NEW YORK — Though no one could have predicted how big of a trend remote and co-working would become these past few years, Selina CEO and co-founder Rafael Museri came pretty close.
When Museri and Daniel Rudasevski co-founded Selina in 2014 as a brand that blends accommodation with co-working, recreation, wellness and local experiences for millennial and Gen Z nomadic travelers, Museri said he knew the co-working trend would take off. The company's first property opened in Panama in 2015.
"In any Selina we've opened since then, co-working is part of the product," he said during a video interview at the 2022 NYU International Hospitality Industry Investment Conference. "That trend existed for many years. COVID, I think, just put it out there in a very clear way because people were forced to work outside [of offices] and they've proved that they can be efficient and productive."
Growth Trajectory
While many hotel brands are choosing to plant their flags in major markets, Museri said Selina isn't afraid to pursue off-the-grid locations. Growth for the brand in coming years will happen equally in developed locations and emerging markets, based on consumer trends, he said.
"And within [each of] those markets, we're going to continue to go after about 60% to 70% experiential mountains, beaches, off-the-grid [locations] and about 30% urban," he said. "This is the trend — we're just listening to the market research ... [guests] want the retreat-style. Urban today becomes a little bit less attractive for them."
Additionally, about 98% of future Selina properties will be converted from existing hotels.
"Ground-up construction, complicated development projects are not for us," he said.
Headquartered in London, Selina currently operates in 155 destinations worldwide, including Australia, Argentina, Brazil, Colombia, Greece, the United States and United Kingdom.
The brand's most recent opening was the 106-room Selina Union Market, which opened in June in Washington, D.C.
Taking the Company Public
Investors backing Selina include both institutions and private individuals — ranging from tech, real estate and hospitality industries — across the globe, which Museri feels is a great group of people to have on board.
Late last year, Selina executives announced the company entered into a definitive agreement to go public via a merger with special purpose acquisition company BOA Acquisition Corp. in a deal that values the company at roughly $1.2 billion. The deal is expected to close in the third quarter of 2022.
Museri said now's the time to go public "to allow our customers to be part of it," and because the company will benefit from the inherent structure of public companies.
He said the process "forces the startup to become grown-up," and recognizes that "the public market will serve us better" as the company approaches growth opportunities.
New Travel Trends
Travel is no longer just about going on a vacation for four days a few times a year, Museri said. There's now heightened interest from travelers wanting to take monthslong trips while working remotely, which means guests need more out of their rooms.
"When you speak about people living in your property for two, three months, they need more space, they need laundry services, they need small refrigerators, small kitchenettes," he said.
For more from Selina CEO and co-founder Rafael Museri, watch the video above.