Vacation rental company Stay Alfred cuts workforce by 10 percent

Spokane Valley-based Stay Alfred is laying off 30 employees – roughly 10 percent of its workforce – as the it seeks to streamline operations.

The company confirmed the layoffs Thursday, stating it frequently assesses areas to function more efficiently amid its growth across 33 markets.

“As part of that effort, last week, we made the difficult decision to let go of a small number of our employees – about 30 on a national basis,” Jordan Allen, Stay Alfred CEO said in a statement. “We’re grateful for each and every person’s contribution and dedication thus far to Stay Alfred’s mission. With our position as a pioneer in the alternative accommodations space, we remain committed to financial responsibility and carefully planned growth.”

The company declined to comment on the job positions eliminated and how many employees are affected at its Spokane Valley headquarters. The company employed roughly 300 before the jobs cuts.

Allen, a Spokane native and former Army Ranger, founded Stay Alfred in 2011. The company became known for popularizing the concept of upscale travel apartment rentals in walkable downtown locations.

The company, which launched in a 300-square-foot office in downtown Spokane with three employees, expanded to a 45,000-square-foot campus in Spokane Valley last year with more than 300 employees.

Stay Alfred hired more than 200 employees last year, including 80 in Spokane. The company indicated plans earlier this year to fill more than 100 new positions, including 30 jobs at its corporate call center in Spokane Valley.

Stay Alfred secured $47 million in venture capital funding last year from Nine Four Ventures, a Chicago-based real estate company. The company has raised $62 million in funding to date and indicated plans to use capital to enter the European market as well as expand its footprint to more than 4,000 units.

Stay Alfred operates more than 2,500 upscale vacation units in 33 cities.