WanderJaunt claims in its sales pitch to sell its assets that it had industry-leading unit economics. It doesn’t explain, however, why it closed operations on short notice leaving employees, guests, and creditors hanging.
WanderJaunt, the Phoenix Arizona-headquartered property manager that had raised $37 million in funding and abruptly ceased operations last month, is trying to sell its assets to pay off creditors, Skift has learned.
In its enterprise offering memorandum, which Skift obtained, WanderJaunt Inc. said on July 1 it transferred its assets to an unaffiliated entity, WanderJaunt LLC, to run the asset sale, and to pay off creditors. The asset sale is tentatively slated to run through September 8.
WanderJaunt said prior to shutting down last month it had more than 200 employees, operated more than 850 properties (some with long-term leases), and did more than $35 million in annualized revenue.
In its sales pitch to potential buyers, WanderJaunt claimed “best in class unit economics,” and that its first three markets, namely Phoenix (launched in 2016); Austin, Texas (2018); and San Diego (2019) “were all cash-flow positive.” (See charts from the asset sale offering below.)
WanderJaunt is hoping to sell its property listing/management front end and back end, and its pricing algorithm.
WanderJaunt said the bidding process will be closed in that bidders will not know details about other bidders. Proceeds would go toward administering the estate and “the balance” would go to the “creditors of the estate,” the offering said.
There is no information in what WanderJaunt describes as an “exciting offering” as to why the company shut down, giving most employees and guests a day or two notice.