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Safestay to acquire Glasgow hotel

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.