Cogress, a British property investment firm, has agreed to commit 80 million pounds ($102.2 million) in Panama-based hospitality startup Selina over the next five years.
Under the terms of the transaction, Cogress is expected to fund the conversion of Selina's hotels in Portugal and the UK.
More so, the first investment opportunity is a portfolio of six venues including a 219-bed site in Porto and a hotel in Manchester's Northern Quarter.
Additionally, Cogress will also infuse in the conversion of Liverpool's YMCA building into a 324-bed site as well as an asset in Birmingham's Jewellery Quarter.