Skift Travel News Blog

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

Hotels

Selina Files Paperwork to Move a Step Closer to Going Public Through SPAC

2 months ago

Hospitality brand Selina has filed paperwork with the U.S. Securities and Exchange Commission to take another step in going public through a merger with special purpose acquisition company BOA Acquisition Corporation.

The timing is still vague, however.

“The proposed SPAC merger, which has been approved by the board of directors of BOA, is expected to be completed as soon as practicable, subject to approval by the shareholders of BOA, the effectiveness of the registration statement, and other customary closing conditions,” the company said.

Selina’s merger, which was originally due to close in the first half of this year, could see the company end up being valued at $1.2 billion. The brand generated $39.9 worth of revenue during the first quarter this year, a 150 percent increase from the same period last year.

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.”

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