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Hostel brand Safestay has continued to expand with the €3.6m acquisition of three Equity Point Hostels.

Safestay entered a debt financing agreement with Equity Point Hostels gaining 90% of its share capital, valued at approximately €10m.

Following the announcement of its acquisition of U Hostels , this brings the group’s portfolio up to ten. The group currently has four properties in the UK and six across Europe.

Its three new signings are hostels in Barcelona, Prague and Lisbon. They are acquired on operating leases with a five-year renewal.

Larry Lipman, chairman, said: “We have acquired sites in excellent locations – [it] is a strong line up with our existing sites in London, York and Edinburgh.

“These three hostels, already being operational, we will immediately add to our operating platform and significantly enhance our overall offer. We look forward to completing the transaction and integrating new sites into the enlarged Safestay business.”

Source: Hotel Owner, May 2017