Safestay sees bookings drop

(Foreign investment was significantly high in H1 2017, racking up over $67 million in Scottish hotel acquisitions. )

Safestay has said that “the spread of the COVID-19 virus is having an impact on bookings across the hostel network”.

The group said that it was “reducing flexible costs where possible to offset the dip in bookings whilst strictly adhering to all health advice in order to help protect all of our staff and guests”.

Safestay said it was: “too early to say what the full impact from COVID-19 might be in the current financial year, as it is not known how long the virus will continue to impact travel and spending patterns in Europe and the UK”.

The company said that it had “experienced a material reduction in new bookings over the last week against our expectations and there have been a growing number of group bookings from schools and colleges which have been cancelled or postponed”.

Safestay said: “The company completed a successful year in 2019 and entered 2020 in a strong financial position. The board is confident that the business is well placed to weather the current challenges and return to growth as and when the travel market normalises.”