A new 225-bed hostel is to open on a historic street in the Scottish capital in June.
Safestay, the owner and operator of the international brand of hostels, told The Herald its new premises in Edinburgh "demonstrates an ongoing commitment" to expanding its portfolio across the UK.
"Set to open in June 2024, Edinburgh Cowgate will be housed in a beautiful and spacious Grade A listed building, situated on one of the oldest thoroughfares in the Scottish capital," Safestay said.
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It added: "Cowgate, historically used as the route for driving cattle to market since the 1490s, is now renowned for its vibrant pub, club, bar, restaurant, and café scene.
"It's conveniently located within walking distance of Edinburgh’s most popular attractions and sites, including the Royal Mile and Edinburgh Castle."
Once renovations are completed, Safestay Edinburgh Cowgate will provide ample communal spaces, a café, bar, and 225 beds in various room configurations – from eight-bed dorms to two-bed private rooms with ensuite facilities – which it said is typical of all Safestay hostels.
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Safestay announced in December it had agreed to acquire the freehold property, which until a few years ago operated as a hostel, for cash consideration of £4.3 million.
It said that Edinburgh is a city that "the company knows well" having owned and operated a successful 615 bed hostel for six years in this city until the pandemic in 2021 when it was sold for £16 million.
"Edinburgh is a leading European city, attracting large numbers of tourists and visitors every year, many of whom are looking for central and affordable accommodation," Safestay added.
READ MORE: Remote Scottish bunkhouse named Hostel of the Year
Peter Zielke, chief operating officer of Safestay, said: "Opening in Edinburgh demonstrates Safestay’s ongoing commitment to expanding our portfolio in the UK and across Europe's most exciting destinations.
"Safestay Edinburgh Cowgate will offer travellers the perfect blend of modern comfort and value for money, serving as an exceptional base from which to explore this culturally rich city."
Larry Lipman, Safestay chairman, said at the time of acquisition: "We never wanted to leave Edinburgh for long and are delighted to return and link up with our other Scottish site in Glasgow."
READ MORE: Hostel to open in heart of Scottish city
He added: "Edinburgh is a truly stunning city and a key destination for millions of young travellers to visit."
"The property is superbly positioned right in the centre with easy access to all the main attractions and we feel confident, knowing this market as we do, that it will be a strong contributor to the group.
"Our trading performance over the last 18 months since we have been allowed to trade post-pandemic has shown that our market is in good health."
Safestay has also hailed its first management contract with the announcement of the opening of Safestay Calpe Seafront, a 120-bed property located on Spain’s Costa Blanca.
The firm has 18 hostels in 15 locations across 12 countries, the UK, Spain, Austria, Belgium, Czech Republic, Germany, Greece, Italy, Poland, Portugal, and Slovakia.
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