2nd Mar 2020 11:15
(Alliance News) - Safestay PLC on Monday said it has completed the acquisition of hostels in Bratislava, Slovakia and Warsaw, Poland from Dreamgroup Management ECP Ltd for a total of EUR2.7 million.
In December, the hostels operator said it had acquired three hostels in central and eastern Europe for EUR3.7 million from Ukraine-based hotel operator Dreamgroup Management.
It said the first hostel in Warsaw comprised 158 beds with the second being a 124-bed hostel situated in Bratislava. The third hostel in Prague in the Czech Republic offered 204 beds.
However, Safestay said on Monday that while the acquisition of the first two hotels completed, the purchase of the third hostel from the Dreamgroup portfolio did not complete as the seller of the Prague-based hostel did not meet the terms of the acquisition agreement.
Shares in Safestay were up 2.8% at 27.75 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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