Apartment-style accommodations provider Sonder Holdings has partnered with payment platform TreviPay to allow corporate customers to pay for stays on 30-day net terms through consolidated invoicing, the companies announced Wednesday.
Meanwhile, Sonder late Tuesday released its delayed second-quarter earnings. Sonder since March 2024 has delayed filing quarterly financial reports with the U.S. Securities and Exchange Commission after announcing in that it had discovered "accounting errors related to the valuation and impairment of operating lease right of use assets and related items" for 2022 and 2023.
Sonder in its second-quarter filing noted its live bookable units at the end of June totaled about 8,300, down more than 19 percent year over year, according to Sonder's SEC filing. The company's second-quarter bookable nights were 798,000, a decrease of 21 percent year over year. Sonder in 2024 began an effort to reduce room supply, exiting buildings and leases representing thousands of units.
Along with the supply decrease, Sonder's second-quarter occupancy rate increased 6.2 percentage points year over year to 85.5 percent. Average daily rate increased $11 to $216, and revenue per available room increased 13 percent to $184.
Sonder's overall second-quarter revenue declined 11 percent year over year to $147.1 million. Its net loss was $44.5 million, compared with net income of $32.7 million one year prior.
Invoicing Debuts
The TreviPay partnership is launching first in the United States, Canada and the United Kingdom with plans to expand to "additional geographies to support corporate housing, aggregators and companies booking stays" across Sonder's portfolio, TreviPay said in a statement.
Business travelers of corporate clients who sign up for invoicing can stay at Sonder properties without presenting a corporate card at check-in, as their bill will be sent to the company for central payment.
"By managing invoicing, credit and collections in the background, we provide the financial infrastructure that supports both guest satisfaction and operational efficiency," TreviPay CEO Brandon Spear said in a statement.
TreviPay agreed to a similar partnership with Choice Hotels International in 2022.
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