IThe short-term rental sector is increasingly challenging for traditional hotels. Federalberghi's recent proposal to block platforms such as Airbnb has reignited the debate, while Marriott surprised everyone by announcing a partnership with Sonder, a short-term rental company rivaling Airbnb itself.
In detail, the largest hotel chain in the world (its capitalization is over 64 billion dollars) has entered into a partnership with Special, an American reality that has been offering since 2014 apartments and e luxury rooms in buildings and boutique hotels, managing them through its platform. Sonder reported revenue of $603 million in 2023 and has been called multiple times, including by Wall Street Journal, as one of the future main rivals of airbnb.
Through this license agreement, Marriott will earn a percentage of the gross revenues of Special. Additionally, by the end of 2024, 9.000 units of Sonder will be integrated into Marriott's portfolio, with another 1.500 on the way. These new units will be available across Marriott's distribution channels and will be added to the app Marriott Bonvoy as part of the new collection “Sonder by Marriott Bonvoy".
Special, the deal promises a significant increase in revenue per available room and an improvement in liquidity of approximately $146 million, thanks to the support of a consortium of investors and existing bondholders. This financial support is intended to support long-term growth and integration efforts with Marriott.
For its part, Marriott benefits from the agreement by being able to attract a younger and more technologically oriented audience, which prefers designer urban apartments. Sonder guests, located in Europe, North America and the Middle East, can manage their stay entirely through a dedicated app, from booking to assistance during their stay.
