Hostel owner Safestay said it had increased earnings, revenue and occupancy levels in line with market expectations during 2017. Revenue had grown 43% to £10.6m, boosted in part by acquisitions, the company said. Like-for-like occupancy increased by 13.5% to 74%. 'The hostel market has grown substantially in the last few years and a key driver has been the growing awareness amongst consumers of what staying in a contemporary hostel offers them,' chairman Larry Lipman said. 'As a result, momentum is good and Safestay is benefitting from market growth, much improved operating practices and from being a truly distinct brand at the high end of this market.'
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