15th Nov 2019 12:31
(Alliance News) - Hostel operator Safestay PLC said Friday it has acquired the Hotel Auberge in Berlin for EUR1.2 million.
Hotel Auberge is currently operating as a 32 bedroom hotel, however Safestay is looking to convert the asset into a modern 150 bed hotel, which is expected to be completed in the first quarter of 2020.
Safestay now holds 18 hotels across the UK and Europe, totalling 4,287 beds.
"Berlin is a key tourist city which attracts around 13.5 million visitors each year and the hotel benefits from a desirable position in the centre of the town, which makes it a perfect fit for our portfolio of premium hostels. Acquiring existing leaseholds enables us to expand our reach more rapidly throughout Europe and gives us operating platforms which are immediately cash accretive," said Chair Larry Lipman.
Shares in Safestay were up 6.3% at 34.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
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