Business
Revaluation of Elephant and Castle Hostel
Revaluation of Elephant and Castle Hostel.
About this update from Safestay Plc
[{"type":"text","content":"\n \nRNS Number : 7755E Safestay PLC 20 July 2016 \n\n20 July 2016\n \n \nSafestay plc \n(\"Safestay\", the \"Company\" or the \"Group\")\n \nRevaluation of Safestay Elephant & Castle \n \n \nSafestay (AIM: SSTY), the owner and operator of a new brand of contemporary hostel, announces that is has completed an independent revaluation of its flagship site in London's Elephant & Castle (\"Safestay Elephant & Castle\").\n \nThe valuation was carried out by Cushman and Wakefield. As a result of the exercise, the carrying value of Safestay Elephant & Castle has increased from £12.2m, as disclosed in the Company's 2016 Annual Report, to £16m. \n \nThe uplift has been driven by the hostel's strong trading performance since it was acquired by Safestay in 2014, building further on the year-on-year increases in occupancy, average bed rate and revenue per available room announced in our Final Results in April. This continued improvement in performance reflects the strength of the hostel's location in an exciting, rapidly developing area of central London, improvements made to food and beverage offering and the high quality of service our staff are delivering to customers. \n \nLarry Lipman, Group Chairman, commented \"We are very pleased with the performance of Safestay Elephant & Castle and are confident we can continue to drive further improvements from this great site.\" \n \n- ENDS -\n \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.\n \nEnquiries: \n\n\n\n\nSafestay plc\n\n\n+44 (0) 208 8151 600\n\n\n\n\nLarry Lipman, Chairman \n\n\n\n\n\n\n\nPhilip Houghton, Chief Executive Officer\n\n\n\n\n\n\n\n \nCanaccord Genuity Limited\n\n\n \n+44 (0) 020 7523 8000\n\n\n\n\nBruce Garrow\n\n\n\n\n\n\n\nChris Connors\n\n\n\n\n\n\n\nBen Griffiths\n\n\n\n\n\n\n\n \nNovella Communications\n\n\n \n+44 (0) 20 3151 7008\n\n\n\n\nTim Robertson\n\n\n\n\n\n\n\nToby Andrews\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSEDFLSFMSEFW\n ","length":5328,"tagName":"div"}]