Selina tips

Selina, a hotel and experiences brand focused on youth travelers, said on Wednesday that its financial metrics were trending in the right direction as it reported earnings results.

Good morning from Skift. It’s Wednesday, December 6. Here’s what you need to know about the business of travel today.

Selina, a hotel and experiences brand focused on youth travelers, has to give investors a haircut to receive a capital injection of up to $50 million from Global University Systems (G.U.S). Here are key points in its financial restructuring, which it hopes to finalize within a week or two.

The investor mania for special purpose acquisition companies, or SPACs, in the past two years cooled mighty quick, with most travel companies going public through this process plummeting in value since their stock market debuts.

Skift unveiled the 2023 edition of its annual Megatrends this week and in the mix, as you’d expect, is the phenomenon of the blended traveler.

Selina was one of about a dozen travel companies that went public last year by merging with blank check companies called special purpose acquisition companies (SPACs). Most have since been in the doldrums.

Selina, a hotel and experiences brand focused on youth travelers, said on Tuesday it had cut a deal for a strategic investment of up to $50 million led by Global University Systems (GUS), which runs for-profit universities.

It was a hotel-heavy week at Skift, with stories of Accor’s big investor day as well as reporting from the annual HITEC conference in Toronto. Travel tech reporter Justin Dawes was there to explain the current state of hotel technology, as well as question some of the future ideas.

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Buying a share in a company typically involves hoping the stock price rises over time and maybe means sharing in dividends. But Selina, an upstart hospitality brand, said on Wednesday it has a new enticement for people to buy its stock — discounts and freebies at its properties.

Selina‘s stock price is swinging dramatically as it undergoes a turnaround and attempts to escape from penny stock status. The hostel chain saw its shares fall 41% on Friday, though they rebounded 9.3% on Monday.