Safestay (GB:SSTY) has released an update.
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Safestay PLC has expanded its portfolio with the purchase of a centrally located property in Brighton to be transformed into a 220-bed premium hostel, marking the company’s sixth UK location and twentieth overall. The acquisition, at a cost of £2.275 million, will be financed through existing cash and a new loan, with anticipated conversion costs of £1 million. Targeting a gap in Brighton’s budget accommodation market, Safestay aims to capitalize on the city’s reputation as a lively cultural and tourist hub.
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