Jul.09.2022, Shanghai ------ CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) announced it is acquiring Oakwood Worldwide (Oakwood), a premier global serviced apartment provider, from Mapletree Investments Pte Ltd. The acquisition increases Ascott’s global portfolio by 81 properties and about 15,000 units including the Asia Pacific region. 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.
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,” added Mr Goh.
The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 200 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
The company’s serviced apartment, coliving and hotel brands include Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello, Fox Lite and POP!.
Ascott’s loyalty programme, Ascott Star Rewards, offers exclusive benefits to its members when they book directly with Ascott for their stays at its participating properties.
Ascott, a wholly owned subsidiary of CapitaLand Investment Limited, pioneered Asia Pacific’s first international-class serviced apartment with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
Founded in Los Angeles in 1962, Oakwood is a leading provider of serviced apartments globally with a presence in more than 15 countries. The company pioneered and established its reputation in the USA as the premier provider of corporate housing, before developing expertise as a hospitality company with more than 80 branded properties under its management internationally.
For more information, please visit www.oakwood.com