AvantStay secures debt facility from Pacific Western Bank
US: Technology-first hospitality brand AvantStay has announced that it has launched a partnership with Pacific Western Bank with the closing of a long-term debt facility.
The capital will be used to support the company’s continued growth into new markets and increase the number of properties in its portfolio.
AvantStay founder and CEO, Sean Breuner, said: “AvantStay has been scaling at an unprecedented rate to meet the demands of travellers who crave curated, aspirational group travel experiences, and it was clear to us that the business needed a creative and collaborative partner to support our aggressive expansion plans.
“Pacific Western Bank is the perfect partner for a high-growth company at our stage, and they will undoubtedly be instrumental in supporting our mission of redefining the way in which people travel,” he added.
Brian Weber, SVP of Pacific Western Bank’s Technology Group, said: “We are thrilled to partner with AvantStay to transform the short-term rental experience, particularly for group travellers.
“AvantStay has built a best-in-class business that is reinventing hospitality, and we look forward to supporting the team through this period of high growth,” he added.
The partnership with Pacific Western Bank comes on the heels of a rapid growth period for AvantStay, including a new agreement with Marriott International’s Homes & Villas and a recently announced $20 million+ Series A fundraise. The brand has also expanded its reach into new markets, having launched properties in Sonoma, California, Fort Lauderdale, Florida, and Park City, Utah.
For more information, visit the AvantStay website here.