Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Tuesday, July 05 2022 - 22:25
SINGAPORE, July 5, 2022 /PRNewswire- AsiaNet/ --

Acquisition adds to recurring fee income streams and expands lodging offerings 
to strengthen Ascott's leading position

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. 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. 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 (USA). Recently named the 'Best Serviced 
Residence Brand' in DestinAsian Readers' Choice Awards 2022, Oakwood's 
award-winning portfolio includes flagship properties Oakwood Premier Tokyo and 
Oakwood Premier Coex Center Seoul which were ranked top 10 properties in their 
respective countries in the DestinAsian awards. New properties such as Oakwood 
Premier Melbourne and Oakwood Hotel Oike Kyoto, will also add to the group's 
destination highlights. 

Mr Kevin Goh, CLI's Chief Executive Officer for Lodging, said: "This 
acquisition of Oakwood is part of Ascott's roadmap to playing a bigger role in 
the lodging market. There are significant synergies between Ascott and Oakwood, 
given our complementary footprint and product offerings. 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. We will be able to leverage 
Ascott's extensive expertise as a global lodging player to deliver greater 
value to our expanded network of loyal customers and property owners."

"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.

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 leading corporate 
housing provider in the USA. In 2018, Ascott acquired TAUZIA Hotel Management 
(TAUZIA), one of the top hotel operators in Indonesia, 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.

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 

About The Ascott Limited

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 
over 200 cities across over 30 countries in Asia Pacific, Central Asia, Europe, 
the Middle East, Africa, and the USA.

Ascott has more than 81,000 operating units and over 54,000 units under 
development, making a total of more than 135,000 units in over 800 properties.

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.

For more information, please visit

About CapitaLand Investment Limited

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a 
leading global real estate investment manager (REIM) with a strong Asia 
foothold. As at 31 March 2022, CLI had about S$124 billion of real estate 
assets under management, and about S$86 billion of real estate funds under 
management (FUM) held via six listed real estate investment trusts and business 
trusts, and 29 private funds across the Asia-Pacific, Europe and USA. Its 
diversified real estate asset classes cover integrated developments, retail, 
office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through its full stack of 
investment management and operating capabilities. As the listed investment 
management business arm of the CapitaLand Group, CLI has access to the 
development capabilities of and pipeline investment opportunities from 
CapitaLand's development arm. Being a part of the well-established CapitaLand 
ecosystem differentiates CLI from other REIMs.

As part of the CapitaLand Group, CLI places sustainability at the core of what 
it does. As a responsible real estate company, CLI contributes to the 
environmental and social well-being of the communities where it operates, as it 
delivers long-term economic value to its stakeholders.

Visit for more information. 

Issued by: The Ascott Limited
168 Robinson Road, #30-01 Capital Tower, Singapore 068912

Source: The Ascott Limited

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