Singapore-based Mapletree Investments has acquired Oakwood Worldwide in full after its initial purchase of a 49 per cent stake in its Asia-Pacific operations (Oakwood Asia Pacific) in 2014.
The deal marks Mapletree's long-term strategy to strengthen its corporate housing and serviced apartment business, as it gains control of Oakwood's network in more than 95 countries as the world's largest provider of corporate housing and serviced apartments.
Oakwood Premier Incheon
Commented Hiew Yoon Khong, Mapletree's group CEO: "Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business.
“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 clients and guests. We will be looking at markets across the US, Europe and Asia-Pacific, regions where Oakwood is a well-regarded brand," he added.
Christopher Ahearn will return to Oakwood as CEO after serving as its senior vice president of sales and marketing from 2005-2010. Prior to rejoining Oakwood, he was senior advisor to TPG Capital.
Oakwood’s founder and chairman Howard Ruby will assume the non-executive role of chairman emeritus, where he will serve in an advisory role.
Mapletree is currently developing three serviced apartment properties in Japan and Vietnam as well as one other asset in the US, which will be managed by Oakwood Worldwide upon completion.
Following the initial acquisition in 2014, Oakwood also took over the management of all nine of Mapletree's corporate housing and serviced apartment assets in the US and Australia.