The Ascott Restricted has bought serviced condominium operator Oakwood Worldwide to spice up its international portfolio of properties.
The deal sees The Ascott, which is a part of CapitaLand Funding, buy Oakwood from its earlier proprietor, Mapletree Investments, which can add 81 properties and 15,000 items to its portfolio. No additional particulars of the acquisition have been revealed.
The acquisition of Oakwood will improve Ascott’s international presence to greater than 150,000 items in 900 properties in 200 cities in 39 nations. It should additionally add markets corresponding to Cheongju in South Korea, the Chinese language cities of Zhangjiakou and Qingdao, Dhaka in Bangladesh and Washington DC.
Kevin Goh, Government Director of Lodging at CLI, mentioned: “This acquisition of Oakwood is a part of Ascott’s roadmap to play a bigger position within the lodging market. There are important synergies between Ascott and Oakwood, given our presence and complementary product choices.
“We intend to construct on the sturdy popularity and heritage of the Oakwood model, particularly within the Southeast Asian, North Asian and North American markets.”
Established in Los Angeles in 1962, Oakwood provides serviced flats in additional than 15 nations after establishing its popularity in its residence market of the US.
Goh added that Oakwood would “proceed to develop” alongside Ascott’s present manufacturers following the acquisition. Ascott is now “assured” of reaching its objective of getting 160,000 items worldwide “properly forward” of 2023.
“We will leverage Ascott’s in depth expertise as a world lodging participant to ship higher worth to our expanded community of loyal clients and house owners,” he mentioned.
