New 400 bed hostel proposed for London

Interesting:

[INDENT]"The development was announced as it was suggested that the hostel sector in the capital needs improving."[/INDENT]

And:

[INDENT]"The new joint venture, which will trade under the name “Safestay” will seek to acquire existing buildings in strategic locations in London and develop them into hostels, targeted at backpackers, school groups and value conscious families. The concept is based on providing value for money beds in shared dormitories; in a modern, comfortable and safe environment; and in locations close to key transport links around London. The first acquisition to the Safestay portfolio is John Smith House, a part listed building in Elephant and Castle and one time headquarters of the Labour Party, which will be converted into a (approximately) 400 bed hostel with additional communal facilities for residents."[/INDENT]

[INDENT]"Profits from the joint venture will be shared in proportion to the aggregate amounts contributed. Safeland will be responsible for identifying site opportunities and managing their development and operation as hostels, together with appropriate professional advisers. There is no fixed term to the joint venture but the objective is to achieve an exit within approximately 5 years."[/INDENT]