Singapore: Oakwood will concentrate solely on growing and managing its hospitality portfolio, exiting its agency business.
Oakwood, a wholly owned subsidiary of Singapore-based Mapletree Investments, operates more than 80 Oakwood properties globally.
The company says a “strategic decision has been made to effect changes to a part of the business that Oakwood has been operating for a number of years”. In March 2020, Oakwood entered into a strategic partnership with Dwellworks to operate a “brand-agnostic solutions service for sourcing accommodation options for guests around the world”. Through the agreement, Dwellworks has an exclusive license to Oakwood’s ‘epic’ technology platform, an end-to-end accommodations management solution, and access to what Oakwood describes as “the industry’s most complete and fully-vetted supply chain for housing solutions”.
“This partnership aligns with the strategic direction of both organizations, allowing Oakwood to focus on the development and growth of its hospitality portfolio, and Dwellworks to strategically expand its capabilities in the corporate housing sector,” the company says. Oakwood will serve as a supplier to Dwellworks, benefiting from its expanded global presence.
“Dwellworks is an excellent steward for the corporate housing industry and a longtime partner to our company. They have deep experience and familiarity with how our business works, as well as a shared commitment to delivering exceptional service to clients and guests,” said Dean Schreiber, chief executive officer of Oakwood and managing director of Oakwood Asia Pacific.
The move will allow Oakwood to focus on “enhancing its services on-property, and transform into a true hospitality management company fit for sustainable growth and business success”. It aims to double its portfolio of managed properties by 2025, and has a development pipeline which includes 20 properties scheduled to open in the next two years in Asia Pacific; a new multifamily portfolio in the Seattle market; several active proposals across key cities in the US; its first two Dubai properties, which will be opening in Dubai in 2021.
Oakwood offers six products under the Oakwood brand – Oakwood Premier, Oakwood Apartments, Oakwood Residence, Oakwood Suites, Oakwood Studios and Oakwood WaterWalk.
“We have been fortunate to have played a leading role in the growth of the corporate housing industry and we are thrilled to begin this next phase of our business to focus on delivering exceptional hospitality service. Oakwood has established a distinctive edge of providing serviced apartments that offer generous residential space and exceptional guest services in Asia Pacific. We believe that these furnished apartments have a strong potential to develop as the mainstream alternative to hotel accommodations, as we continue to bring this offering across the globe,”said Schreiber.
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