This time last year, Stay Alfred brought on veteran business executive Steve Helmbrecht as president and chief financial officer. The company topped the $100 million mark in revenue in 2019, up from $66.5 million in 2018, and $25.2 million in 2016, as previously reported by the Journal. Founder Jordan Allen, right, stands with many of the staff of Stay Alfred… UPDATED: Wed., May 20, 2020. “If we were doing this again, we would’ve looked to have owned more buildings,” he says. The experience kickstarted the idea to start a short-term rental company.

©2020 Serviced Apartment News. “But renting became the business model.”

Help us decide where we should head next. Stay Alfred to permanently close down News Story / 22 May 2020 US: The founder and CEO of Washington state-based apartment rental startup Stay Alfred, Jordan Allen, has confirmed the business is closing down permanently. He says he’s moved from anger to denial to acceptance of Stay Alfred’s fate. In retrospect, Allen says, the rental aspect exposed a “fundamental crack” in the business model. He added that he was helping employees, both those who had and had not been furloughed, to find employment opportunities elsewhere.Get in touch to find out about bespoke advertising packages for your business If you have a story to tell the industry, whether as an owner, developer, operator or supplier, email us! And now, it’s over,” says Allen, who was a Journal of Business Rising Star in 2016. The company is headquartered at 2818 N. Sullivan in Spokane Valley, in part of the former Itron Inc. headquarters building. Part of that effort, he says, is continuing to help customers who previously booked trips with Stay Alfred to find other companies who can help honor those existing reservations.

He found a condominium to accommodate friends and family just blocks from Coors Field. Find a location. Stay Alfred managed vacation rental properties for owners in exchange for a commission fee. “It’s amazing to think that a $100 million company in Spokane, Washington, could be wiped out by a virus from Wuhan, China.” The only thing that exceeds the 8-year-old company’s meteoric rise is its precipitous fall.
“We were trying to sell off assets, but there just aren’t a lot of buyers out there,” he says.

Stay Alfred, a Spokane, Wash. lodging startup that operates short-term rentals out of the downtown neighborhoods of major U.S. cities, just closed a $15 million Series A investment round.


Allen says the last two weeks revealed that goal wouldn’t be attainable. Allen says the company couldn’t stay afloat after the coronavirus pandemic—and resulting travel bans—abruptly stopped the company’s ability to generate revenue and new investor interest dissipated. Spokane Valley, WA 99216. Like many hospitality companies, Stay Alfred stopped renting properties once COVID-19 reached U.S. shores. The company had targeted Aug. 1 as the date travelers could begin booking with the company again. “At one point, we were a $100 million company. 2818 N Sullivan Rd. “Some of them have been with us since inception,” Allen says. Now, the company is currently left with roughly 50 employees—being paid with the help of Paycheck Protection Program funds—who are helping Allen to wind down the company. Stay Alfred Inc., a one-time darling of Spokane’s entrepreneurial ecosystem, is closing its doors permanently, says Jordan Allen, founder and CEO of the short-term rental company. All Rights Reserved. Before issuing furloughs, the company had a total of 221 employees, with 146 based here. Your version of Internet Explorer isn't supported by StayAlfred.com.

The business has then since closed down. Website by Follow ServAptNews on twitter and stay up to date with the latest news and results Allen says he’s also working to help remaining and former employees find employment elsewhere. Download a compatible web browser. Stay Alfred offers vacation rentals. Meanwhile, Stay Alfred’s rental inventory grew to more than 2,500 units in 33 cities by the end of 2019, up from 1,500 units in 32 cities at the beginning of 2019. Ste 100.

As recently as early March, Allen and his leadership team were meeting with investors in attempts to secure a round of funding that would have generated up to $30 million, he says. Stay Alfred had raised around $60 million in funding, with its most recent round coming in at $47 million in October 2018. News Spokane Valley-based short-term rental company Stay Alfred will permanently close. We want to hear from you! “We built an absolutely incredible team, and we wouldn’t have experienced the growth we did without having amazingly talented people in place,” he says.Stay Alfred CEO Jordan Allen stands in the company's first headquarters space just east of downtown in this 2015 photo.Ghost Kitchens: National restaurant trend appears in SpokaneIn Spokane, fitness club members leave; maintenance costs stay Stay Alfred Inc., a one-time darling of Spokane’s entrepreneurial ecosystem, is closing its doors permanently, says Jordan Allen, founder and CEO of the short-term rental company. US: The founder and CEO of Washington state-based apartment rental startup Stay Alfred, Jordan Allen, has confirmed the business is closing down permanently.Allen, who founded the startup a decade ago, said it was “amazing to think that a $100 million company in Spokane, Washington, could be wiped out by a virus from Wuhan, China” in an interview with local newspaper Stay Alfred had raised around $60 million in funding, with its most recent round coming in at Since news broke of Stay Alfred's troubles, the startup initially came up with a strategy to retreat to one or two buildings they were leasing, even though its website indicated bookings were still on hold for the foreseeable future.“My heart’s broken in a lot of ways,” Allen told the newspaper.


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