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Insight Comment |
Selina has reported a strong end to 2021 and as a result now expects to exceed its 2021 revenue forecast of $93 million.
The company has maintained a steady pace of growth and in December opened six new destinations with the soft launch of another six.
This represents the highest-volume month of openings in the company’s history, at a pace of three per week. Collectively, these new locations add more than 2,800 beds to Selina’s global network of hotels for remote workers and digital nomads, marking its entrance into the new markets of Uruguay, Australia and Thailand. Of the 12 locations, four are in Israel, three are in Brazil, and the others are located in Panama, Argentina, Uruguay, Australia and Thailand.
Selina’s model involves using its inhouse technology to identify and renovate underperforming hotels in partnership with local real estate owners, who cover 90% of conversion costs. Selina also involves local artisans who help add authenticity to each project.
Last year the company announced its intention to go public via a merger with a SPAC, or blank-cheque firm.
What They Said
Rafael Museri, Selina’s co-founder and CEO, said: “Our strong performance in December is a testament to the strategic location, design and activation of our properties, which appeal to locals and domestic travelers as much as global visitors. This has allowed us to continue growing at a time when global travel has been substantially reduced.
“Simply put, our hotels are in the places locals and tourists alike want to visit, and they are activated with the exciting events, restaurants and other programming that support strong activity during high and low international travel seasons.
“We are uniquely in tune with the needs of Gen Z and Millennial travelers, and we will continue to focus on implementing new products – such as co-living and other flexible travel products – that provide the experiences this cohort is seeking. We believe this strong momentum will lead to continued growth throughout 2022, powered by our tech-enabled infrastructure, engaging brand and authentic global community.”