The company anticipates revenues in the $80 million range this year, Anderson said. Since Stay Alfred’s launch, nearly 500,000 people have stayed in its units. The latest round of funding brings the company’s total to $62 million. The units often come with hotel-like extras, such as access to a gym or pool, although daily housekeeping service is not included, Anderson said. When people book a Stay Alfred unit, they know they’ll be staying in a furnished apartment with a kitchen and Wi-Fi access, he said. The popularity of vacation rentals demonstrates people’s interest in alternatives to “the bland shoeboxes of the traditional hotel offering,” Allen, Stay Alfred’s chief executive officer, said in a news release.īut people also want a consistent experience, which Airbnbs don’t deliver, said Eric Anderson, Stay Alfred’s vice president of marketing. The price was comparable to a hotel.Īllen figured other travelers would embrace the concept, particularly if the offering could be standardized and sold under a brand name. They stayed in a high-end condo that offered walking access to downtown and other amenities. The idea for the company grew out of a visit Allen made to Denver with his brother while he was in the military to see a Colorado Rockies baseball game. Stay Alfred was founded in 2011 by Jordan Allen, a Spokane Valley native and former Army Ranger. “Combine that with a tenacious, always-do-better culture and we believe they’re building something special,” he said.
Stay Alfred is leading an “emerging wave” of companies defining a new hospitality segment, Nine Four General Partner Kurt Ramirez said in a news release. Nine Four Ventures, a Chicago-based real estate technology fund, led the funding that will support Stay Alfred’s expansion to about 4,000 units by late 2019, the companies announced this week. The company advertises spacious units in walkable downtown locations, including Spokane, touting hotel-style amenities in a more relaxed vacation rental setting. Stay Alfred leases nearly 2,000 apartments in 28 U.S. Stay Alfred, a Spokane startup that popularized the concept of “travel apartments,” plans to double its inventory after receiving $47 million in venture capital funding.
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