Total Revenue increased 142% Y-o-Y
Total revenue per bedspace climbed 77% and
Occupancy increased 60% vs. 1H21
Opened 13 new properties in 1H22
Special Meeting to approve business combination
with BOA Acquisition Corp (NYSE: BOAS) set for October 21, 2022
Selina (the “Company” or “Selina”), the fast-growing lifestyle
and experiential hospitality brand targeting Millennial and Gen Z
travelers, today announced financial results for the business for
the first half of 2022 and provided an update on its proposed
business combination with BOA Acquisition Corp (NYSE: BOAS) which
would result in the Company becoming publicly traded. The Company
has also added an updated investor presentation available on the
Investors section of its website (www.selina.com/investors).
In the first half of 2022, Selina delivered record revenue of
$86 million, up 142% year-over-year, driven primarily by improved
operating performance across the existing portfolio, as well as 13
new openings.
Key highlights from the first half of the year include:
- On a same-store basis, revenue increased 96% to $67 million
year-over-year for the 85 properties owned and operated in both
periods
- Portfolio occupancy improved by 60% to 45.5%, up from 28.4% for
the first half of 2021
- Total revenue per bedspace increased to $3,233 (or, $6,466 on
an annualized basis), up 77% from the first half of 2021
- Opened 13 properties with 3,368 bedspaces in Greece, Australia,
Portugal, Panama, the United States, Morocco and Israel
- Signed an additional 7,374 bedspaces within 17 new properties
or expansions that had not yet opened as of June 30, 2022
- As of June 30, 2022, Selina had 163 open and secured locations
in 25 countries across six continents with over 27,000 open
bedspaces, a 43.3% increase from the prior year period
Rafael Museri, Selina’s Co-Founder and Chief Executive Officer,
said, “We are incredibly pleased with what we believe to be our
continued strong momentum across each of our key priorities – our
focus on robust property operational performance, new openings, and
meaningful progress towards becoming a publicly traded company. We
delivered positive results in each of our key metrics, including
total revenue, occupancy and revenue per occupied bed. We believe
the Selina brand resonates with today’s traveler, as we continue to
offer and expand our coworking, recreation, wellness, and local
experiences in sought after destinations. We remain focused on
achieving profitability as we grow and scale our platform, and
continue to progress towards near-profitable margins. Furthermore,
effective as of the closing of the business combination we will
appoint five new directors who bring relevant public company
leadership, finance, operations, marketing and technology
experience. The demand for the travel, work and play experience
that Selina provides continues to grow, and we are excited to bring
Selina to more destinations across the globe.”
On October 3, 2022, the Company announced that its Registration
Statement on Form F-4 (the “proxy statement”) filed with the U.S.
Securities and Exchange Commission (the “SEC”) was declared
effective on September 30, 2022. BOA has scheduled the Special
Meeting of stockholders to seek approvals relating to the Business
Combination. The Special Meeting will be held at 10:00 a.m. Eastern
Time, on October 21, 2022 via live webcast at
https://www.cstproxy.com/boaacquisition/2022. Please note that you
will only be able to access the Special Meeting by means of remote
communication. Upon closing of the transaction, the ordinary shares
of Selina are expected to be publicly traded on Nasdaq under the
ticker symbol “SLNA” while the BOA warrants, which will be
automatically assigned to and assumed by Selina, are expected to be
traded under the “SLNAW” ticker symbol.
Summary Key Metrics
Management uses a number of operating and financial metrics,
including the following key business metrics, to evaluate Selina's
business, measure Selina's performance, identify trends affecting
Selina's business, formulate financial projections and business
plans, and make strategic decisions. Management regularly reviews
and may adjust Selina's processes for calculating Selina's internal
metrics to improve their accuracy.
Key Metrics FY 2020 FY 2021
Variance %
1H 2021
1H 2022
Variance % Open Bedspaces at Period End
18,411
23,408
27%
19,129
27,415
43%
Open Beds at Period Eng
16,138
18,438
14%
16,371
19,277
18%
Average Daily Open Beds
14,481
16,017
11%
15,745
19,022
21%
Occupancy Rate
19.60%
32.90%
68%
28.40%
45.50%
60%
Total Daily Revenue Per Occupied Bed (TRevPOB)
$34.03
$45.86
35%
$42.25
$52.42
23%
Total Daily Revenue Per Occupied Bedspace (TRevPOBs)
$29.69
$35.13
18%
$35.61
$39.24
10%
Total Revenue Per Bedspace
$2,118
$4,219
99%
$1,829
$3,233
77%
Total Revenue Per Bedspace (Annualized)
$2,118
$4,219
99%
$3,657
$6,466
77%
Number of Open Bedspaces, Open Beds and Average Daily Open
Beds
The number of open bedspaces reflects the total number of
bedspaces at opened properties at the end of any given period.
Bedspaces is a metric used by Selina to measure the potential
sleeping capacity of a given property. It is a static capacity
measure, and not one reflecting actual capacity in a given period.
Every 5.5m2 of accommodation (sleeping room) area in a property
equals one bedspace. Selina’s rooms are designed to be convertible
into different modalities and with distinct bed configurations.
Open beds reflects the total number of beds in inventory at
opened properties at the end of any given period. As Selina
properties have the ability to convert rooms into different bed
configurations, the total number of open beds may fluctuate at any
given location over any given period.
Average daily open beds is calculated as the total number of
beds in inventory over any given period of time on a daily basis.
This metric reflects Selina’s daily accommodations capacity and is
used in the calculation of occupancy rate.
