“While we regret the impact this decision will have on our guests and our teams, we are seeking to minimize that impact in every possible way. All stays booked for this period will be automatically refunded in full,” Jordan Allen, CEO of Stay Alfred, said in a statement. “We at Stay Alfred look forward to serving our guests again in brighter days ahead.”
According to an inside source, Stay Alfred walked away from 17 apartments in downtown Savannah that the company rented under a master long-term lease. Companies like Stay Alfred, Sonder, Lyric, and Domio rent apartments in urban areas under long-term leases (or master leases) and then furnish and provide these apartments as short-term rentals for visitors. With a short-term drop in travel demand, a projected transformation in business travel, and an anticipated shift to leisure markets for vacationers, these urban providers are expected to face a bumpy road ahead.
According to The Spokesman, “Through a company spokeswoman, Allen declined to comment on if Stay Alfred would offer refunds to guests who booked reservations prior to the closing date. He also declined to say how many employees would be affected by the 60-day closure, but indicated the company will continue to provide health benefits during the furlough period.”
“Allen said the company, known for popularizing the concept of upscale travel apartment rentals in walkable downtown locations, plans to rehire employees after the furlough ends.”