Selina Hospitality PLC, a rapidly expanding experiential hospitality brand catering to millennial and Gen Z travelers, has announced its financial results for the full year ending December 31, 2022.
As per a release, the company experienced significant improvement in key operating metrics compared to 2021.
Rafael Museri, co-Founder and CEO, commented on the positive financial results: “2022 has been a very important year in Selina’s history. We completed our listing on NASDAQ in October 2022, and our business delivered strong improvement in our key operating metrics. We entered 2023 with a strong focus on three strategic imperatives: driving cash flow, executing on our path to profitability, and building our brand, which provides a differentiated travel experience to our growing number of guests. I believe that the new discipline around growth and cost management, coupled with a strong product offering, will position Selina as a leader in the hospitality space.”
For the year ended December 31, 2022, Selina’s revenue increased by 98.3% to $183.9 million, compared to $92.7 million in 2021. The company’s net loss was $198.1 million, a 6.2% decrease from the $185.7 million reported the previous year. Adjusted EBITDA improved by 77.2%, with a reduction in losses from $25.7 million in 2021 to $14.5 million in 2022.
The experiential hospitality industry has grown significantly in recent years as travelers increasingly seek unique, immersive experiences beyond traditional hotel stays. Selina has positioned itself as a significant player in this market by offering a combination of beautifully designed accommodations, coworking spaces, wellness facilities, and local experiences tailored to the needs of millennial and Gen Z travelers.
The company’s growth can be attributed to its innovative approach to hospitality, which emphasizes authentic local experiences and flexibility for today’s nomadic travelers. By partnering with local artists, creators, and tastemakers, Selina breathes new life into existing buildings in fascinating locations across 24 countries on six continents, ranging from bustling urban centers to remote beaches and jungles.
Looking forward to 2023, Selina reaffirms its goals for the year, aiming for annual revenue growth of 30 to 40% and achieving positive Adjusted EBITDA and operating cash flow. This optimistic outlook highlights the company’s confidence in its ability to maintain its momentum in the experiential hospitality industry and continue to meet the evolving demands of its target demographic.
As the experiential hospitality industry continues to evolve, Selina’s financial results demonstrate its ability to capitalize on this growing market. The company’s innovative approach to accommodation and experiences, combined with its strong financial performance, positions it well for continued success in the coming years.