“Selina is developing a global infrastructure for travellers who want to make the world their classroom, office and playground,” Rafael Museri, co-founder and CEO of Selina, said. With a design-centric, technology-first and socially-minded approach to travel, But after a bungled launch in the United States, Selina’s millennial fantasy is colliding with financial reality. Selina is one of the world’s fastest growing hospitality brands, combining beautifully-designed accommodation with coworking spaces, wellness, recreational offerings and local experiences for today’s nomadic traveler to live, work and explore anywhere in the world. Santosh Rao, the head of research at Manhattan Venture Partners, an Airbnb investor, characterized Selina’s business as a mix of Airbnb and WeWork, “but we believe it has all the risks of WeWork in there.”, “It’s essentially the same model: take the space and rent it out for living,” Rao said. Here you will feel at home, while meeting travellers from all around for the same great experience. His personal and successful business record has drawn a lot of successful business groups with great influences to invest in his company. A major pillar of Selina’s growth strategy has been opening hotels in the United States. For full functionality of this site it is necessary to enable JavaScript. Selina is a start-up and fast-growing company that offers a window to pitch new initiatives, to develop new processes. He is head of research at Manhattan Venture Partners. Since the implosion of WeWork last fall, investors, bankers and even consumers have become wary of engaging with firms perceived to be like it. “They do this innovative hospitality approach,” Jain said. The closest Selina locations are Jacó and La Fortuna. Rafi Museri, co-founder of Selina (Credit: Skift). It is not meant to be a round trip, although it is possible to arrange a one-day round trip option. Breathe life into your work from home routine and join digital nomads, creators, and entrepreneurs at Selina CoWork. The first Selina was launched in Venao, a surf town on Panama’s Pacific coast, in 2014. Selina - Great hostels for backpackers. Please Allow Javascript and reload this page. Selina also gives back to the local communities in which it operates. Selina Camden is part of the brand’s £80 million expansion across Europe, and will be its fifth British launch. The issue troubled stakeholders at properties such as the Lord & Taylor building in Manhattan as the company prepared to go public because executives holding roles in both buyer and tenant entities stood to benefit. A Selina hotel in Miami’s Little Havana was supposed to open in September 2018 but still hasn’t. Through a holding company called Kibbutz, Museri and Rudasevski hold a 29 percent stake in Selina and an 84 percent stake in Dekel, according to people familiar with the business. It’s a millennial’s dream: traveling the world while working, drinking, exploring and meeting like-minded nomads in chic hotels. Museri and business partner Daniel Rudasevski completed their market research for the Selina concept by sleeping in more than 120 hostels in locations around the … Founded by two friends in 2014, Selina is growing quickly across Central America, recently raising $95M from WeWork founder Adam Neumann and The Abraaj Group to expand into South America, the US and Europe. This month we’re talking to Rafi Museri, the Founder of Selina. I think we have many initial hurdles that we accomplish to overcome like cultural change, try to define who we are. Gery also noted that Dekel’s real estate investments are dwarfed by those of WeWork, which paid, for example, $850 million for the Lord & Taylor building. You can book a shuttle at the reception. close a third of its 600 units and cut staff. And now the coronavirus pandemic has crippled the hospitality industry. But the projections are largely contingent on the company succeeding in the U.S., where it has fallen well short of its goals. The investment, led by the Abraaj Group, with additional investments from Sir Ronald Cohen, founder of Apax, Gigi-Levi Weiss, and WeWork founder … So was the firm’s valuation of $1.8 billion, by one internal estimate, on forecasted $200 million revenue this year. He did not respond to requests for comment. We select only the most incredible places across Latin America, North America, Since then, Selina Hostels has wasted no time in ramping up their expansion across Latin America and even into the United States and Europe. “Some have chosen to invest and some have not. Selina is a start-up and fast-growing company that offers a window to pitch new initiatives, to develop new processes. They key is communication, Selina is a really open work environment. In return Selina commits to leases of 20 to 40 years. Gery said the company is in talks with a lender to fund operational costs and expects to close on that convertible loan before the end of the month. We work closely with clients to determine international readiness, build actionable strategies and utilize our global network to ensure a successful launch. “We are sort of betting on their success,” she said. If you are going to La Fortuna, try our Taxi-Boat fun and efficient alternative get from Monteverde to the northern region of Costa Rica. — Rafi Museri, Selina co-founder and CEO. Oyo, an online hotel listings platform that has raised $3 billion, mostly from SoftBank Group, has let 5,000 employees go and pulled out of multiple cities. This is how the first Selina was born in Venao, a surf town near Pedasí in 2014. At the same time, the executives have been trying to secure a $75 million convertible loan to cover operational costs until next year, according to internal documents obtained by The Real Deal. In three properties leased by Selina — in Colombian cities Medellin and Cartagena, and in Panama City, Panama — Dekel is an investor, attaching the co-founders to both landlord and tenant entities. She hosts you, she hugs you. I've been able to lead my career objective and growth within different roles inside the HR Division, from assistant to the learning and development department manager. This is the new way, the Selina way. If vacancy rates go up, the economy takes a downturn, that’s a risk level I don’t want”. There are so many valuable lessons from traveling, from solving problems, to think outside the box. 1 need of this generation is to socialize”. (The two co-founders left their executive roles at Dekel when Selina was founded.) The parallels may explain why Neumann, who was ousted from WeWork last summer, personally invested millions of dollars in Selina. The company has 30 properties in South America and Central America. “Now, we’re sitting on a very good strategy.” He said Selina has 12 properties “signed, opened or under development” in the country. But opting out of some of these cookies may have an effect on your browsing experience. Even Airbnb, the darling of hospitality startups with a $31 billion valuation, is facing an uncertain future after posting losses ahead of a planned public offering this year. We were building something new, we wanted to get the community involved and for them to be excited that we were coming to town. Avra Jain, a Miami developer and founder of Vagabond Group, is a local development partner of Selina. We are all very happy entrepreneurs trying to build the right product for a new generation. But we consistently receive positive feedback”. The image that Selina cultivates recalls that of WeWork under the controversial Neumann, who touted the idea that it was more a state of being than an office-space company. The documents also anticipate the number of beds growing nine-fold over that time to 130,000 — which would make it one of the 10 largest hotel operators in the world. