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We just got evicted from our hotel here in Montreal.
我們剛剛被趕出了蒙特婁的酒店。
>> Last week, social media was flooded with scenes like these.
上週，社群媒體上充斥著這樣的場景。
>> We checked in two days ago and we're getting evicted. And >> they're saying basically that we need to move everything out with less than 24-hour notice.
我們兩天前入住，現在被趕走了。他們說基本上我們需要在不到 24 小時通知的情況下搬走所有東西。
>> Sa, a hospitality startup, told customers to pack up and leave their rooms as their partnership with hotel giant Marriott unraveled.
酒店新創公司 Sonder 告訴客人收拾行李離開房間，因為他們與酒店巨頭萬豪的合作關係瓦解了。
>> I tried contacting Sonder, but the line just beeped. The collapse of Sonder was just so abrupt that guests literally had the rug pulled out from under them.
我試著聯繫 Sonder，但線路只是嗶嗶響。Sonder 的崩潰太突然了，客人們真的是被突然抽走了地毯。
>> The company, once worth nearly $2 billion, closed up shop almost overnight, leaving thousands of guests stranded. So, what went wrong?
這家曾經價值近 20 億美元的公司幾乎一夜之間關門，讓數千名客人滯留。那麼，出了什麼問題？
>> The hospitality industry doesn't understand that the reason why people travel is so that they can get something that's different and unexpected. Sonder was the brainchild of Francis Davidson,
酒店業不明白人們旅行的原因是為了獲得不同和意想不到的東西。Sonder 是 Francis Davidson 的心血結晶，
who in 2012 was a college student in Montreal trying to sublet his apartment over the summer.
他在 2012 年是蒙特婁的一名大學生，試圖在夏天轉租他的公寓。
>> The problem that we noticed is that Montreal is a place that is incredible uh during the summer. So many people want to visit, but uh at the same time
我們注意到的問題是蒙特婁是一個夏天非常棒的地方。很多人想來參觀，但同時
uh there's thousands of apartments literally that are left empty uh during the summertime. After a few years of testing the idea and raising funding, Davidson and two co-founders officially
夏天有數千間公寓空置。經過幾年的測試想法和籌資後，Davidson 和兩位聯合創辦人正式
launched the company in 2014. The vision was professionally managed apartments with hotel style service. Unlike traditional hotels, Saunders business model didn't rely on the company owning real estate. Instead, it entered
於 2014 年成立了公司。願景是提供專業管理的公寓和酒店式服務。與傳統酒店不同，Sonder 的商業模式不依賴公司擁有房地產。相反，它與
long-term leases with landlords to operate residential units as short-term rentals.
房東簽訂長期租約，將住宅單位作為短期出租來經營。
>> This apartment was such a godsend for my stay in New York. Investors loved it. In 2021, the company projected nearly $4 billion in revenue by 2025. By
這間公寓對我在紐約的住宿來說簡直是天賜之物。投資者很喜歡它。2021 年，公司預計到 2025 年收入將達到近 40 億美元。
the time the company went public in 2022, Sa managed at least 7,600 units in 35 cities across 10 countries. And it was also really concentrated in downtowns in London, Chicago, New York,
到 2022 年公司上市時，Sonder 在 10 個國家的 35 個城市管理著至少 7,600 個單位。而且它也真的集中在倫敦、芝加哥、紐約的市中心，
and that was really great real estate where a lot of people wanted to stay.
那是很多人想住的真正好的房地產。
So, a lot of investors and other people felt really confident that it could be successful in the long term.
所以，很多投資者和其他人對它長期能成功非常有信心。
>> But Sonder was already running into operational challenges. Leasing apartments meant the company paid rent, furnished units, and kept cleaning and maintenance staff on payroll, whether rooms were booked or not. As the company
但 Sonder 已經遇到了運營挑戰。租賃公寓意味著公司要付房租、佈置單位、並保持清潔和維護人員在冊，無論房間是否被預訂。隨著公司
expanded, the cost of leases outpaced revenue. Part of what they did during CO was to shift a little bit and try to have people staying for even longer. If
擴張，租賃成本超過了收入。他們在疫情期間做的一部分事情是稍微轉變，試圖讓人們住得更久。如果
you're renting for two months, you're probably not going to pay quite as much per night as if you were just staying in a weekend hotel.
你租兩個月，你每晚支付的可能不會像只住一個週末酒店那麼多。
>> To shore up their numbers, Sa looked to the public markets for cash. To accelerate its IPO, the company went public via a spa, or specialurpose acquisition company, which allows
為了穩固數據，Sonder 尋求在公開市場籌集資金。為了加速 IPO，公司通過 SPAC 上市，這是一種特殊目的收購公司，它允許
companies a faster, less regulated route to the public markets, but with higher risks. 2021 was also a really hot time for the IPO market. A lot of companies were going public and
公司更快、監管更少地進入公開市場，但風險更高。2021 年也是 IPO 市場非常火熱的時期。很多公司在上市，
investors felt really confident even about some companies like SE that had never turned a profit.
