AvantStay Secures Debt Facility From Pacific Western Bank To Accelerate Growth
LOS ANGELES, Feb. 26, 2020 /PRNewswire/ -- AvantStay, a technology-first hospitality brand revolutionizing group travel, today announced that it has launched a partnership with Pacific Western Bank with the closing of a long-term debt facility. The capital will be used to support the company's continued growth into new markets and increase the number of properties in its portfolio.
"AvantStay has been scaling at an unprecedented rate to meet the demands of travelers who crave curated, aspirational group travel experiences, and it was clear to us that the business needed a creative and collaborative partner to support our aggressive expansion plans," said Sean Breuner, founder and CEO, AvantStay. "Pacific Western Bank is the perfect partner for a high-growth company at our stage, and they will undoubtedly be instrumental in supporting our mission of redefining the way in which people travel."
"We are thrilled to partner with AvantStay to transform the short-term rental experience, particularly for group travelers," said Brian Weber, SVP of Pacific Western Bank's Technology Group. "AvantStay has built a best-in-class business that is reinventing hospitality, and we look forward to supporting the team through this period of high growth."
The partnership with Pacific Western Bank comes on the heels of a rapid growth period for AvantStay, including a new agreement with Marriott International's Homes & Villas and a recently announced $20M+ Series A fundraise. The brand has also expanded its reach into new markets, having launched properties in Sonoma, CA, Fort Lauderdale, FL and Park City, UT.
ABOUT AVANTSTAY
Founded in 2017 by Sean Breuner and Reuben Doetsch, AvantStay is the leader in short-term rentals for group travel, merging technology, design and world-class operations to create memorable experiences. AvantStay leases high-end properties, boutique hotels and differentiated commercial spaces in some of the most sought-after destinations, converting them into high-performing short term rentals, with nearly 200 properties and more than 850 rooms across the U.S. The company is based in Los Angeles. For more information on AvantStay and a list of available properties, visit https://avantstay.com/.
ABOUT PACIFIC WESTERN BANK
Pacific Western Bank is a commercial bank with over $26 billion in assets and 76 branches primarily located in California, with one in Denver, Colorado and another in Durham, North Carolina. Our Venture Banking Group offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors. We also offer Community Banking and National Lending services. For more information about Pacific Western Bank, visit www.pacwest.com, or follow us on LinkedIn and Twitter.
SOURCE AvantStay
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