01:42 PM EDT, 08/19/2024 (MT Newswires) -- (Updates with stock moves in the headline and first two paragraphs and adds liquidity deals.)

Sonder Holdings ( SOND ) shares doubled in recent Monday trading after the company secured a long-term licensing agreement with Marriott International ( MAR ) and boosted its balanced sheet.

Marriott ( MAR ) shares rose 1.9%.

Sonder ( SOND ), which operates small boutique hotels and short-term rentals, agreed to integrate 9,000 units into Marriott's ( MAR ) portfolio this year and 1,500 afterward, the companies said.

Under the deal, Marriott ( MAR ) will receive royalty fees based on Sonder's ( SOND ) room revenues.

Sonder's ( SOND ) mostly urban, apartment-style accommodations in North America, Europe, and the Middle East are to be included in Marriott's ( MAR ) reservation system under the brand "Sonder by Marriott Bonvoy."

Sonder ( SOND ) also said it raised $146 million in additional funds to support its long-term growth and integration plans in the deal with Marriott ( MAR ).

The extra liquidity includes a commitment from a consortium of investors to buy $43 million of a newly designated series of convertible preferred equity of Sonder ( SOND ), along with $83 million in additional financing from existing noteholders. Sonders said it expects to raise $20 million from other unspecified sources.

Price: 5.27, Change: +2.65, Percent Change: +101.15