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…