Selina Sold Out of Insolvency 5 Weeks After Collapse – Exclusive

Collective Hospitality, a Singapore-based firm, has acquired most of the business assets of Selina, a hostel brand focused on young travelers.

The deal, announced Wednesday in Singapore, gives Selina another chance at life. Last month, Selina declared insolvency and was delisted from the Nasdaq stock market.

“Our 4- to 5-year gameplan with Selina is to go in and turn things around, drive more incremental revenue and profitability into the business, and create value in it,” said Gary Murray, CEO of parent company Destination Group, in an exclusive interview with Skift. “Ultimately, down the road, we can monetize that value.”

The parties didn't disclose a price for the deal. The transaction, already completed, includes about 100 hotels, all essentially on long-term lease and managed by Selina.

Remote Year, a travel company that lets employees work in a different city every month, is also included in the deal. Selina had acquired it in 2020.

Collective Hospitality runs