Buildings and Property | Madrid, Spain | Corporate Acquisition
Safestay (LON: SSTY) has agreed to buy fellow hostel operator U Hostels Albergues Juveniles for €3 million. As part of the deal, Safestay has agreed to invest up to €2.3 million in the conversion of a Paris building into a 260-bed hostel. U Hostels generated €1.3 million sales and a net loss of €100,000 in 2016. Safestay's shares closed up 3% Monday.