SPOKANE, Wash., Oct. 4, 2018 /PRNewswire/ -- Stay Alfred, the hospitality startup that pioneered the travel apartment concept in the alternative accommodation space, announced Wednesday it has secured Series B funding totaling $47 million. Led by Nine Four Ventures, a Chicago-based, vertically integrated real estate technology fund, the new investment will support Stay Alfred's ongoing rapid expansion in current and future markets. The latest round brings the company's total funding to date to $62 million.
"Stay Alfred is leading the emerging wave of companies driving the evolution of the real estate industry and defining a new hospitality segment. Combine that with a tenacious, always-do-better culture and we believe they're building something special," said Nine Four General Partner Kurt Ramirez.
Founded in 2011, Stay Alfred has grown to nearly 2,000 travel apartments across 28 top U.S. markets, has hosted nearly 500,000 guests, and has a projected 2018 run rate of $110 million. While the alternative accommodation space continues to spawn new players in response to increased traveler demand, this three-time veteran of Inc. Magazine's 500 and 5000 lists has established a unique and rapidly scalable foothold in downtown neighborhoods through its distinctive multi-unit model.
"We recognized that most options in our industry lacked the consistency that travelers still seek, even as those travelers pursue alternatives to the bland shoeboxes of the traditional hotel offering," said Jordan Allen, CEO of Stay Alfred. "We've focused on developing the infrastructure and expertise to deliver not only a consistent, high-end experience for our guests, but for our developer partners as well."
Stay Alfred holds full building and multi-floor long-term partnerships with leading developers and property management companies across the country. Allen credits Stay Alfred's success to its superior operational experience, in-house regulatory expertise, next-generation hospitality tech platform and ability to design flexible short-term rental programs to meet the needs of each building.
Allen predicts that the travel apartment model will become a core component of multifamily properties in every major travel destination, with traveler demand sufficient to support tens of thousands of units. Under the Stay Alfred model, multifamily property owners enjoy a boost to net operating income, and an added amenity to their buildings.
"Stay Alfred is led by a fantastic team that understands what travelers want and how to provide them the best, most consistent travel experiences. The company is executing on an extensive, thoughtful roadmap, and we're thrilled to be involved," said Nine Four Ventures and Laramar Group founder Jeff Elowe.
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ABOUT STAY ALFRED
Stay Alfred offers upscale travel apartments in the walkable downtown neighborhoods of 28 U.S. cities and counting. Our next-generation booking process, 24/7 customer service and professional housekeeping staff provide guests with the reliability of a hotel stay, while our spacious accommodations with a kitchen, laundry and private bedrooms give guests the convenience of an apartment. We live to offer travelers "Your place in the city." For more information or to book, visit StayAlfred.com.
ABOUT NINE FOUR VENTURES
Nine Four Ventures is a vertically integrated venture capital fund that invests in technology companies impacting real estate and the built world. Nine Four partners with the Laramar Group, a national real estate owner and manager with 30 years of multi-asset investment experience, to provide portfolio companies with an environment where they gain access to the counsel, relationships, tools, and capital needed to succeed. The Nine Four Ventures Laboratory empowers companies with an expansive portfolio of properties to test, develop and refine their concepts and services for today's rapidly evolving real estate market. For more information, visit ninefour.vc.
SOURCE Stay Alfred