A hospitality brand targeting millennials and Gen Z travelers announced fiscal 2021 results,as well as an update on its growing portfolio of global properties.
Financial Results: Selina, which is merging with BOA Acquisition Corp BOAS, ended 2021 on a high note with December the most active month in company history. As a result, Selina expects to exceed its fiscal 2021 forecasted target of $93 million in revenue.
"Our strong performance in December is a testament to the strategic location, design and activation of our properties, which appeal to locals and domestic travelers as much as global visitors," said Selina Co-Founder and CEO Rafael Museri. "We believe this strong momentum will lead to continued growth throughout 2022."
Properties Update: Selina announced a record month with six new destinations opening and the soft launch of six additional locations.
“Collectively, these new locations add more than 2,800 beds to Selina’s global network of hotels for remote-workers and digital nomads and advance the brand’s global expansion, making its entrance into the new markets of Uruguay, Australia and Thailand,” the company said.
The 12 new locations are made up of destinations in Israel (4), Brazil (3) and one each in Panama, Argentina, Uruguay, Australia and Thailand.
With the new openings, Selina has 144 open or secured properties across six continents. Ninety of the properties are open and operating.
Related Link: Exclusive: How Selina Is Disrupting The Hospitality Industry, Targeting Millenials + Gen Z And Growing With SPAC Deal
Why It’s Important: Operating with a unique business model and subscription service, Selina targets younger travelers. The company uses an asset-light model and is targeting a $350 billion travel industry for millennials and Gen Z.
“They are the Airbnb for millenials and Generation Z and Generation X,” BOA Acquisition CEO, Chairman and Founder Brian Friedman previously told Benzinga.
Selina subscribers can pay a flat rate each month and have the ability to move around from city to city, see the world and work remotely. This provides annual recurring revenue for Selina and creates and affordable, accessible rental product for the everyday man, according to Friedman.
The company plans to add new products that could include co-living and flexible travel offerings.
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