Property investment company Cogress has committed £80m towards the expansion of hotel group Selina in the UK and Portuguese markets over the next five years.
The conversion brand already has a property in Manchester, which opened in August; with another set to open in Birmingham’s Jewellery Quarter next month (pictured); and a 324-bed hotel in Liverpool to launch by the end of the year following the conversion of the city’s YMCA building.
Cogress chief executive Tal Orly said: “This is the biggest commitment we have made as a lender. The scope of Selina, its growth to date, the innovation and the resilience of the model, and its potential to change not only the hospitality industry but how we view and use property is reminiscent of AirBnB. It is an opportunity very few lenders get the chance to partner on, and I was delighted that our success to date meant Cogress was in a strong position to commit £80m over the next five years to this deal.”
Founded in Latin America in 2015, the brand’s name comes from Selene, the Greek goddess of the moon. Properties are expected to be open in around 100 locations by 2022.
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