投資者對一些從未盈利的公司如 Sonder 也非常有信心。
>> But like many spaxs from the pandemic era, Saunders's market value soon collapsed.
但像許多疫情時代的 SPAC 一樣，Sonder 的市值很快崩潰了。
>> Several months passed before the IPO actually closed and it was a really disappointing IPO. Basically, all of the investors decided to cash in their stock rather than buy stock in the
IPO 實際完成前過了好幾個月，這是一次非常令人失望的 IPO。基本上，所有投資者都決定套現他們的股票，而不是購買
public company that Sa had become. So that ended up in SE basically earning about 400 million less than they had expected. But in 2024, a lifeline came in the form of a licensing
Sonder 已經成為的上市公司的股票。所以最終 Sonder 基本上比他們預期的少賺了約 4 億美元。但在 2024 年，救命稻草以授權協議的形式出現，
deal with Marriott International, one of the world's largest hotel chains. As part of the deal, thousands of Sa units would appear inside Marriott's booking system.
與全球最大的酒店連鎖之一萬豪國際合作。作為協議的一部分，數千個 Sonder 單位將出現在萬豪的預訂系統中。
Despite the partnership, Saunders's financial problems continued. By 2025, the company's liabilities had outgrown its assets and posted a loss of about $100 million in a six-month window, according to an SEC filing.
儘管有這個合作關係，Sonder 的財務問題仍在繼續。到 2025 年，公司的負債已超過資產，根據 SEC 文件，在六個月內虧損約 1 億美元。
Then, in June, Saunders co-founder Davidson announced his departure from the company, writing on LinkedIn, "What unfolded over the following few years was far worse than anything we'd seen in historical data or ever imagined
然後，在六月，Sonder 聯合創辦人 Davidson 宣布離開公司，他在 LinkedIn 上寫道：「接下來幾年發生的事情比我們在歷史數據中看到或曾經想像過的還要糟糕得多。」
was possible." That summer, there were several more reports that indicated that Sa was doing not well, and it said that it might run out of cash by the end of 2025.
那個夏天，有更多報導顯示 Sonder 經營不善，並表示它可能在 2025 年底前耗盡現金。
>> Sonder was reportedly seeking a buyer to go private. But when that bid fell through, Sa defaulted on its debts to Marriott under the partnership terms that allowed Marriott to end the
據報導，Sonder 正在尋找買家以私有化。但當這筆交易失敗後，Sonder 在合作條款下對萬豪違約，允許萬豪立即終止
agreement immediately. Marriott pulled the plug in November 2025, just over a year after announcing the partnership.
協議。萬豪在 2025 年 11 月終止了合作，距離宣布合作僅一年多。
In a statement, Marriott International said that its immediate priority is supporting guests currently staying at Sa Properties and those with upcoming reservations. With Sa out of the picture, Maria is now left to manage
在一份聲明中，萬豪國際表示，其當務之急是支持目前住在 Sonder 房產的客人和有即將預訂的人。隨著 Sonder 退出，萬豪現在需要處理
much of the fallout. >> Sre is going out of business, so they really don't care about customers, but Marriott is not going out of business.
大部分善後工作。Sonder 即將倒閉，所以他們真的不在乎客戶，但萬豪不會倒閉。
In the days after the shutdown, Sa instructed employees to direct guests to Marriott with questions about their reservations and next steps.
在關閉後的幾天裡，Sonder 指示員工將客人引導到萬豪，詢問有關他們預訂和後續步驟的問題。
>> Marriott said that it would refund everybody for their future um reservations and it was also handing out points trying to help people find places to stay. Um but obviously
萬豪表示會退還所有人未來預訂的費用，還發放積分幫助人們找到住處。但顯然
places were filling up really fast. In early November, right around the time Saunders sale deal fell through, Marriott covered about $1.5 million in Saunders's payroll for one week,
房間填滿得很快。在 11 月初，就在 Sonder 的出售交易失敗前後，萬豪支付了約 150 萬美元的 Sonder 一週薪資，
but turned down a later request for $50 million more. In the end, the partnership left Marriott out at least $15 million. Sa had a lot of red flags throughout its history as a
但拒絕了後來要求的 5000 萬美元。最終，這個合作讓萬豪至少損失了 1500 萬美元。Sonder 在其公司歷史上有很多危險信號。
company. So, I think it really shows the importance of being aware of what a company's business model is and whether they can actually turn a profit in the long term.
所以，我認為這真的表明了了解公司商業模式以及他們是否能長期盈利的重要性。
點擊句子跳轉到對應位置
We just got evicted from our hotel here in Montreal.
