LONDON (ShareCast) - (Sharecast News) - Hostels operator Safestay has exchanged contracts to buy Athens-based hostel AthenStyle for €1.5m in a deal that is expected to complete in January.
The hostel is centrally located, surrounded by boutique cafes and bars and within easy walking distance of the City's famous historical sites.

For the 12 months to December 2018, the business generated sales of €0.7m and earnings before interest, taxes, depreciation and amortisation of €0.2m. The property is being bought on an 18-year lease.

Safestay chairman Larry Lipman said: "AthenStyle is a strong addition to our portfolio as it is already popular, stylishly designed and sits right in the heart of the City. It will be a straightforward process to re-brand the site, integrate with our cloud-based booking systems and should be immediately earnings enhancing.

"The last four months has been an active transaction period with new sites added in Pisa, Venice, Glasgow and now Athens which means Safestay guests can now stay with us throughout the UK and Europe in any one of our 17 individually unique hostels."

At 1040 BST, the shares were down 2.5% at 31p.

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