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Safestay Sold Edinburgh Hostel to A&O

TPG, German owner of A&O Hotels and Hostels, one of the main operators in the Hostels segment, has acquired the ownership of Edinburgh’ Safestay Hostel (600 beds) for GBP 16 million (approximately EUR 18.8 million), equal to GBP 26k per bed (about 30k/bed) from Safestay. The hostel, the largest one in the Scottish capital, will be managed and branded A&O.
What drove Safestay to sell the asset is mainly attributed to the vendor’s need for liquidity, which increased during the pandemic. This move will help reducing Safestay’s debt and finance the cash-burn during the next few months affected by the pandemic.
In Italy, A&O manages 2 properties in Mestre, for a total of 628 keys.