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.
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