Safestay acquires property in Glasgow for £3.2m to covert to hostel

Writer, Stock Market Wire
Wednesday, September 18, 2019 - 07:34

Hostel owner Safestay said it had agreed to acquire the freehold of a property in Glasgow for £3.2m that it would convert to a hostel.

The 52-bedroom property was currently operating as 'Best Western Glasgow City Hotel' and would be the company's 15th hostel.

'Safestay already operates a successful site in Edinburgh and therefore the acquisition of Safestay Glasgow is a natural extension enabling the group to market both cities,' the company said.

'As with the acquisition of other hotels by Safestay, the company intends to convert this site into a hostel and outline planning permission already exists for conversion into a 200-bed hostel.'

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