Digital Nomads hospitality coliving and coworking provider Selina on a dire strait?
Digital Nomads hospitality coliving and coworking provider Selina on a dire strait?
The international pioneer of accommodation + community + coworking service around the world is looking for buyers, according to the online media Skift.
“Selina Hospitality, a hotel and experiences brand focused on youth travelers, said Monday it no longer has any reasonable prospects of avoiding an insolvency. Selina’s board said administrators will explore a potential sale of some or all of the group’s operating subsidiaries and assets, contingent on securing the necessary funding”, quotes the article.
Selina, which had positioned itself as “a pioneer in the digital nomad hospitality sector, blending hotel accommodations with coworking spaces in trendy locations worldwide”, runs 120 locations, representing 29,000 bed spaces worldwide (Costa Rica, Austria, Portugal, Israel, Panama, Brazil, USA, Australia, UK, Greece…).
The Global University Systems (G.U.S), a network of dozens of universities worldwide, had invested U$50 million in the company in the past year to stabilize it.
A listed company, Selina Hospitality is now expected to be taken out from the Nasdaq.
Launched in 2015 in Panama, Selina might have grown up too quickly. The mix of coliving/long term accommodation and coworking services’ model doesn’t seem to be in jeopardy, though. A lot of hotel brands are developing new facilities and services to address the market of remote workers and digital nomads.