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. We're always looking for unique voices with a global perspective to contribute to our blog. “Definitely the strategy of the U.S. … took me longer to understand,” Museri said. He said the hotel is slated to open in July. He is the founder and CEO of Selina, a rapidly growing, new generation of lifestyle hostels with 13 locations in Latin America. Selina has counted Adam Neumann, the co-founder of co-working company WeWork, among its backers, and most of Selina’s 48 properties in Latin … “The No. Selina is growing quickly in Central America, South America, North America and Europe. It hasn’t helped that it has opened only two of more than a dozen Selina-branded locations slated to launch here last year. We have created a platform for travelers and locals where they can meet and share experiences, where they can connect to people all over the world and fulfill their needs to have a happy and meaningful life. But even before the pandemic, raising money for growth-focused startups had become difficult. The company is also in the process of securing a $60 million loan from the Inter-American Development Bank to fund growth projects in South America, he said. We overcome this by working closely to the communities around Selina, making sure local people feel comfortable with us and that they feel part of Selina as much as Selina is part of them. The Great Hostels Backpackers is an easy walk to the local public baths at the Cascada de la Virgen in Baños de Agua Santa, Ecuador. Selina La Fortuna is located in the center of town and is the perfect starting point for all your adventures. In Mexico, for example, DD3 Capital Partners has committed to providing over $150 million. “There’s a lot of smart investors who are investing with these guys, and that instills confidence in people like myself,” said Avra Jain, a Miami-based hotel owner who expects to open two Selina-occupied properties next month. Backed by high-profile investors including WeWork co-founder Adam Neumann, the London-based startup operates dozens of hostels with co-working space in vacation spots across the globe. “The underlying issues have nothing to do with Selina or its operation of the property,” said Gery, the president. Wendy Silverstein, co-head of WeWork’s real-estate fund, is out, Big sale in Big Easy: Four Seasons penthouse breaks record, Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon, Hotel owners ask NY for break on tax penalties. Selina president Yoav Gery and co-founder Rafi Museri (Illustration by The Real Deal). “Whenever someone tries to grow, grow, grow and then they have to raise money for operations — how can you sustain growth without capital?” said one person familiar with Selina’s business. To appeal to investors, Selina has billed itself as the solution for a growing market of what it calls “digital nomads” — workers who, the company hopes, will stay in its picturesque locations year round. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. A family owned operation, the first and most well known Hatters was founded at Newton Street in the hip and trendy Northern Quarter of Manchester’s city centre. That’s what Selina is selling. Selina hostels are always top notch, and this one was no exception. The investment, led by the Abraaj Group, with additional investments from Sir Ronald Cohen, founder of Apax, Gigi-Levi Weiss, and WeWork founder … Selina, the youth hostel chain founded by Israelis Daniel Rudasevski and Rafi Museri, has signed a partnership with Ampa Real Estate to build hostels with 5,000 to … Some would-be investors have balked at Selina’s pitch, which forecasts that revenue will explode from $70 million in 2019 to more than $2 billion in 2024. Gery set about fundraising, and secured early investors, including Adam Neumann, who was building his own real estate leasing empire at WeWork. Bill Fuller, whose firm Barlington Group owns the Little Havana property, the former Tower Hotel, blamed the delay on a regulatory dispute, not Selina. 1 need of this generation is to socialize,” Rafi Museri, Selina’s co-founder and CEO, said in an interview. We also use third-party cookies that help us analyze and understand how you use this website. It has expanded to include 25 locations in cities, towns or … This month, Lyric, an Airbnb-backed firm that offers apartments to business travelers, said it would close a third of its 600 units and cut staff. Selina is the newest hospitality company on my radar. Selina Miami River and Selina Miami Gold Dust will feature yoga rooms, a cinema and a library. Selina hostels, the fast-growing hostel chain founded by Israeli businessmen, is opening a new location in Lima, Peru . More will come. With these commitments, Selina has said it can open another 77,000 beds. In This Episode, Rafi Reveals: It is mandatory to procure user consent prior to running these cookies on your website. Headquartered in Panama City, Selina seeks to disrupt the hostel hospitality industry in these regions by providing a high-end hostel experience at locations which … Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. For months its executives have been unable to persuade investors to commit to a $500 million real estate investment fund to buy U.S. properties. “We’ve met, and continue to meet with, many potential investors around the world,” he said. As I said before, we were building something new, there’s a lot of things we wish we knew before starting our company but something really valuable that has helped us shape the company today is that we are not afraid to fail, just follow your gut and even though the path will be sometimes uncertain, bumpy and you will fall sometimes (or many) those failures are what help you understand what works or not for your business. We tap the local artists and workshops and let them create an aesthetic. Selina is the newest hospitality company on my radar. They have everything you need, including a big kitchen, a small cafe, a bar, a theater, and a fantastic location. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Selina is located in Barrio Otoya, one of San Jose’s cultural hotspots. 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