DENVER (BusinessDen) — One less company is turning Denver apartments into hotel rooms.
Spokane, Washington-based Stay Alfred, which had multiple locations in Denver, has ceased operations.
In a May interview with the Spokane Journal of Business, founder and CEO Jordan Allen said the coronavirus pandemic sapped the company’s ability to generate revenue and prompted investor interest to dissipate. Stay Alfred had more than $100 million in revenue in 2019, compared to $66.5 million in 2018 and $25 million in 2016, according to the publication.
Stay Alfred did not respond to a request for comment from BusinessDen.
Stay Alfred, along with competitors such as Mint House and Sonder, generally lease blocks of units within an apartment building, sometimes taking the entire building. It then rents out those units on a short-term basis to users desiring an Airbnb-like experience.