Safestay acquires Edinburgh hostel for £14.9m


Luxury hostel brand Safestay has acquired its fourth site, Smart City Hostels, in Edinburgh for £14.9m.

Situated in the heart of Edinburgh’s Old Town and close to the Royal Mile, the property spans eight floors and features a bar and lounge with an outside courtyard and split level terrace.

The new hostel will continue to trade under its existing name whilst undergoing refurbishment and will be rebranded as Safestay Edinburgh in early 2016.

The hostel offers 272 beds throughout the year, as well as 81 en-suite student rooms that are leased to Edinburgh University during term-time, a deal generating £312k a year in rent.

When the student rooms become available over the summer months, the hostel’s maximum capacity is boosted to 615 beds in time for the festival crowds..

Safestay Edinburgh joins Safestay London Elephant & Castle, Safestay York and Safestay London Holland Park, and the team is actively seeking new sites for further expansion.