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(Sharecast News) - Hostel operator Safestay said on Monday that it has received planning approval to develop a new 170-bed hostel in Brighton.
Safestay said the planning approval follows its of a freehold property on Pavilion Parade for a total consideration of £2.27m back in June 2024.
The AIM-listed group stated it will invest approximately £1.0m in the conversion of the property, with the hostel anticipated to open in early 2026.
Chairman Larry Lipman said: " We're delighted to have obtained planning approval to convert our Brighton location into a 170-bed hostel. Once operational, the site will create approximately 20 new jobs in the area as well as making a significant contribution to the local economy by enabling potentially thousands more visitors a week to stay in one of Brighton's most vibrant and commercial areas."
As of 0855 BST, Safestay shares were down 4.57% at 20.04p.
Reporting by Iain Gilbert at Sharecast.com
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