International hostel operator Safestay has reported a 39% increase in total revenues to £14.6m for the year ending 31 December 2018.
The company saw occupancy increase by 75.6% during the year, compared with 72.8%, and Safestay expects to deliver at least £3.4m in EBITDA, compared with £3.2m in 2017.
Additionally, the company’s Elephant & Castle Safestay hostel located in London has completed its 73-bed extension and now offers 486 beds per night.
A statement by the group read: “At an annual growth rate of 5%, the contemporary hostel market is the fastest growing segment of the accommodation sector within which Safestay is already one of the leading operators in Europe with 2,792 beds.
“Demand for the hostel experience from the digital generation, in particular, remains strong across the UK and the continent.”
Chairman Larry Lipman said: “The focus is to grow the brand and the company has the capital to support an increase from the 13 sites today to over 20, at which point the business will become self-funding and increasingly gain from economies of scale and brand growth.”