LONDON (ShareCast) - (Sharecast News) - Hostel operator Safestay has agreed to acquire the freehold of its fifteenth hostel, currently operating as Best Western Glasgow City Hotel.
Safestay will purchase the 52-bedroom hotel for £3.15m in cash as part of its strategy to create a pan-European network of "premium hostels in leading cities".

The AIM-listed group, which already operates a site in Edinburgh, intends to convert the site into a hostel, with outline planning permission already existing for conversion into a 200-bed property.

Chairman Larry Lipman said: "Given the success of our 615 bed Edinburgh hostel which we acquired in 2015 and now considered to be a flagship site within our portfolio, we have been looking for sometime to find the right site in Glasgow.

"We are therefore very pleased to have secured this excellent building which is ideally suited to being a hostel, providing an excellent base to explore Glasgow from."

As of 0915 BST, Safestay shares had dropped 3.13% to 31p.

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