Occupancy Rate, Total Daily Revenue Per Occupied Bed and
Total Daily Revenue Per Occupied Bedspace
Selina’s management views occupancy rate, total daily revenue
per occupied bed (TRevPOB) and total daily revenue per occupied
bedspace (TRevPOBs) as key indicators of revenue, as Selina
believes that these metrics measure Selina’s ability to attract
guests and guests’ spending on property, which in turn directly
relate to Selina’s revenue and financial performance.
Occupancy rate is the number of beds sold divided by the total
number of open beds, over any given period. Total daily revenue per
occupied bed (TRevPOB) is defined as total revenue, excluding
Remote Year revenue, for any given property, for any given period,
divided by the number of beds sold in that same period. Total daily
revenue per occupied bedspace (TRevPOBs) is defined as total
revenue, excluding Remote Year revenue, for any given property, for
any given period, divided by the number of bedspaces sold in that
same period. The number of bedspaces sold is determined by
multiplying the occupancy rate for any given period by the average
of the total number of open bedspaces at the beginning and end of
that period. This measure removes the impact of occupancy, as it
reflects total revenue on a per occupied bedspace basis.
Total Revenue Per Bedspace
Total revenue per bedspace is calculated as total revenue,
excluding Remote Year revenue, for any given property, for any
given period, divided by the average of the total number of open
bedspaces at the beginning and end of that period.
About Selina
Selina is one of the world's largest lifestyle and experiential
hotel companies built to address the needs and desires 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,
work and play. 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 over 163 open or secured properties
across 25 countries and 6 continents. On December 2, 2021, Selina
entered into a definitive merger agreement with BOA Acquisition
Corp. (NYSE: BOAS), the closing of which, which is subject to
customary conditions, will result in Selina becoming a publicly
listed company. For further information on Selina, visit
www.selina.com or check out @selina on Instagram, Twitter or
Facebook. To explore Selina real estate partnership opportunities,
please contact partnerships@selina.com.
Additional Information and Where to Find It
This document does not contain all the information that should
be considered concerning the proposed business combination between
BOA and Selina. In connection with the proposed business
combination, Selina has filed with the SEC a registration statement
on Form F-4. Additionally, BOA has filed with the SEC a definitive
proxy statement in respect of the business combination. The
definitive proxy statement and other relevant documents were mailed
to those stockholders of BOA as of August 18, 2022 for voting on
the business combination, among other matters. Stockholders of BOA
and other interested persons are advised to read the definitive
proxy statement and any amendments thereto because such documents
contain important information about BOA, Selina, and the proposed
transactions. Stockholders will also be able to obtain copies of
the definitive proxy statement without charge, by directing a
request to: BOA Acquisition Corp., 2600 Virginia Ave NW, Suite T23
Management Office, Washington, D.C. 20037. These documents and
BOA’s and Selina’s other filings and reports filed with the SEC can
also be obtained, without charge, at the SEC's internet site
(http://www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
No Offer or Solicitation
This communication is for informational purpose only and not a
proxy statement or solicitation of a proxy, consent, or
authorization with respect to any securities or in respect of the
potential transaction and shall not constitute an offer to sell or
a solicitation of an offer to buy any securities, nor shall there
be any sale of any securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
Participants in Solicitation
BOA, Selina, and their respective directors and executive
officers, other members of management and employees may be
considered participants in the solicitation of proxies with respect
to the potential transaction described in this communication under
the rules of the SEC. Information about the directors and executive
officers of BOA is set forth in BOA’s filings with the SEC and
information about the directors and executive officers of Selina is
set forth in Selina’s filing with the SEC . Information regarding
other persons who may, under the rules of the SEC, be deemed
participants in the solicitation of the stockholders in connection
with the potential transaction and a description of their direct
and indirect interests are set forth in the definitive proxy
statement and other relevant documents. These documents can be
obtained free of charge from the SEC as indicated above.
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events, including, without
limitation, statements regarding the Business Combination and
expectations or plans of Selina’s management. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “potential,” or “continue,” or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties (some of which are beyond the control of Selina), and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Selina and its
management, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include,
without limitation: (1) the occurrence of any event, change, or
other circumstances that could give rise to the termination of the
definitive agreements respecting the Business Combination; (2) the
outcome of any legal proceedings that may be instituted against
BOA, Selina, or others following the announcement of the Business
Combination; (3) the inability to complete the Business Combination
due to the failure to obtain approval of the stockholders of BOA or
to satisfy other conditions to closing; (4) changes to the proposed
structure of the Business Combination that may be required or
appropriate as a result of applicable laws or regulations; (5) the
ability of Selina to meet applicable listing standards following
the consummation of the Business Combination; (6) the risk that the
Business Combination disrupts current plans and operations of
Selina as a result of the announcement and consummation of the
Business Combination; (7) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers, and retain its
management and key employees; (8) costs related to the Business
Combination; (9) changes in applicable laws or regulations; (10)
the possibility that Selina may be adversely affected by other
economic, business, and/or competitive factors; (11) the impact of
the COVID-19 pandemic on Selina’s business and/or the ability of
the parties to complete the Business Combination; (12) our future
financial business performance; and (13) other risks and
uncertainties to be contained in the Registration Statement and the
definitive proxy statement included therein. In addition, there may
be additional risks that Selina does not presently know, or that
Selina currently believes are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. Nothing in this communication should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Except
as may be required by law, Selina does not undertake any duty to
update these forward-looking statements.
To explore Selina real estate partnership opportunities, please
contact partnerships@selina.com
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version on businesswire.com: https://www.businesswire.com/news/home/20221011005600/en/
ICR for Selina Selina@icrinc.com
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