Selina, a hotel group targeting consumers that want to blend
travel and work abroad, debuted as a public company yesterday following its
merger with special purpose acquisition company BOA.
Founded in 2014 and based in London, Selina’s portfolio includes
163 open or secured properties in 25 countries.
The brand targets millennial and Gen Z travelers with spaces
that blend co-working, recreation, wellness and local experiences.
The company says the deal will generate $54 million in capital
to accelerate growth.
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It is also expected to provide $118 million from subscriptions
to the $147.5 million principal amount of 6% senior unsecured convertible notes due 2026.
“Today marks a major milestone for Selina, as we complete our
goal of becoming a publicly traded company and embark on our next chapter of
growth,” says Rafael Museri, co-founder and CEO of Selina.
“The completion of this transaction is further validation of our
highly differentiated hospitality offering, we can scale the brand and our
unique destinations to travelers and locals around the world like never before.
We look forward to leveraging this capital to drive long-term profitable growth,
introduce new offerings that facilitate meaningful connections, and enhance our
technology to support our rapid global expansion.”
Museri will continue to lead the company along with the rest of
Selina’s current management team.
Earlier this month Selina reported financial
results for the first half of 2022, with revenue coming in at $86 million,
a 142% increase compared to the first half of 2021.
The company first announced plans to go public
in December 2021.