Oakwood Worldwide acquired by Mapletree Investments
Serviced apartments and corporate housing provider Oakwood Worldwide has been acquired by Singapore-headquartered Mapletree Investments.
Long-term growth strategyThe acquisition of Oakwood is part of Mapletree’s long-term strategy to strengthen its corporate housing and serviced apartment business. Currently, all nine of Mapletree’s corporate housing and serviced apartment assets in the US and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014.The collaboration also saw Mapletree acquire a 49 per cent stake in Oakwood’s Asia Pacific operating arm.Howard Ruby said, “We have learned through our collaboration that Mapletree shares our key vision of growing and expanding the Oakwood brand globally and maintaining the high customer service standards for which we are known. Both companies have worked well together since 2014, and I am confident that will continue.”
Said Mapletree’s group CEO, Hiew Yoon Khong, “This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business. In addition, Oakwood is a reputable global brand, and we intend to continue strengthening its presence.“Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests.”He confirmed that Mapletree would be looking at markets across the US, Europe and Asia Pacific, regions where Oakwood is a well-regarded brand.In addition to the nine Mapletree properties operated by Oakwood (US and Australia), Mapletree is currently developing three serviced apartment properties in Japan and Vietnam, as well as an asset in the US, which will be managed by Oakwood Worldwide on completion.For related news and features, see our Serviced Apartments section.Access serviced apartment providers in our Online Directory Access our free Global Mobility Toolkit factsheets: