Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.

Hotels

Selina’s Delayed Stock Market Debut Now Scheduled for Oct. 21

4 hours ago

More than nine months after revealing its ambitions to list on the New York Stock Exchange, at a $1.2 billion valuation, self-styled lifestyle and experiential hotel company Selina has set a date to go public, by merging with BOA Acquisition Corp — a special purpose acquisition company (SPAC).

The pair announced Monday that the registration statement filed in December last year was declared effective by the Securities and Exchange Commission on Sept. 30. It originally planned to go public in the first half.

Now, if the merger partner’s shareholders approve the deal at a special meeting Oct. 21, and other conditions are satisfied, Selina’s common stock would start trading under the symbol “SLNA” following the closing.

Selina expects to raise $54 million in PIPE (private investment in public equity) proceeds, up to $231 million in cash from BOA’s trust account and $118 million from subscriptions to the $147.5 million principal amount of 6% senior unsecured convertible notes due 2026.

The money raised will be used to fund operations and continue its plans to achieve profitability.

Selina’s been fairly active in the past few months, with new partnerships including freelancer platform Fiverr and a party thrown for potential investors just weeks ago.

In the first half of the year it has opened 3,368 bed spaces within 13 properties in Greece, Australia, Portugal, Panama, the U.S, Israel and new location Morocco.

It also signed 7,374 bed spaces within 17 new properties and expansions across Australia, the U.S., Greece, Mexico, Portugal, Panama and Israel. This brings the total count at the end of the first half to 163 open and secured locations in 25 countries.

“We continue the positive momentum to a record year ahead; we keep being true to our mission by connecting our brand to local guests, remote workers, and digital nomads. In the first half of this year, we increased our total revenue by 142 percent and occupancy by 60 percent compared to the same period in 2021,” said Rafael Museri, co-founder and CEO of Selina, which mainly targets millennial and Gen Z travelers.

Selina was founded in 2014.

Tourism

Thailand Ups Visa Game by Granting Longer Stays to Tourists and Digital Nomads

1 month ago

Keen to offer a boost to the country’s tourism sector, Thailand will allow longer stays for foreign tourists from October 1 to March 31. The Southeast Asian destination has also proposed a 10-year golden visa program mainly targeted at wealthy digital nomads.

Foreign arrivals from 18 countries entering Thailand under the visa-on-arrival scheme, including India, will be allowed to extend their stay from 15 days to 30 days, while those from 50 countries, including Canada, U.S. and UK, who are currently eligible for a 30-day visa on arrival will be able to get a 45-day visa stamp.

From September onwards, Thailand will also be extending a 10-year golden visa option to four categories of travelers with an annual income of $80,000 and at least $1 million in assets. The visa also comes with a work permit and travelers would not need a Thai sponsor to live long-term in the country. 

The processing fee for the 10-year visa with multiple entries is around $1382.

The Thai government expects the 10-year residence visa to generate around $27 billion worth of revenue.

The visa extension is crucial as Thailand prepares to transition to a post-pandemic era with the return to normalcy. The visa programs are also timed perfectly with the Thai government planning to declare Covid-19 endemic in October.

Thailand plans to welcome around 10 million tourists this year and has been working hard to lure tourists back to the country. In its latest effort, Thailand had been looking to legalize casinos.

Thailand’s Centre for Covid-19 Situation Administration will also meet next month to consider lifting the state of emergency, put in place to control the spread of the disease since March 2020.

Hotels

Selina Pushes Back Its SPAC Deal

4 months ago

Hospitality brand Selina has said it now aims to go public in the third quarter of 2022. Originally its merger with BOA Acquisition Corp — a special purpose acquisition company (SPAC) — was due to close in the first half of the year.

The listing update comes as the brand, which targets millennial and Gen Z travelers, posted revenue of $39.9 million for the first quarter of this year, which was up 150.8 percent increase on last year’s quarter.

It also signed or opened 11 properties in the first quarter: five new locations in Israel, Australia and Brazil and six in Morocco, Portugal, the UK and Israel. Currently it has 155 open and secured properties.

Selina wants to grab the attention of investors who want to tap into the growing number of upwardly mobile millennial workers. After its SPAC, which could value the firm at $1.2 billion, the combined company will operate as Selina Hospitality Plc and trade on the New York Stock Exchange under the symbol “SLNA.”

Business Travel

Best Cities For Digital Nomads

5 months ago

Neat new research from Savills, those global property folks, on the best places for long term remote workers — also called digital nomads by the cooler peeps — to live. And work, of course. The “Savills Executive Nomad Index” ranks 15 destinations, all of these cities below have either have a digital nomad visa program, or equivalent, or in the case of the US and European countries, are already part of a large economic bloc that allows free movement of people for living or work. They offer favorable climates year-round, a high quality of life and have established prime residential markets, according to this index.

Lisbon tops the ranking thanks to the high quality of life that Portugal offers.

More here.

Filters

Tags

digital-nomads

Clear Filters