SafeStay Plc (SSTY), the international hostel operator with locations including London, Edinburgh and Lisbon, announced today that it has opened a new hostel in Vienna’s city centre. With its central location, the new Viennese hostel offers SafeStay prime access to the city’s vast tourist population-- over 1.5 million overnight tourists stayed in Vienna in June 2018 alone.
The group has secured a long term 20 year lease with an option to extend for a further 10 years and intends to convert the 52-room hotel into a 234 bed SafeStay branded hostel. The conversion, considered rather simple, should take about three months and cost less than €0.3m.
The addition of the Vienna hostel expands the group’s portfolio to nine hostels in Europe, four of which are located in the UK, in six of Europe’s ten most popular tourist destinations. It is also a signal of SafeStay’s accelerated growth as they added a Brussels location just earlier this month.
With this portfolio and growth, SafeStay is positioning itself to massively reap the benefits of an expanding European hostel market, which, by 2020, is expected to grow by 7-8% year on year and has a current value of €4.58bn in bed revenue.
In this exclusive video for Vox Markets, SafeStay's COO Nuno Sacramento shows off the new building and discusses the company's decision to make their mark in Vienna.
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