Spokane Valley-based short-term rental company Stay Alfred Inc. has expanded its portfolio with the acquisition of Chicago-based hospitality brand Dormigo.

Dormigo’s short-term rental properties have transitioned into Stay Alfred travel apartments, according to a press release issued by Stay Alfred.

A representative of Stay Alfred couldn’t be reached immediately for comment.

Dormigo was established in 2015. Its portfolio includes over 100 properties, all located in Texas and Tennessee.

Jordan Allen, CEO of Stay Alfred, says in the release, “Our strength lies in operational excellence and making turnkey transitions possible for other operators. With Dormigo’s portfolio centered in some of the most lively downtown cities in the U.S., its properties are a perfect fit for Stay Alfred guests who want to live like locals.”

Dan Peled, founder and CEO of Dormigo, adds in the release, “Our complementary business models and similar company cultures made the transition process with Stay Alfred incredibly easy.”

A representative of Dormigo couldn’t be reached immediately for comment either.

Dormigo had an estimated annual revenue of $3.2 million and raised $225,000 in debt financing in January 2019 according to business research company Crunchbase Inc.

Stay Alfred has maintained an aggressive pace of growth this year, having grown to over 2,500 units in 33 cities, up from 1,500 units in 32 cities earlier this year, according to its website. This does not include the Dormigo properties. 

The company had planned to expand internationally in 2019, with a focus on the Europe, Middle East, and Africa markets, a representative told the Journal earlier this year.

Stay Alfred also nearly tripled its annual revenue within three years, growing to $66.5 million in 2018 from $25.2 million in 2016, with estimates of nearly doubling its 2018 revenue this year, the Journal reported in May.

The Spokesman Review reported that the vacation rental laid off 30 employees, or about 10% of its workforce nationwide, at the end of October as part of a push to streamline operations. The company declined to comment at the time how many employees were affected at its Spokane Valley headquarters. About 300 were employed with the company before the job cuts. 

Stay Alfred was established in 2011 and partners with short-term rental companies, developers, property management companies, and real estate trusts to offer short-term travel apartments. It has served over 800,000 guests, according to the release.