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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Safestay Plc | LSE:SSTY | London | Ordinary Share | GB00BKT0J702 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 18.00 | 20.00 | 19.00 | 19.00 | 19.00 | 0.00 | 08:00:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 19.15M | -282k | -0.0043 | -44.19 | 12.35M |
TIDMSSTY
RNS Number : 0470H
Safestay PLC
08 March 2018
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
08 March 2018
Safestay plc
("Safestay", the "Company" or the "Group")
Acquisition of 3(rd) Hostel in Barcelona
Safestay (AIM: SSTY), the owner and operator of a new brand of contemporary hostel, is pleased to announce that it has acquired a third hostel in Barcelona for EUR3.0 million from Equity Point Hostels ("Equity Point").
Known as Barcelona Centric, the hostel is situated in one of Barcelona's most desirable avenues, Passeig de Gràcia. Offering 340 beds it has been consistently popular with visitors to the City and was a flagship hostel of Equity Point. The acquisition will mean the Group now has three hostels in Barcelona, two centrally located and one on the beach, together offering 594 beds in easily one of the most visited cities in Europe.
The property is held on a lease for a total of 15 years, 3 years of which are fixed, followed by tenant only options to extend. The consideration for the acquisition is EUR3.0 million which will be satisfied from the Group's existing cash resources with an initial payment of EUR0.7 million and then four payments of EUR0.575 million spread over the next four years.
For the financial year ended 31 December 2017, the hostel generated sales of EUR2.4 million and EBITDA of EUR574k.
As a result, the Group's hostel portfolio now consists of 10 operating hostels, plus a development site in Paris and 34 apartments in Madrid under development. With the addition of Barcelona Centric the number of beds across the portfolio has increased to 2,646, excluding the 34 apartments in Madrid currently under development and a further 330 additional beds which will become available when the Paris and the Elephant and Castle extensions open.
Larry Lipman, Chairman of Safestay, said:
"We know the Barcelona market well and we know there is high demand for our premium hostel offer. We are therefore fully confident of integrating this new site into the Group and using it to expand our presence in what is a very popular City. Our European acquisitions last year in this City and in Prague, Lisbon and Madrid are all performing well.
The global hostel market is booming and we are benefitting from this increase in awareness and popularity. Importantly, we have in place the operational strength to support a much larger business across multiple geographies and we look forward to making further significant progress in 2018."
- ENDS -
Enquiries
+44 (0) 20 8815 Safestay plc 1600 Larry Lipman, Chairman Sharon Segal, Finance Director Canaccord Genuity Limited +44 (0) 20 7523 (Nominated Adviser and Broker) 8000 Chris Connors Martin Davison Michael Reynolds Novella +44 (0) 20 3151 Tim Robertson 7008 Toby Andrews
For more information visit: www.safestay.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 08, 2018 02:00 ET (07:00 GMT)
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