Spokane-based vacation rental company Stay Alfred signed a 10-year lease to rent 27 upper floor apartments in the Fruci Building in downtown Spokane.
The Spokesman-Review reports that Fruci & Associates, the building owner, was considering turning the space into “condos or long-term apartments but decided on short-term rentals because of proximity to the Spokane Convention Center and the First Interstate Center for the Arts.”
The units will be renovated and should be completed by June 2020 — in time for annual basketball event Hoopfest, barring any delays.
Stay Alfred offers well-decorated vacation rentals in walkable downtown locations. The company has over 2,500 vacation rentals in 33 cities and has 300 employees. It started in a small space in downtown Spokane and has since moved to a 45,000 square-foot campus in Spokane Valley.
Last year, Stay Alfred raised $47 million in venture capital funding from Nine Four Ventures. The company will use the capital this year to expand into Europe and add more than 4,000 rentals.