Safestay plc (GB:SSTY) has released an update.
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Safestay plc has expanded its portfolio by signing a 20-year management contract to operate the Calpe Seafront Hostel in Spain, marking the company’s first venture into management contracts. The hostel, which will undergo refurbishments funded by the landlord, is set to reopen in June 2024 and will join Safestay’s existing network, benefiting from the group’s economies of scale and marketing efforts. With this addition, Safestay anticipates re-establishing the hostel’s pre-pandemic success and exploring further asset-light opportunities.
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