Sonder leases apartments and boutique hotel rooms, furnishes them, and rents them to travelers by the night. The product sits between a traditional hotel and a vacation rental — guests get apartment-style amenities like full kitchens and extra living space, with a design-forward aesthetic and a tech-enabled experience delivered through Sonder's mobile app. The app handles check-in, Wi-Fi, customer service, and check-out, replacing the traditional hotel front desk with a self-service interface. As of year-end 2024, Sonder had roughly 9,900 units across 41 cities in nine countries. Guests book through Sonder's own channels (Sonder.com, app, or direct sales), which drove about 46% of 2024 revenue, or through OTAs like Airbnb, Booking.com, and Expedia, which drove about 50%. Sonder properties are also available through Marriott's digital channels and the Bonvoy app under the "Sonder by Marriott Bonvoy" branding. Sonder makes money by charging nightly rates that exceed the per-night cost of its leases. Most leases are fixed-rent, meaning Sonder bears full revenue risk regardless of occupancy — a model that creates a high breakeven threshold and has historically driven losses. To address underperforming properties, Sonder launched a portfolio optimization program in late 2023, exiting or renegotiating leases on roughly 110 buildings and 4,500 units. Sonder carries a going concern disclosure, reflecting a history of net losses, negative operating cash flows, and near-term liquidity concerns.