Safestay (GB:SSTY) has released an update.
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Safestay PLC, a leading European hostel group, has strategically surrendered the lease of its only loss-making property, a hotel in Vienna, which will allow the company to reinvest in more profitable opportunities. The decision came after the company was unable to convert the hotel into a hostel as planned, resulting in significant losses. Safestay is now focusing on growth and exploiting opportunities in the global hostel market, including recent acquisitions in Brighton and Córdoba, Spain.
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