Safestay, the owner and operator of an international brand of contemporary hostels, has reported a 25% increase in total revenues to £18.8m in 2019.
In the year to 31 December 2019, like-for-like revenues increased by 7% and the group also reported an 11% increase in adjusted EBITDA to £3.8m during the period – up from £3.4m in 2018.
Additionally, Safestay achieved 77.3% occupancy over the period, up from 75.6%, as well as a 5% increase in average bed rate to £21.3.
The group also completed six transactions during the year, increasing its portfolio to 21 sites and over 5,100 beds.
Larry Lipman, chairman of Safestay, said: “In 2019 we near doubled the size of the Safestay network. In doing so, the Safestay brand has become Europe’s leading premium hostel network totalling 21 sites, all in sought-after central locations in the UK and Europe’s best known cities.
“The brand is now well established and positioned to sell over a million bed nights in 2020 in unique hostels ranging from Edinburgh to Athens.”
He added: “Trading in 2019 was good, all key indicators were strongly positive, in particular the organic growth performance, and critically we have yet to really benefit from the recent acquisitions agreed towards the end of the year.
“Safestay is therefore well placed to grow substantially in 2020 and take advantage of the increasing popularity of the modern hostel sector.”