我們剛剛被趕出了蒙特婁的酒店。
>> Last week, social media was flooded with scenes like these.
上週，社群媒體上充斥著這樣的場景。
>> We checked in two days ago and we're getting evicted. And >> they're saying basically that we need to move everything out with less than 24-hour notice.
我們兩天前入住，現在被趕走了。他們說基本上我們需要在不到 24 小時通知的情況下搬走所有東西。
>> Sa, a hospitality startup, told customers to pack up and leave their rooms as their partnership with hotel giant Marriott unraveled.
酒店新創公司 Sonder 告訴客人收拾行李離開房間，因為他們與酒店巨頭萬豪的合作關係瓦解了。
>> I tried contacting Sonder, but the line just beeped. The collapse of Sonder was just so abrupt that guests literally had the rug pulled out from under them.
我試著聯繫 Sonder，但線路只是嗶嗶響。Sonder 的崩潰太突然了，客人們真的是被突然抽走了地毯。
>> The company, once worth nearly $2 billion, closed up shop almost overnight, leaving thousands of guests stranded. So, what went wrong?
這家曾經價值近 20 億美元的公司幾乎一夜之間關門，讓數千名客人滯留。那麼，出了什麼問題？
>> The hospitality industry doesn't understand that the reason why people travel is so that they can get something that's different and unexpected. Sonder was the brainchild of Francis Davidson,
酒店業不明白人們旅行的原因是為了獲得不同和意想不到的東西。Sonder 是 Francis Davidson 的心血結晶，
who in 2012 was a college student in Montreal trying to sublet his apartment over the summer.
他在 2012 年是蒙特婁的一名大學生，試圖在夏天轉租他的公寓。
>> The problem that we noticed is that Montreal is a place that is incredible uh during the summer. So many people want to visit, but uh at the same time
我們注意到的問題是蒙特婁是一個夏天非常棒的地方。很多人想來參觀，但同時
uh there's thousands of apartments literally that are left empty uh during the summertime. After a few years of testing the idea and raising funding, Davidson and two co-founders officially
夏天有數千間公寓空置。經過幾年的測試想法和籌資後，Davidson 和兩位聯合創辦人正式
launched the company in 2014. The vision was professionally managed apartments with hotel style service. Unlike traditional hotels, Saunders business model didn't rely on the company owning real estate. Instead, it entered
於 2014 年成立了公司。願景是提供專業管理的公寓和酒店式服務。與傳統酒店不同，Sonder 的商業模式不依賴公司擁有房地產。相反，它與
long-term leases with landlords to operate residential units as short-term rentals.
房東簽訂長期租約，將住宅單位作為短期出租來經營。
>> This apartment was such a godsend for my stay in New York. Investors loved it. In 2021, the company projected nearly $4 billion in revenue by 2025. By
這間公寓對我在紐約的住宿來說簡直是天賜之物。投資者很喜歡它。2021 年，公司預計到 2025 年收入將達到近 40 億美元。
the time the company went public in 2022, Sa managed at least 7,600 units in 35 cities across 10 countries. And it was also really concentrated in downtowns in London, Chicago, New York,
到 2022 年公司上市時，Sonder 在 10 個國家的 35 個城市管理著至少 7,600 個單位。而且它也真的集中在倫敦、芝加哥、紐約的市中心，
and that was really great real estate where a lot of people wanted to stay.
那是很多人想住的真正好的房地產。
So, a lot of investors and other people felt really confident that it could be successful in the long term.
所以，很多投資者和其他人對它長期能成功非常有信心。
>> But Sonder was already running into operational challenges. Leasing apartments meant the company paid rent, furnished units, and kept cleaning and maintenance staff on payroll, whether rooms were booked or not. As the company
但 Sonder 已經遇到了運營挑戰。租賃公寓意味著公司要付房租、佈置單位、並保持清潔和維護人員在冊，無論房間是否被預訂。隨著公司
expanded, the cost of leases outpaced revenue. Part of what they did during CO was to shift a little bit and try to have people staying for even longer. If
擴張，租賃成本超過了收入。他們在疫情期間做的一部分事情是稍微轉變，試圖讓人們住得更久。如果
you're renting for two months, you're probably not going to pay quite as much per night as if you were just staying in a weekend hotel.
你租兩個月，你每晚支付的可能不會像只住一個週末酒店那麼多。
>> To shore up their numbers, Sa looked to the public markets for cash. To accelerate its IPO, the company went public via a spa, or specialurpose acquisition company, which allows
為了穩固數據，Sonder 尋求在公開市場籌集資金。為了加速 IPO，公司通過 SPAC 上市，這是一種特殊目的收購公司，它允許
companies a faster, less regulated route to the public markets, but with higher risks. 2021 was also a really hot time for the IPO market. A lot of companies were going public and
公司更快、監管更少地進入公開市場，但風險更高。2021 年也是 IPO 市場非常火熱的時期。很多公司在上市，
investors felt really confident even about some companies like SE that had never turned a profit.
