Safestay Hostel Group -Outperforms Expectations

Safestay, a leading hostel operator in the UK and Europe, has exceeded market expectations for the first quarter of 2021, as travel restrictions ease and people begin to venture out more. The company reported an 8.3% increase in revenue for the quarter, with strong performance in the UK market.

CEO Larry Lipman attributes the company's success to a combination of factors, including pent-up demand for travel, a growing preference for budget accommodations, and Safestay's focus on cleanliness, hygiene, and guest safety.

"We expect demand for our properties to continue to grow as we move closer to the end of lockdown restrictions and travel returns to normal," Lipman said.

Safestay has implemented strict health and safety protocols across all its properties, including enhanced cleaning procedures and social distancing measures, to ensure the safety of its guests and staff. The company's commitment to cleanliness and hygiene has earned the trust and loyalty of its customers.

The hostel industry as a whole is expected to benefit from the post-pandemic travel landscape, as travelers prioritize experiences over luxury and become more budget-conscious. Hostels, with their communal atmosphere and affordable prices, offer a unique value proposition for budget-conscious travelers.

As one hostel expert quoted in the Vox Markets article notes, "Hostels are positioned to cater for the new breed of traveler who is looking for social experiences and travel that’s environmentally and socially sustainable."

Safestay's success in the first quarter of 2021 is a positive sign for the hostel industry, which has been hit hard by the pandemic. With travel restrictions easing and people itching to travel again, hostel chains like Safestay are poised for growth and success in the coming months.

As Lipman says, "We believe Safestay is well positioned for the future, and we look forward to continuing to deliver great value and experiences for our guests."