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Stay alfred closed12/13/2023 “This last year was a huge year for us,” said Allen. We only have properties in major downtown markets.” For example, when we go into a city, we don’t go into the suburbs and into the residential neighborhoods. “But we grew up as a vacation rental company, so we understand the industry and have merged the best of hotels and the best of vacation rentals into one hospitality model. “This model pushed us to be at the forefront of revenue management, distribution, so we have turned into more of a differentiated hotel/hospitality company than we are a vacation rental company,” said Allen. But we have the rental amount of these properties that is due every month, and it can turn into a really scary number. The benefit is we don’t have to deal with owners and guests we just have to deal with guests. “There are certainly benefits and downsides of the model. “We carry the cost of the rent, which is why we are really hungry to make sure that we can make reservations,” Allen said. The challenge with Stay Alfred’s model is that it is responsible for the long-term lease payment of its units, regardless of whether it is able to maintain occupancy. Instead of going out and renting two or three units in a building, this gives us flexibility on signage, corporate sales, and government contracts.” He primarily leases units under long-term contracts but has recently transitioned to leasing entire apartment buildings to control the entire guest experience.Īllen explained, “It is much more like a hotel operation, and now we are master leasing whole buildings. Stay Alfred has a variety of economic models for securing inventory, but Allen doesn’t manage homes in the traditional sense. “At Stay Alfred we go in, test the market, see how it is working, and then expand within the city.” “The top markets we have entered are undersupported with this kind of new short-term rental concept, particularly in downtown areas,” Allen said. The Stay Alfred business model is laser focused on short-term rentals in downtown locations in major US city markets. With an average stay of 4.1 nights for 4.4 people, the company caters to families and corporate travelers looking for larger spaces, vacation rental amenities, and a more local experience-but with hotel-like standards. Those in the industry who have had the privilege of getting to know Jordan Allen know that he is an insightful, out-of-the-box thinker who has taken the time to study the vacation rental and hotel industries and carve out a niche for his fast-growing company. “Alfred” is a combination of the cofounders’ names-though they went through multiple name iterations before settling on Stay Alfred. Stay Alfred founder Jordan Allen formed the company with partner Conrad Manfred, who eventually moved on to other ventures. cities, with plans to grow its rental inventory tenfold and expand internationally over the next three years. Founded in 2012, Spokane-based Stay Alfred manages four hundred short-term rentals in busy downtown areas in twelve major U.S.
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