Hospitality company Selina is to become the latest company to go public via a merger with a SPAC, or blank-cheque firm, after announcing a deal with BOA Acquisition Corp, which values the combined company at about $1.2 billion.
Selina has a network of 134 properties across North and South America, Europe and the Middle East of which 83 are open and operating. The company said that its proprietary technology enables it to identify underpeforming assets and turn them into cultural hubs through partnerships with local artisans, designers, and food and beverage providers, as well as experiences inspired by locals.
Selina has also tapped into the growing wave of remote workers, introducing subscription service – Nomad Passport – that allows guests to stay at any Selina location for as long as they’d like, with full amenities including accommodation, co-working, wellness activities, and locally curated events.
The business combination is expected to provide Selina with $285 million, which it said it would use for expansion, technology and talent.
The transaction is expected to close in the first half of 2022.
What They Said
Rafael Museri, CEO of Selina, said: “We are seeking to redefine the future of accommodation by creating a brand and curating experiences that strongly resonate with our customers. Millennials and Gen Z travelers are looking for authenticity and top-tier experiences at every step – they want to be immersed in the local culture of each location they visit.
“By partnering with local artisans to design culturally relevant and inspiring destinations, we’re creating opportunities for them to forge lifelong connections within the rapidly expanding Selina community. We’ve spent the last six years building and scaling an efficient and differentiated platform, and this transaction will enable us to bring Selina to more locations and travelers across the world.”
Brian Friedman, CEO of BOA, said: “Selina is cornering a large addressable market by providing accommodations and experiences that aren’t readily replicated. The platform is highly efficient with the capability to scale rapidly and produce attractive unit economics. The Selina brand transcends hospitality and has created a loyal community and lifestyle that customers want to belong to long after their first stay. The company has proven it can deliver for both its guests and its real estate partners. We anticipate Selina will continue to build on its significant growth in the coming years as the ability to work from anywhere propels travelers to experience the world in a way their elders never could – as digital nomads.”