7th Apr 2025 11:30
(Alliance News) - Safestay PLC on Monday announced it has received planning approval for a new 170-bed hostel in Brighton, following the group's acquisition of the property in June 2024.
The London-based hostel operator acquired the freehold building on Pavilion Parade for a total of GBP2.3 million, and will invest around GBP1.0 million into the conversion of the property.
The Regency-style, end of terrace building is around 600 metres from the Brighton seafront and is in close range of The Lanes, Brighton's shopping and leisure district.
The hostel is expected to open in early 2026.
"Once operational, the site will create approximately 20 new jobs in the area as well as making a significant contribution to the local economy by enabling potentially thousands more visitors a week to stay in one of Brighton's most vibrant and commercial areas," said Chair Larry Lipman.
"Brighton is an amazing city, attracting millions of visitors throughout the year, making it a perfect fit for Safestay's strategy of building its portfolio offering fantastic, highly affordable accommodation in premium locations across some of Europe's most vibrant travel locations."
Shares in Safestay were up 4.8% at 22.00 pence each in London on Monday morning.
Chair Lipman continued: "We have a proven track record of acquiring and developing hostels across Europe to create value. Our Edinburgh Cowgate hostel which opened in 2024 following refurbishment has performed incredibly well, proving hugely popular with visitors to the city looking for safe, welcoming, and great value accommodation."
By Emily Parsons, Alliance News reporter
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