投資者對一些從未盈利的公司如 Sonder 也非常有信心。
>> But like many spaxs from the pandemic era, Saunders's market value soon collapsed.
但像許多疫情時代的 SPAC 一樣，Sonder 的市值很快崩潰了。
>> Several months passed before the IPO actually closed and it was a really disappointing IPO. Basically, all of the investors decided to cash in their stock rather than buy stock in the
IPO 實際完成前過了好幾個月，這是一次非常令人失望的 IPO。基本上，所有投資者都決定套現他們的股票，而不是購買
public company that Sa had become. So that ended up in SE basically earning about 400 million less than they had expected. But in 2024, a lifeline came in the form of a licensing
Sonder 已經成為的上市公司的股票。所以最終 Sonder 基本上比他們預期的少賺了約 4 億美元。但在 2024 年，救命稻草以授權協議的形式出現，
deal with Marriott International, one of the world's largest hotel chains. As part of the deal, thousands of Sa units would appear inside Marriott's booking system.
與全球最大的酒店連鎖之一萬豪國際合作。作為協議的一部分，數千個 Sonder 單位將出現在萬豪的預訂系統中。
Despite the partnership, Saunders's financial problems continued. By 2025, the company's liabilities had outgrown its assets and posted a loss of about $100 million in a six-month window, according to an SEC filing.
儘管有這個合作關係，Sonder 的財務問題仍在繼續。到 2025 年，公司的負債已超過資產，根據 SEC 文件，在六個月內虧損約 1 億美元。
Then, in June, Saunders co-founder Davidson announced his departure from the company, writing on LinkedIn, "What unfolded over the following few years was far worse than anything we'd seen in historical data or ever imagined
然後，在六月，Sonder 聯合創辦人 Davidson 宣布離開公司，他在 LinkedIn 上寫道：「接下來幾年發生的事情比我們在歷史數據中看到或曾經想像過的還要糟糕得多。」
was possible." That summer, there were several more reports that indicated that Sa was doing not well, and it said that it might run out of cash by the end of 2025.
那個夏天，有更多報導顯示 Sonder 經營不善，並表示它可能在 2025 年底前耗盡現金。
>> Sonder was reportedly seeking a buyer to go private. But when that bid fell through, Sa defaulted on its debts to Marriott under the partnership terms that allowed Marriott to end the
據報導，Sonder 正在尋找買家以私有化。但當這筆交易失敗後，Sonder 在合作條款下對萬豪違約，允許萬豪立即終止
agreement immediately. Marriott pulled the plug in November 2025, just over a year after announcing the partnership.
協議。萬豪在 2025 年 11 月終止了合作，距離宣布合作僅一年多。
In a statement, Marriott International said that its immediate priority is supporting guests currently staying at Sa Properties and those with upcoming reservations. With Sa out of the picture, Maria is now left to manage
在一份聲明中，萬豪國際表示，其當務之急是支持目前住在 Sonder 房產的客人和有即將預訂的人。隨著 Sonder 退出，萬豪現在需要處理
much of the fallout. >> Sre is going out of business, so they really don't care about customers, but Marriott is not going out of business.
大部分善後工作。Sonder 即將倒閉，所以他們真的不在乎客戶，但萬豪不會倒閉。
In the days after the shutdown, Sa instructed employees to direct guests to Marriott with questions about their reservations and next steps.
在關閉後的幾天裡，Sonder 指示員工將客人引導到萬豪，詢問有關他們預訂和後續步驟的問題。
>> Marriott said that it would refund everybody for their future um reservations and it was also handing out points trying to help people find places to stay. Um but obviously
萬豪表示會退還所有人未來預訂的費用，還發放積分幫助人們找到住處。但顯然
places were filling up really fast. In early November, right around the time Saunders sale deal fell through, Marriott covered about $1.5 million in Saunders's payroll for one week,
房間填滿得很快。在 11 月初，就在 Sonder 的出售交易失敗前後，萬豪支付了約 150 萬美元的 Sonder 一週薪資，
but turned down a later request for $50 million more. In the end, the partnership left Marriott out at least $15 million. Sa had a lot of red flags throughout its history as a
但拒絕了後來要求的 5000 萬美元。最終，這個合作讓萬豪至少損失了 1500 萬美元。Sonder 在其公司歷史上有很多危險信號。
company. So, I think it really shows the importance of being aware of what a company's business model is and whether they can actually turn a profit in the long term.
所以，我認為這真的表明了了解公司商業模式以及他們是否能長期盈利的重要性。