Skift Take
Selina billed itself as a pioneer in the "digital nomad" hospitality sector. But it can no longer avoid insolvency. Its woes can be partly traced back to its ill-fated SPAC merger in October 2022.
Selina Hospitality, a hotel and experiences brand focused on youth travelers, said Monday it "no longer has any reasonable prospects of avoiding an insolvency."
The news, released in a regulatory filing, follows a severe liquidity crisis for the once-promising hotel, hostel, and co-working space operator.
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.
The board effectively ceded control of the company's affairs, busine