Selina, the fast-growing lifestyle and experiential hospitality brand targeting Millennial and Gen Z travellers which has entered into a business combination agreement with BOA Acquisition Corp. (NYSE: BOAS), announced that the company generated first quarter 2022 Total Revenue of $39.9 million, a 150.8% increase from the first quarter of 2021. Selina’s portfolio of 155 open and secured properties that span the globe produced strong quarterly operational results, continuing the positive momentum from a record-setting 2021.
Rafael Museri, Selina’s Co-Founder and Chief Executive Officer, said, “Selina’s solid first quarter performance builds on our great momentum from 2021 and showcases the connectivity of the Selina brand with local guests, remote workers and digital nomads alike. I’m incredibly proud of the improvement that we have been able to achieve during these continued challenging times, increasing our quarterly revenue by 1.5x the same period last year. Our performance at the unit-level continues to improve, with a Unit-Level Contribution margin increase for the quarter of 14.7% year-over-year, putting us on the path to reach profitability. 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 travellers.”
Selina continues to demonstrate the power of its proprietary technology to identify underperforming hotels around the world, the strength of its partnerships with local real estate owners to finance conversion costs, and the efficiency of its renovation and management processes to transform assets into unique cultural destinations. As previously announced, during the first quarter, Selina opened five new locations in Israel, Australia and Brazil and signed another six locations in Morocco, Portugal, the United Kingdom and Israel.
Furthermore, Selina’s leadership team continues to strengthen, adding some key hires since January 2022 as it prepares to accelerate its multi-year growth plan, which includes expanding its global network of unique destinations as well as introducing new products and brand partnerships. Lena Katz, Chief Technology Officer, and Eyal Amzallag, Chief Operations Officer, are the latest highly experienced executives to join Selina’s management team. In addition to promoting Steven Ohayon to Head of Strategy, Selina also announced the appointment of Sam Khazary as Senior Vice President and Global Head of Corporate Development earlier this year.
On December 2, 2021, Selina announced a proposed merger with BOA Acquisition Corp. (NYSE: BOAS), a publicly traded special purpose acquisition company. The transaction, which is subject to customary closing conditions, is now expected to close in the third quarter of 2022.
First Quarter 2022 Financial Results and Operational Highlights:
- Total Revenue of $39.9 million, a 150.8% increase Y-o-Y
- Unit-Level Contribution improvement to ($1.6) million from ($2.9) million, with Unit-Level Contribution margin improvement by 14.7% to (4.3%) from (19.0%) Y-o-Y
- Average quarterly Occupancy Rate of 51.1%, an increase of 57.1% Y-o-Y
- Total Amount of Open Bedspaces and Open and Secured Bedspaces totalled 24,577 and 39,600, respectively as of March 31, 2022, an increase of 3,826 and 3,126 bedspaces, respectively from December 31, 2021
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