Selina delays SPAC deal

Buzzy hospitality brand Selina is pushing back its plans to go public until the third quarter of 2022. Originally the company planned to complete the merger with BOA Acquisition Corp  —  a special purpose acquisition company (SPAC)  — in the first half o this year.

In a business update, Selina said it had generated revenue of $39.9 million in the first quarter of 2022, a 150.8% increase on the previous year. Its portfolio currently comprises 155 properties across the world.

Selina’s business model involves it using in-house technology to identify underperforming hotels around the world and then partnering with local real estate owners to finance conversion costs.

Selina announced its plans to go public in December 2021, in a deal valuing the company at $1.2 billion.

What They Said

Rafael Museri, Selina’s co-founder and CEO, said: “We continue to actively expand Selina's portfolio, having collectively signed or opened 11 properties around the world in the first quarter of 2022. We have high conviction in the strength of Selina's rapidly-expanding and differentiated platform to meet the sizable and growing market need and are steadfast in Selina's commitment to redefine the hospitality experience for the next generation of travelers.”