a&o Hotels and Hostels to acquire the Edinburgh Hostel of Safestay for £16m.

a&o Hotels and Hostels, a chain of hostels, headquartered in Berlin, agreed to acquire the Edinburgh Hostel of Safestay, the owner and operator of an international brand of contemporary hostels, for £16m. The Board of Safestay believes that an asset disposal is the optimal approach for the group to raise new capital in the current market environment. The £16m offer for the Edinburgh hostel is an attractive solution.