20th Jul 2016 14:41
LONDON (Alliance News) - Safestay PLC said Wednesday it has completed an independent revaluation of its flagship hostel at Elephant & Castle in London, and the carrying value of the site has increased by GBP3.8 million.
The carrying value of the hostel has increased to GBP16.0 million from GBP12.2 million, as had been disclosed in its 2016 annual report.
Safestay said the uplift in value was driven by the hostel's strong trading performance since it was acquired in 2014.
"We are very pleased with the performance of Safestay Elephant & Castle and are confident we can continue to drive further improvements from this great site," said Chairman Larry Lipman in a statement.
Shares in Safestay were up 1.0% at 49.49 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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