Most of the assets of Israeli hospitality chain Selina (Nasdaq: SLNA), which has entered insolvency proceedings, have been acquired by Singapore company Collective Hospitality, a source close to the matter has told "Globes." The assets were acquired in a deal signed by the trustees appointed by the court last month.
Selina, which was founded by Rafael Museri and Daniel Rudasevski, operates accommodation solutions worldwide, designed mainly for young tourists. The company has been traded on Wall Street since 2022 after completing a SPAC merger at a company valuation of $1.2 billion but lost almost all of its value and last month, after already changing its strategy, closing unprofitable accommodation, firing most employees, and reaching debt settlements with creditors, was forced to enter insolvency proceedings due to liquidity difficulties. Selina's share has been transferred to the over-the-counter market and it currently has negligible value.
The buyer Collective Hospitality, managed by its founder Gary Murray, mainly operates in southeast Asia and also operates tourist sites under various brand names. The acquisition of Selina's assets fits its expansion strategy as it also targets digital nomads and young tourists. Collective Hospitality is buying most of Selina's sites, which include 100 tourist sites in 22 countries in the Americas, Europe, and Asia.
Published by Globes, Israel business news - en.globes.co.il - on August 27, 2024.
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