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Lifestyle hotel brand Selina has raised $100 million in Series C funding, bringing the company’s total funding to $225 million to date.
The latest funding round was led by Access Industries, with additional investments from Grupo Wiese and existing investor Colony Latam Partners.
Selina pegs its valuation at $850 million.
Launched in 2015, Selina is a millennial-focused brand that offers workspace for rent by the day, week or month in addition to overnight accommodations. The company has more than 40 hotels across Argentina, Brazil, Panama, Costa Rica, Colombia, Mexico, Guatemala, Nicaragua, Peru, Bolivia, Ecuador and Portugal.
The Series C is likely to help fuel Selina’s aggressive expansion plans, with the company currently targeting 400 total locations by 2023.
Selina plans to open an additional 35 properties in the U.S., U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico this year, as well as make its foray into Asia by 2020.
Selina recently announced plans to invest heavily in New York, with plans to open two Manhattan locations and one in Woodstock, N.Y., later this year.
The brand also has three Miami hotels under development and previously said it aims to have 15 U.S. locations by the end of 2019.
Source: travelweekly.com