LONDON, UK: Safestay Plc (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, has agreed to acquire a freehold property in the centre of Edinburgh, which until a few years ago operated as a hostel, for cash consideration of £4.3 million. The property is an attractive and spacious Grade A listed…
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Safestay Plc selling Edinburgh Hostel to a&o Hotels and Hostels for £16 million
LONDON: Safestay Plc has entered into conditional sale and purchase agreements to sell the Edinburgh Hostel to a&o Hotels and Hostels for a cash consideration of £16 million payable at completion, representing a 22% premium to the £13.4 million book value. The 2019 annual EBITDA of the hostel pre-COVID 19 was £1.7 million. The Group…