Cash proceeds of $285 million from the deal with BOA Acquisition Corp include $70 million in private investment in public equity from investors including South Light Capital, MORE Investment House and venture capitalist Sir Ronald Cohen.
Selina has a network of 134 properties in North and South America, Europe and the Middle East, founded in 2015 by Rafael Museri and Daniel Rudasevski.
Selina expects to gain from the remote working trend and a health and wellness-focused lifestyle shift by its target customers, which the company anticipates will become more pronounced in the coming years.
Some of Selina's peers in the hospitality industry have also chosen a SPAC merger over a traditional IPO.
In April, Sonder, a San Francisco-based lodging startup, agreed to merge with a blank-check firm that was backed by billionaire investors Alec Gores and Dean Metropoulos in a deal that values the combined company at around $2.2 billion.
The hospitality industry was one of the worst hit since the Pandemic and the sector underwent a crunch that led to mounting debt.