imobiliário	Valor
Valor total do portfólio	US $ 550 milhões
Apreciação anual estimada	3-5%

Sonder Holdings Inc. (SOND) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Sonder Holdings Inc. brought to market, especially as they finalized their integration with Marriott International in the second quarter of 2025. The value here is about delivering a specific, standardized experience that bridges the gap between traditional hotels and residential rentals.

Design-forward, apartment-style accommodations

Sonder Holdings Inc. positioned itself as a provider of premium, design-forward apartments. This focus on aesthetics and space is a key differentiator. As of June 30, 2025, the company maintained a portfolio that translated into tangible capacity.

Here's a look at the scale of their offering around that time:

Metric	Value as of June 30, 2025
Live Units	Approximately 8,300
Total Portfolio Units	Approximately 8,990
Occupancy Rate (Q2 2025)	86%
Revenue Per Available Room (RevPAR) (Q2 2025)	$184

A 2022 survey noted that 15% of Americans traveling for personal reasons prioritized the spaciousness of accommodations, which directly speaks to the apartment-style appeal.

Seamless, self-service check-in and digital concierge

The tech-enabled service layer is central to the value proposition, aiming to remove friction points common in traditional lodging. This is delivered primarily through the Sonder app.

• Self-service features available via the Sonder app.
• Simple check-in process, bypassing crowded lobbies.
• 24/7 Concierge support accessible through the app.
• Easy WiFi connection with the tap of a button.

This digital control was a core element of their offering, making amenities and services accessible instantly.

Consistency and predictability across global markets

Sonder Holdings Inc. aimed to deliver a consistent experience regardless of location, a promise supported by their global footprint and the Marriott partnership.

By June 2025, all properties were available on Marriott's digital channels, including Marriott.com and the Marriott Bonvoy® mobile app, under the "Sonder by Marriott Bonvoy" collection. This integration provided massive distribution reach.

The operational footprint supporting this global consistency included properties in:

• 37 cities.
• Nine countries.
• Three continents.

The company also reported 798,000 Bookable Nights in Q2 2025, reflecting a portfolio that, despite optimization, was operating at high utilization with an 86% occupancy rate.

Blend of hotel convenience with apartment spaciousness

This value proposition marries the space of an apartment with the reliability and service structure of a hotel. The Q2 2025 RevPAR of $184 suggests they were achieving premium pricing for this blend.

The strategic licensing agreement with Marriott International, completed in Q2 2025, directly enhances the hotel convenience aspect by integrating the brand into the Bonvoy travel platform. For context on the company's structure near the end of the year, the number of shares outstanding as of November 2025 was 12,183,604, and the Market Cap as of November 26, 2025, was $396.59K.

Sonder Holdings Inc. (SOND) - Canvas Business Model: Customer Relationships

You're looking at the customer relationship strategy of Sonder Holdings Inc. right before the November 2025 wind-down. The core of the model was built around digital efficiency, which meant minimizing direct, in-person interaction for routine needs.

Mobile-first, low-touch self-service via the Sonder app

The entire guest journey was engineered to flow through the Sonder app. This digital-first approach was intended to keep operational costs down while offering guests immediate control over their stay. For a portfolio that stood at approximately 8,990 total units as of June 30, 2025, this digital layer was essential for scale. The company was operating in 37 cities across nine countries at that time.

Key self-service features accessible via the app included:

• Self-service check-in procedures.
• Requesting outsourced maintenance and housekeeping services.
• Access to amenities and services with just a tap.

24/7 on-the-ground support for critical issues

While routine interactions were automated, Sonder maintained a layer of human support for emergencies. This was the necessary counterbalance to the low-touch model, ensuring that critical issues could be addressed around the clock. The company explicitly provided 24/7 on-the-ground support to address guest needs or issues that arose during their stay.

Loyalty program access via Marriott Bonvoy (until Nov 2025)

A major component of the customer relationship strategy involved the strategic licensing agreement with Marriott International, which was fully integrated in the second quarter of 2025. This integration meant Sonder properties participated in the Marriott Bonvoy travel platform. However, this relationship ended abruptly on November 9, 2025, due to a default by Sonder Holdings Inc.. The partnership, which began in August 2024, had provided Sonder with approximately $146 million in liquidity.

Here's a snapshot of the operational scale just prior to the partnership termination, based on Q2 2025 results:

Metric	Value (as of June 30, 2025)	Context
Total Portfolio Units	8,990	Total units under management
Live Units Available for Booking	$\approx$ 8,300	Units ready for guests as of June 30, 2025
Occupancy Rate	86%	For the quarter ended June 30, 2025
Revenue Per Available Room (RevPAR)	$184	For the quarter ended June 30, 2025
Geographic Footprint	37 cities in 9 countries	Operational markets as of Q2 2025

The integration allowed guests to book through Marriott channels, including the Marriott Bonvoy mobile app, under the "Sonder by Marriott Bonvoy" collection. For guests booking through Marriott channels, Marriott's immediate priority following the termination was supporting those with current or upcoming reservations.

