Ascott expands Oakwood Portfolio with over 20 new signings

Following its strategic acquisition of Oakwood Worldwide in 2H2022, The Ascott Limited (Ascott) has grown the Oakwood portfolio by more than 20 per cent with over 20 new signings to date.

With almost 18,000 units, Ascott has expanded Oakwood’s presence to 48 cities, entering new destinations including Busan in South Korea, Batam and Bali in Indonesia, Penang and Kota Kinabalu in Malaysia, Visakhapatnam, Chennai and Navi Mumbai in India, as well as Halong in Vietnam.

Oakwood will tap on the rising trend of blended travel and be refreshed to prepare for its next stage of growth; Oakwood Suites Yokohama, pictured

Oakwood properties have since been onboarded to Ascott’s loyalty programme, Ascott Star Rewards; global sales and marketing platforms; revenue and distribution network; digital and technology systems, as well as integrated with functions including operations, finance, human resource, and procurement.

By enhancing its conversion-friendly value proposition, Ascott won over new contracts of properties and transitioned them to operate under its Oakwood brand. For example, in 2023, Oakwood Hotel & Apartments Taman Mini Jakarta and Oakwood Makati Avenue were swiftly converted and went into operations within months of signing.

Kevin Goh, CEO of Ascott, said: “Ascott will continue to pursue transformative deals which can accelerate our expansion and provide us with immediate access to new markets, diverse customer bases, and valuable synergies.

“Ascott is on the cusp of a transformative journey as we mark our 40th anniversary this year. We look forward to gaining strong growth momentum, to owning the upswing with the rebound of global travel and tourism in the year ahead.”

Since pioneering the serviced apartment concept in 1962, the Oakwood brand will tap on the rising trend of blended travel as guest preferences evolve, and will be refreshed to prepare for its next stage of growth. Beyond serviced apartments, Ascott is extending the coverage of the refreshed Oakwood brand to more city hotels and full-service resorts.

For example, Oakwood Ha Long opened recently in Vietnam, while Oakwood Hotel & Apartments Benoa Bali in Indonesia, as well as Oakwood Suites Chongli in China, are expected to follow suit in popular resort locations in 1H2024.

The Oakwood brand refresh comes on the back of the refreshed Citadines, Somerset, and Ascott brands, which were unveiled over the last two years.

Tan Bee Leng, Ascott’s managing director for brand & marketing, said: “Against the backdrop of the surge in bleisure travel… the refreshed Oakwood brand seeks to balance our guests’ work commitments with their desire for personal wellness and enrichment when travelling, prioritising comfort above all else.”

She added: “As more business travellers become more inclined to explore unique locations and cultural offerings, turning business trips into multifaceted experiences, our pipeline of Oakwood properties will be opening not just as serviced apartments catering to longer stay residents, but also as city hotels and in resort locations, targeting guests going on brief sojourns and weekend getaways.”

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