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Selina Hotels has revealed that its adjusted EBITDA improved to a loss of $0.3m (£0.24m) for the six months ended 30 June 2023, compared with a $4.4m (£3.6m) loss in H1 2022.
The company also posted a total revenue of $106.7m (£86m), an increase of $20.3m (£16.4m), or 23.4% compared with the first half of 2022.
On a same-store basis the company’s total revenue increased by 10% driven by an increase in same-site occupancy and increase in same-store TRevPABs.
Furthermore, Selina saw an increase in occupancy rates from 45.5% in H1 2022 up to 54.1% in H1 2023.
Alongside this the company posted an adjusted EBITDA loss of $0.7m (£0.6m)for the three months ended 30 June, compared to $5.8m (£4.7m) loss in Q2 2022.
The company’s total Q2 revenue was $52.5m (£42.3m), an increase of $7.2m (£5.8m), or 15.9% compared with Q2 2022.
Selina stated that this was driven primarily by an increase in bed spaces from newly opened locations.
It was also driven by increased occupancy rates which rose from 45.9% in Q2 2022 up to 51.4% in Q2 this year.
As a result the company reaffirmed its previously provided guidance of achieving a positive adjusted EBITDA and positive operating cash flow for the year.
However the company noted that its long-term success is contingent on generating profitable operations in the future and securing additional equity or debt financing in the near term.
