L’empire mondial des auberges de Selina a été vendu. Cette annonce ne surprend pas du tout IsraelValley qui connait très bien cette société hôtelière. Notre avis : Il est clair que l’équipe de management de Selina est médiocre et ne connait (presque) rien au monde de l’hôtellerie. En fait le rédacteur en Chef d’IsraelValley travaille à partir de cet Hôtel et pourrait faire, sans difficulté, une liste de « 100 choses à rectifier ».

Autrefois chérie des nomades numériques, atteignant une valorisation de 1,2 milliard de dollars, Selina est privée de ses actifs alors que les investisseurs perdent confiance.

La fin de Selina est en vue. La société hôtelière, qui avait fait sensation à Wall Street il y a à peine deux ans avec une valorisation d’environ 1,2 milliard de dollars (suite à une hausse de 400 % du cours de ses actions), a désormais été dépossédée de tous ses actifs par les administrateurs. Les 100 auberges de Selina dans 22 pays ont été vendues à Collective Hospitality.

Les détails de la transaction n’ont pas encore été divulgués et les projets futurs de la société acquéreuse concernant les actifs de Selina restent flous.

Fondée en 2015 par Daniel Rudasevski et Rafi Museri, Selina a traversé deux années difficiles depuis son introduction en bourse en octobre 2022.

La société n’a publié qu’une seule fois ses performances financières et le cours de son action a chuté de plus de 99 % en peu de temps.

LE PLUS.

Over the past year, Selina attempted to secure various agreements to continue operations, including implementing extensive cost-cutting measures, such as layoffs and facility closures. The last agreement, signed with Osprey in December 2023, involved a $68 million cash injection and the issuance of new debt. This deal effectively made Osprey the new controlling owner, leaving Museri and Rudasevski with only a small percentage of shares.
Since this agreement, and until this past July, Selina failed to publish its financial reports, leading to repeated delisting threats from Nasdaq for not meeting the exchange’s requirements. In July, Selina’s board of directors announced that the company had no chance of avoiding insolvency, and its business was transferred to trustees who auctioned off its assets.
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During the high-tech boom, Selina capitalized on soaring market values and the SPAC merger trend, completing a merger with a SPAC at the end of 2022. In its early days of trading, the stock price jumped from $10 to $40.90, bringing Selina’s value to $1.2 billion. However, this was short-lived. With rising interest rates and growing disillusionment with the SPAC model, Selina, like many other SPAC-merged companies, saw its stock price crash, eventually trading at just a few cents.
The plummeting stock price reflected investors’ lack of confidence in Selina’s business model, which involved renting underperforming hotel spaces, redesigning them in collaboration with local partners, and opening quickly to cater to the « digital nomads » trend. In 2018 and 2019, the company opened 24 new sites each year, 17 sites in 2020, 20 in 2021, and 18 in 2022—an average of one new hotel every 17 days over the past five years.
Over the years, Selina attracted several prominent investors, including WeWork founder Adam Neumann. The company was often compared to Neumann’s co-working venture, which also struggled due to a complex business model. In Israel, the Hagag real estate group, which signed a partnership with Selina for accommodation sites in 2021, has already recognized the decline in value of this agreement.
Since its founding in 2014, Selina has consistently recorded losses, including $198 million in 2022, $186 million in 2021, and $139 million in 2020. In its first-half 2023 reports, Selina reported a loss of $46 million, a reduction of about 50% compared to the same period the previous year. Over the past year, the company closed hotels, halted new openings, and laid off more than 350 employees worldwide.
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