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Safestay PLC Offloads Loss-Making Vienna Hotel

Safestay PLC Offloads Loss-Making Vienna Hotel

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.

For further insights into GB:SSTY stock, check out TipRanks’ Stock Analysis page.

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