Safestay PLC Revaluation of Elephant and Castle Hostel (7755E)
July 20 2016 - 9:14AM
UK Regulatory
TIDMSSTY
RNS Number : 7755E
Safestay PLC
20 July 2016
20 July 2016
Safestay plc
("Safestay", the "Company" or the "Group")
Revaluation of Safestay Elephant & Castle
Safestay (AIM: SSTY), the owner and operator of a new brand of
contemporary hostel, announces that is has completed an independent
revaluation of its flagship site in London's Elephant & Castle
("Safestay Elephant & Castle").
The valuation was carried out by Cushman and Wakefield. As a
result of the exercise, the carrying value of Safestay Elephant
& Castle has increased from GBP12.2m, as disclosed in the
Company's 2016 Annual Report, to GBP16m.
The uplift has been driven by the hostel's strong trading
performance since it was acquired by Safestay in 2014, building
further on the year-on-year increases in occupancy, average bed
rate and revenue per available room announced in our Final Results
in April. This continued improvement in performance reflects the
strength of the hostel's location in an exciting, rapidly
developing area of central London, improvements made to food and
beverage offering and the high quality of service our staff are
delivering to customers.
Larry Lipman, Group Chairman, commented "We are very pleased
with the performance of Safestay Elephant & Castle and are
confident we can continue to drive further improvements from this
great site."
- ENDS -
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
+44 (0) 208 8151
Safestay plc 600
Larry Lipman, Chairman
Philip Houghton, Chief Executive
Officer
+44 (0) 020 7523
Canaccord Genuity Limited 8000
Bruce Garrow
Chris Connors
Ben Griffiths
+44 (0) 20 3151
Novella Communications 7008
Tim Robertson
Toby Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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