announced the acquisition of its eighth European property: Hotel Opera in central Brussels for €1.6 million.
Positioned on Rue Grétry just off Brussel's famous Grand Place, considered one of the world's most beautiful squares, the 50 bedroom property, is an independent hotel that has been popular with visitors to the Belgian capital for over 30 years.
The property is leasehold with 5 years remaining and an option to extend to 2032.
Safestay has been pursuing a strategy of acquiring properties that can be successfully developed into one of its branded hostels.
This particular property is well located and can be rebranded and converted into a 200 bed hostel relatively quickly.
Larry Lipman, Chairman of Safestay, said: "Hotel Opera has been a good hotel but we believe we can make it into an excellent hostel. The building and the central location combine to make it ideal to attract some of the tens of thousands of visitors who come to Brussels each month.”
“We expect the transaction to be immediately earnings enhancing.”
He added: “We are executing on our ambitious roll out plan and we look forward to completing further similar deals in other prime city locations."
The group now has a portfolio of 12 premium hostels; located in Brussels, Paris (under construction), 3 in Barcelona, Madrid, 2 in London, Edinburgh, York, Lisbon and Prague.
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