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Wednesday, October 16, 2019  Spokane, Washington  Est. May 19, 1883
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News >  Business

Stay Alfred picks former Itron executive as new president

UPDATED: Mon., May 6, 2019, 9:37 p.m.

Spokane Valley-based Stay Alfred announced Monday it has named former Itron executive Steve Helmbrecht its new president and chief financial officer.

Helmbrecht, a former chief financial officer for Liberty Lake-based Itron, filled the newly created position last week.

He joined Itron in 2002 as vice president and general manager of international operations and left the company as CFO in 2014 to become chief executive officer of Lakeside Capital Group, a privately-held investment company.

Helmbrecht will assist with Stay Alfred’s expansion into Europe and focus on raising additional capital to fund the company’s future growth.

“We want to grow and do it the right way,” he said. “We are using capital to invest in growth, and we will determine what’s appropriate going forward.”

Stay Alfred was founded in 2011 by Jordan Allen and operates more than 2,000 upscale, professionally managed travel apartments in 32 cities across the United State.

The startup raised $47 million in venture capital funding last year from Nine Four Ventures, a Chicago-based real estate technology fund. That capital is allowing the company to expand its footprint by more than 4,000 units this year.

Helmbrecht said when he met Allen in 2015, the Stay Alfred founder articulated his vision for the company to become a premier travel apartment provider.

“It’s just amazing to see the growth in the number of units, cities and revenue,” he said, adding he also was drawn to the company because of its commitment to keep its headquarters in Spokane Valley.

Stay Alfred, as part of its expansion plans, hired more than 200 new employees last year, including 80 in Spokane. The company plans to fill more than 100 new positions in 2019, including 30 positions at its corporate call center in Spokane Valley.

Helmbrecht also was chief financial officer of LineSoft Corp., an engineering design, software and service provider for the electric utility industry, which Itron acquired in 2002. Additionally, he worked seven years at SS&C Technologies Inc., a provider of portfolio management and accounting software, leaving the company as senior vice president, international.

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