UK hostel brand Safestay, has continued its expansion into the European market with the acquisition of its second Barcelona hostel.
The company bought the property for €20m from Equity Point Hostels on 31 May 2017 with 24 years remaining on the lease.
The Barcelona Gothic property has 144 beds and is located in the city’s Gothic Quarter, 150 yards from the Picasso Museum.
This acquisition increases Safestay’s Barcelona room count to 254. Since April this year, the group has expanded its portfolio from four to 11 hostels.
Larry Lipman, chairman of Safestay, said: “There is no requirement for significant additional investment. Instead the focus will be to integrate the site into the business under the Safestay brand and together with our other Barcelona hostel…we will look to build upon an already established revenue stream.”