Singapore: Oakwood has signed a management agreement for a new property in Bangkok and opened a property outside Hangzhou.
The company moved towards its goal of doubling its portfolio of managed hospitality properties by 2025 with the signing of a management agreement with Chaopraya Mahanakorn Public Company Limited for the management of the group’s eighth Oakwood branded property in Thailand – Oakwood Suites Tiwanon Bangkok.
“Oakwood’s legacy in the serviced apartments sector has given us the competitive edge in accelerating our growth momentum at a time when traditional hotels continue to be challenged for survival amidst the current pandemic. With less exposure to transient occupancy, Oakwood’s resilient business model has proven to be commercially attractive for property owners and of course exceptionally popular with guests seeking space and relevant services in a safe and secure environment. The concurrent openings in Tonglu and Bangkok followed by the signing of our eighth property in Thailand have greatly bolstered our confidence in the continued potential for the hospitality sector and I am thrilled at how our growth trajectory has demonstrated this,” said Dean Schreiber, chief executive officer of Oakwood.
Oakwood Suites Tiwanon Bangkok is part of a mixed-use residential project, The Cuvee Tiwanon, that has won multiple architectural awards. It will feature 194 one- and two-bedroom residences and facilities including a residents’ lounge, restaurant, bar, swimming pool, fitness centre and meeting venues.
Set to open in the Q3 2021, the property is located next to the Yaek Tiwanon Metro Station and close to the Chatuchak Weekend Market.
“Bangkok is a vibrant city that serves as an important commercial hub and a convenient springboard to the rest of Asia. We are pleased to collaborate with Oakwood to deliver a differentiated residential option for discerning guests. Oakwood Suites Tiwanon Bangkok will be a beacon for luxurious, contemporary lifestyle in the Thai capital,” said Dr. Wichian Pattayanunt, chief executive officer of Chaopraya Mahanakorn Public Company Limited(CMC).
In May, Oakwood Premier Tonglu opened with 45 hotel rooms and 154 fully-equipped serviced apartments beside the Fuchun River. Its location just outside Hangzhou, is in the region’s new cultural and creative hub for the digital technology industry, LIT City, and houses facilities including an all-day restaurant, steak house, swimming pool, fitness centre, meeting and event spaces. Oakwood Premier Tonglu is the first of four new Oakwood properties scheduled to open in China this year.
Three additional openings in Beijing, Foshan and Chongli, the host city for the 2022 Winter Olympics, will bring the total number of managed properties in China up to 12, representing growth of 50 per cent in one year.
Earlier in May 2021, Oakwood opened Oakwood Hotel & Residence Bangkok, its seventh property in Thailand and fourth in the capital.
