(04 July 2022, 10:57 +07)
Ascott has confirmed that it is in the process
of acquiring Oakwood Worldwide, a serviced apartment provider,
from Mapletree Investments.
The acquisition, details of which have not been
released, will increase Ascott’s global
portfolio by 81 properties and about 15,000 units.
Oakwood’s approximately 8,500 operational units
are expected to immediately contribute to Ascott’s recurring fee
income streams upon completion of the transaction slated in 3Q
2022.
Ascott’s acquisition of Oakwood will leapfrog
Ascott’s global presence to more than 150,000 units in about 900
properties across over 200 cities in 39 countries.
Oakwood Premier Tokyo
It will add new markets which include Cheongju in
South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh;
as well as Washington D.C. in the United States of America.
“We intend to build on the strong reputation and
heritage of the Oakwood brand, especially in markets across
Southeast Asia, North Asia and North America. Oakwood will
continue to grow alongside Ascott’s current portfolio of global
brands as we continue to build growth momentum for our lodging
business,” said Kevin Goh, CapitaLand Investment’s Chief Executive
Officer for Lodging. “Besides strategic alignment, this
acquisition is also notable to Ascott commercially. Ascott’s
acquisition of Oakwood brings about an immediate boost to our
units under management and franchise contracts. The Oakwood
portfolio will accelerate the growth of our asset-light business,
with added recurring fee income streams, expanded lodging
offerings and increased customer base. The strategic moves we have
made in the last few years, such as our investments in Quest,
Synergy and TAUZIA have charted an unprecedented growth path for
Ascott.”
Ascott’s strategic investments in the past years
include its
acquisition of Quest Apartment Hotels (Quest), one of the
largest serviced apartment operators in Australasia, in 2017 to
grow its business franchise arm.
In the same year,
Ascott invested in Synergy Global Housing (Synergy), a
corporate housing provider in the USA.
In 2018, Ascott acquired Tauzia Hotel Management,
an Indonesia-based hotel operators, to enter the fast-growing
mid-scale business hotel segment.
With Oakwood coming onboard, Ascott is confident
of achieving its target of 160,000 units globally well ahead
of 2023.
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