U.K.-based hostel operator Safestay PLC said Sept. 18 that it signed a deal to acquire the Best Western Glasgow City Hotel for £3.15 million.
Safestay intends to convert the 52-bedroom hotel into a 200-bed hostel, in line with its strategy to create a pan-European network of premium hostels.
The transaction, which is expected to complete Oct. 21, will be funded from the company's existing cash resources.
