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Nov 9 (Reuters) - Hotel operator Marriott International (MAR.O), opens new tab on Sunday said its licensing agreement with lodging rentals company Sonder (SOND.O), opens new tab has been terminated due to a default from Sonder. Sonder, which provides apartment-style accommodations, signed an agreement with Marriott in 2024 that sent its shares skyrocketing. Under the deal, Sonder enhanced its liquidity profile by about $146 million, with over 9,000 units expected to join the Marriott system by the end of 2024. Advertisement · Scroll to continueReport Ad As a result of the termination, Marriott said Sonder is no longer affiliated with Marriott Bonvoy, adding that Sonder properties are not available for new bookings on Marriott's channels. Marriott, in a separate statement, said that it now expects its full-year net rooms growth to be 4.5%, because of the termination, a dip from last week, when the company said it saw yearly net rooms growth approaching 5%. Sonder did not immediately reply to a request for comment outside regular business hours. The company, which offers refurbished properties for short-term rentals, agreed to go public at a valuation of around $2.2 billion in 2021. It now has market value of around $6.79 million, according to data from LSEG. Reporting by Rhea Rose Abraham in Bengaluru; Editing by Bill Berkrot Purchase Licensing Rights Get the key points from this story with Reuters AI
