The leading source for coworking and flexible office news, data, and insights.

Subscribe to our newsletter

Selina Secures $147.5 Million in Financing Ahead of BOA Merger

Pinterest LinkedIn Tumblr +

Selina Hospitality PLC (“Selina”), the fast-growing lifestyle and experiential hospitality brand targeting Millennial and Gen Z travelers, and BOA Acquisition Corp. (NYSE: BOAS), a publicly-traded special purpose acquisition company, announced that Selina has entered into agreements for a $147.5 million of 6% senior unsecured convertible notes due 2026.

This additional financing is expected to occur alongside the merger of Selina and BOAS, effectively taking the coworking firm public. 

The transaction values the pro forma company at an equity value of approximately $1.2 billion and is expected to close in the first half of 2022. The combined company will operate as Selina Hospitality PLC, and its ordinary shares are expected to be listed on the New York Stock Exchange under the ticker symbol “SLNA.”

“We have taken another step to help ensure funding certainty as we move towards the closing of our merger with BOAS and our listing as a public company,” said Rafael Museri, Selina Co-Founder and Chief Executive Officer.

“We welcome our new investors and view their support as additional validation of Selina’s differentiated hospitality offering and the exciting opportunity in front of us. Over the past seven years, we believe we have proven Selina’s value proposition and that going public will enable us to accelerate our growth and bring Selina to more locations, travelers and local partners worldwide, further expanding our competitive moat,” said Museri.

He added, “We had strong performance in 2021, and already in 2022 we have had a highly productive first quarter as we advance our strategic growth plan. Selina is well positioned to continue to benefit from pent-up travel demand, the increase in remote working, and the prioritization of health, wellness, and experiences among our target customers, which we anticipate will accelerate in the coming years.”

A Selina coworking location with members working outdoors.

A Selina coworking location in Guadalajara, Mexico.

Sam Khazary, Selina Senior Vice President and Global Head of Corporate Development, said, “We are particularly pleased to have completed an offering in these uncertain times, underscoring investor confidence in our business. We are grateful to Oppenheimer & Co. for navigating this financing as placement agent, and for their strategic advice in achieving a highly successful outcome for Selina and our stakeholders.”

Related  Premier Workspaces to Open New Location in Pasadena, California

Benjamin Friedman, BOA Acquisition Corp. President and CFO, said, “This new financing and the strong demand from investors reinforce our conviction in the strength of Selina’s business and the growth that they have delivered. We believe this transaction provides Selina with additional capital to execute on their plan and realize the incredible opportunity ahead.”

About Selina
Selina is one of the world’s largest hospitality brands built to address the needs of Millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Custom-built for today’s nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Founded in 2014, each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations around the world – from urban cities to remote beaches and jungles. Selina’s portfolio includes 150 open or secured properties across 25 countries across six continents.

About BOA Acquisition Corp.
BOA Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While BOAS may pursue an initial business combination target in any business or industry, it intends to focus its search on businesses that provide technological solutions and innovation to the broader real estate industry.


About Author

Coworking Insights is the go-to source for trends, data, advice and insights for coworking industry professionals.

Leave A Reply