LOS ANGELES, CA – AvantStay, the premier hospitality platform transforming short-term rentals for the way people travel and invest today, announces that Fred Tuomi, former CEO of Invitation Homes Inc. and a preeminent investor, board member, and leader in the real estate industry, has joined its board. Tuomi will work with AvantStay to provide leadership and capital market guidance to help the company bring institutional capital to short-term rentals (STRs) as the next disruptive asset class.
“Fred’s breadth of experience and impact on real estate & PropTech over the last 15 years has been foundational to our industry,” says Sean Breuner, CEO and Founder of AvantStay. “His leadership in the institutionalization of SFRs as a true asset class, leading the merger of Invitation Homes and Starwood Waypoint Homes, and direct involvement in multiple businesses that are spearheading the digital transformation of our industry has driven meaningful change in the real estate industry. We are proud that Fred has recognized the value of AvantStay’s business model, and his appointment to our board signals the strong future of the short-term rental market.”
Tuomi served as Chief Executive Officer, President, and Director of Invitation Homes Inc, the nation’s largest single-family rental company with a total market capitalization in excess of $23 billion, from 2017 until 2019. Prior to its merger with Invitation Homes, Tuomi served as Chief Executive Officer and Director of Starwood Waypoint Homes. He also served as Co-President and Chief Operating Officer of Colony American Homes, Inc. and as Executive Vice President and President - Property Management for Equity Residential, one of the nation’s largest multi-family REIT, leading the growth of its property management group while helping to pioneer its leading operational platform.
“I firmly believe STRs are the next market for institutional investment and growth in the real estate sector,” said Tuomi. “I have looked at a number of players in this space and I’m impressed by AvantStay’s focus on building the leading hospitality brand in the industry with a true commitment to the consumer. Its proprietary end-to-end technology platform underlying the entire business enables the company to scale a fragmented industry nationally. As the first STR company to raise institutional capital for the asset class, AvantStay is poised to transform how both investors and consumers think about STRs.”
Throughout his career, Tuomi has lent his expertise to numerous real estate industry boards and executive committees, serving on National Rental Home Council, National Multi-Housing Council, California Housing Council, California Apartment Association, Atlanta Apartment Association, the USC Lusk Center for Real Estate, and the Audit and Compensation Committees of Tejon Ranch Co.
Tuomi currently serves as a Venture Partner with Real Estate Technology Ventures, and as the Lead Independent Director of SmartRent, the Non-Executive Chairman of Volumetric Building Company, a modular construction firm serving the multi-family and lodging sectors and as a Director for Lessen, a technology enabled property services provider. Mr. Tuomi also serves as an affiliate partner for the private equity firm Lindsay Goldberg as an advisor to Second Avenue, an integrated SFR platform. He also serves as board member for Cure Violence Global, which is dedicated to reducing violence through innovative intervention programs and rated 9th in the world among non-government organizations.