Sonder Holdings Inc. (SOND) - Canvas Business Model: Channels

You're looking at the distribution landscape for Sonder Holdings Inc. right before the November 2025 operational wind-down. The channels were a mix of owned digital properties, major third-party aggregators, and a significant, but ultimately short-lived, strategic alliance with Marriott International.

Sonder's Own Website and Mobile Application

Sonder Holdings Inc. maintained its direct booking channels, which included its own website and the Sonder mobile application, available on Apple and Google Play. These channels were key for capturing direct customer relationships, though by the second quarter of 2025, they represented a smaller portion of total revenue compared to indirect channels.

For the three months ended June 30, 2025, the company's total revenue was $147.1 million. The breakdown of revenue by channel source for that quarter shows the relative importance of direct versus indirect bookings:

Channel Type	Revenue (Three Months Ended June 30, 2025)	Percentage of Total Revenue
Indirect Revenue (OTAs)	$89.7 million	60.98%
Direct Revenue (Website, App, Sales Teams)	$57.4 million	39.02%

The direct revenue segment, which includes bookings from the owned website and mobile application, accounted for $57.4 million in Q2 2025.

Online Travel Agencies (OTAs) like Expedia and Booking.com

Online Travel Agencies (OTAs) served as the largest single source of bookings and revenue for Sonder Holdings Inc. leading into the second half of 2025. This channel provided broad market access but typically came with higher commission costs.

Indirect revenue, which is derived from third-party OTAs, totaled $89.7 million for the three months ending June 30, 2025. This represented approximately 60.98% of the total $147.1 million revenue reported for that quarter.

Marriott's Digital Channels (Marriott.com) until November 2025

The strategic licensing agreement with Marriott International, signed in August 2024, was a major channel development. The full integration into Marriott's digital ecosystem was completed in the second quarter of 2025, with all properties available on Marriott.com and the Marriott Bonvoy® mobile app as of June 2025.

The partnership was expected to significantly expand reach, and by early 2025, approximately 2,500 units were integrated into the Bonvoy channels. However, this channel ceased to exist for Sonder Holdings Inc. when Marriott International terminated the licensing agreement effective November 9, 2025, due to Sonder's default.

• Units integrated into Marriott Bonvoy channels by early 2025: Approximately 2,500.
• Total properties removed from Marriott channels upon termination (November 2025): Approximately 140 properties across 37 cities.
• Marriott's revised net room growth forecast for 2025 after termination: Around 4.5%, down from a previous forecast of 5%.

Direct Corporate and Extended-Stay Sales Teams

Sonder Holdings Inc. actively pursued direct corporate and extended-stay sales, which fell under the Direct Revenue category. This segment was crucial for securing longer-term, potentially more stable bookings.

To bolster this, a partnership with TreviPay launched "Sonder Billing" in Q2 2025, offering 30-day net terms and VAT-compliant invoicing for corporate travelers in the U.S., Canada, and UK. This initiative aimed to improve cash flow efficiency from the B2B segment.

The total live unit count as of June 30, 2025, was approximately 8,300 units, which these sales teams targeted for direct bookings alongside the owned digital channels.

Sonder Holdings Inc. (SOND) - Canvas Business Model: Customer Segments

You're looking at the customer base for Sonder Holdings Inc. right before the November 2025 operational wind-down. This segment analysis reflects the structure as of the last reported data, acknowledging the immediate cessation of the Marriott Bonvoy relationship.

The core customer base was always split between short-term and longer-stay guests, all seeking a more residential feel than a traditional hotel. Before the November 9, 2025, termination, a significant portion of the business was channeled through the Marriott ecosystem, but the majority of revenue still came from other sources.

Here's a breakdown of the key customer groups and the associated hard numbers from the last reported period, Q2 2025, which ended June 30, 2025:

• Modern business and leisure travelers seeking flexible stays.
• Guests desiring apartment-style living for extended periods.
• Marriott Bonvoy members (a segment that ceased to exist for Sonder after November 9, 2025).

The importance of the Marriott channel, which targeted both leisure and corporate travelers within the Bonvoy program, can be seen in the direct revenue split for the three months ended June 30, 2025. The partnership, which began integration in 2024, was a major strategic focus.

Revenue Channel / Segment Proxy	Financial Amount (3 Months Ended June 30, 2025)	Context
Indirect Revenue (OTAs)	$89.7 million	Bookings via third-party online travel agencies.
Direct Revenue (Including Marriott)	$57.4 million	Bookings via Sonder channels and Marriott digital platforms.

The structure of the properties themselves gives you a sense of the target market density. As of June 30, 2025, Sonder Holdings Inc. operated approximately 8,300 live units. These units were spread across 37 cities in nine countries, indicating a focus on major global urban centers where both business and high-end leisure demand is concentrated.

