Marriott (MAR) entered a $15M deal with short-term rental company Sonder (SOND) last year, which seemed like a low-risk way for the company to add 9,000 rooms to its portfolio, Katherine Hamilton and Craig Karmin of The Wall Street Journal reports. However, Marriott customers recently received an email stating, “We are kindly requesting that you check out of the property as soon as you are able.” Soon after, digital keys were deactivated and, about 24 hours of the email, Sonder said it planned to liquidate the company.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MAR:
- Maasai seek order to demolish Marriott’s Ritz-Carlton safari camp, WSJ says
- Marriott initiated with an Overweight at Wells Fargo
- Marriott announces termination of agreement with Sonder
- Marriott updates net rooms growth outlook for FY25 to 4.5%
- Marriott price target raised to $288 from $287 at Goldman Sachs