Marriot will add Sonder's ( SOND ) portfolio of mostly apartment-style accommodations to its system under a novel collection titled "Sonder ( SOND ) by Marriott Bonvoy."Sonder Holdings, Inc. ( SOND ) shares jumped more than 125% Monday after the company announced a long-term licensing agreement with Marriott International, Inc. ( MAR ) .

What To Know: Through the licensing agreement, Marriot will add Sonder’s portfolio of mostly apartment-style accommodations to its system under a novel collection titled “Sonder by Marriott Bonvoy.”

Marriott ( MAR ) will earn a royalty fee based on a percentage of Sonder’s gross room revenues. Sonder’s rooms will gradually be integrated into Marriott’s system over several years. Additionally, Marriott ( MAR ) projects full-year 2024 net room growth to be between 6% and 6.5%.

“Marriott has long believed in providing the right product at the right price point for all trip purposes and generations of travelers. With the planned addition of Sonder ( SOND ) by Marriott Bonvoy, we will be able to provide guests seeking apartment-style urban accommodations with even more options in the Marriott Bonvoy portfolio,” said Marriott Global Officer, M&A Tim Grisius.

What Else: Sonder ( SOND ) has secured about $146 million in new liquidity, consisting of a $43 million convertible preferred equity investment from a group of investors and $83 million from existing noteholders.

The $83 million includes $4 million in recent financing. An additional $20 million comes from other sources. The aforementioned financing is in addition to a previously announced $16 million in financing from noteholders.

See Also: Wyndham Expands South Korea Presence With Trademark Debut

SOND Price Action: Sonder ( SOND ) stock is moving 125.9% higher at $5.92, according to data from Benzinga Pro.

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