Regarding the Marriott Bonvoy segment specifically, the partnership was intended to integrate a substantial number of units. While the full integration was completed in Q2 2025, the termination cut off this channel immediately. At its peak integration, the partnership was expected to bring over 9,000 units into the 'Sonder by Marriott Bonvoy' collection, with around 2,500 units integrated into Bonvoy channels by early 2025.

The shift in customer acquisition strategy is stark when you look at the revenue mix just before the end. The fact that Indirect Revenue (OTAs) at $89.7 million significantly outpaced Direct Revenue (including the now-terminated Marriott channel) at $57.4 million for the quarter shows where the bulk of the transactional volume was coming from, even with the strategic push for direct bookings.

You can see the geographic concentration of the customer base through the property footprint. The five largest cities-New York City, Dubai, Montreal, Miami, and London-accounted for 37% of Live Units as of the end of 2024, showing a reliance on a few high-cost, high-demand metropolitan areas for their apartment-style offerings.

Sonder Holdings Inc. (SOND) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Sonder Holdings Inc. as of late 2025, and honestly, the biggest weight on the cost side is definitely the real estate commitments. The structure is heavily influenced by high fixed costs from long-term operating leases. As of the Q2 2025 Form 10-Q filing, the company was carrying a significant $1.03 billion in long-term operating lease liabilities. That number tells you the scale of the fixed commitment you're dealing with, even as they work on optimization.

To offset some of that, Sonder has been aggressive with lease adjustments. They reported $16.5 million in lease adjustment gains, which helps chip away at the fixed overhead, but the underlying liability remains a major factor in the cost structure.

When we look at the direct costs tied to running the business for the second quarter of 2025, the Cost of Revenue, excluding depreciation and amortization (D&A), was $80.975 million. That's the money going out to keep the lights on and the rooms ready, before accounting for the non-cash charges.

Here's a quick breakdown of the key operating expenses from that same quarter, which you need to map directly onto your canvas:

Cost Category	Q2 2025 Amount (in millions USD)
Cost of Revenue (excl. D&A)	$80.975
Operations and support	$37.996
Sales and marketing	$17.707
General and administrative	$6.740
Research and development	$3.863

The Operations and support costs, including cleaning and maintenance, were $37.996 million for Q2 2025. This is the variable, on-the-ground cost that scales with unit activity, though it's still a substantial line item.

The company has been actively trying to right-size its organization, especially leading up to and following the Marriott integration. You should note the annualized cost reduction target of $50 million from restructuring. This target, which came from headcount reductions, software savings, and other efficiencies, is a direct action taken to lower the ongoing cost base.

The key cost drivers to keep an eye on are:

• Long-term lease obligations, totaling over $1 billion.
• Direct variable costs captured in Cost of Revenue (excl. D&A).
• The realization of the $50 million annualized savings.
• Costs associated with the ongoing Portfolio Optimization Program, which reduced Bookable Nights by 21% in Q2 2025.

Finance: draft 13-week cash view by Friday.

Sonder Holdings Inc. (SOND) - Canvas Business Model: Revenue Streams

The primary revenue stream for Sonder Holdings Inc. (SOND) comes from providing accommodations to guests, which is segmented across both short-term and extended-stay bookings. This is the core of their tech-enabled hospitality model, where revenue is directly tied to the average rate and occupancy achieved per available night across their managed portfolio.

Looking at the most recent reported period, the second quarter of 2025 (Q2 2025), the top-line performance showed a mix of operational strength and portfolio restructuring impact. Sonder Holdings Inc. reported total Revenue was $147.1 million for Q2 2025. This revenue was generated across a portfolio that, as of June 30, 2025, consisted of approximately 8,990 total portfolio units, with about 8,300 live units available for booking.

Operational efficiency in the quarter was strong, as evidenced by the key performance indicators:

• The Revenue Per Available Room (RevPAR) reached $184 in Q2 2025.
• Occupancy Rate improved to 86% for the quarter.
• Bookable Nights, however, decreased by 21% year-over-year to 798,000, which management attributed to the Portfolio Optimization Program.

A significant strategic development impacting revenue distribution was the completion of the integration with Marriott International in Q2 2025. This made all Sonder properties available on Marriott's digital channels under the 'Sonder by Marriott Bonvoy' collection, which is a key channel for future bookings, though the exact revenue percentage derived from Online Travel Agencies (OTAs) for Q2 2025 was not explicitly stated in the readily available reports. You know the drill; channel mix is always under the microscope.

Here is a quick look at the key Q2 2025 operational metrics that directly feed into the revenue calculation:

Metric	Q2 2025 Value	Year-over-Year Change
Revenue	$147.1 million	Down 11%
RevPAR	$184	Up 13%
Occupancy Rate	86%	Up 6 percentage points
Bookable Nights	798,000	Down 21%

The revenue model relies on maximizing the yield from these nights, which is what the RevPAR figure of $184 reflects. The shift in the portfolio, reducing the total number of bookable nights by 21%, is a deliberate trade-off to improve the quality and profitability of the remaining inventory, which should ultimately support a healthier revenue mix going forward.

Finance: draft 13-week cash view by Friday.