Safestay plc (GB:SSTY) has released an update.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Safestay plc has expanded its portfolio by signing a 20-year management contract to operate the Calpe Seafront Hostel in Spain, marking the company’s first venture into management contracts. The hostel, which will undergo refurbishments funded by the landlord, is set to reopen in June 2024 and will join Safestay’s existing network, benefiting from the group’s economies of scale and marketing efforts. With this addition, Safestay anticipates re-establishing the hostel’s pre-pandemic success and exploring further asset-light opportunities.
For further insights into GB:SSTY stock, check out TipRanks’ Stock Analysis page.