Safestay PLC - London-based city centre hostels operator - Buys Hotel Lineros in Cordoba, Spain for €2 million in cash, from sellers Antonio Molera, Carmen Gude, and A. Medina Molera SLU. ‘Under the Safestay brand the site will be converted into a 100 bed hostel,’ with the conversion starting on Wednesday, the company says. Safestay anticipates that in the eight months to December 31, the property will generate revenue of about €230,000 and earnings before interest, tax, depreciation and amortisation of €40,000.
Chair Larry Lipman says: ‘We are very excited with the acquisition of this unique and beautiful property in the historic City of Cordoba. It will open as Safestay Cordoba, paying homage to the UNESCO World Heritage status the magnificent city centre has. Cordoba will be our 5th property in Spain and 19th in our collection of upmarket hostels across Europe.’
Current stock price: 19.00 pence each
12-month change: down 28%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
