US: Howard Ruby, founder of serviced apartment company Oakwood and widely regarded as the father of corporate housing, has died aged 90.
Ruby created a new category in the 1970s by offering fully furnished apartments with housekeeping and utilities to corporations for extended stays, an innovation that helped shape the global corporate housing sector.
Under his leadership, Oakwood expanded to 50 US states and 86 countries, securing contracts with Fortune 500 companies, entertainment productions and government agencies. At its peak, the company generated $600 million (£480 million) in annual revenue.
Originally a residential developer in southern California, Ruby launched Oakwood after success with The South Bay Clubs, a lifestyle-oriented apartment brand catering to young singles.
Following regulatory changes that limited the marketing of those properties, he pivoted towards the more stable and scalable corporate travel segment.
Ruby was known for his customer-first approach and hands-on leadership style.
Robert Philips, former director of sales and marketing at Oakwood, wrote on LinkedIn: “Howard was the kind of leader who would sit with you over a turkey sandwich and listen to your ideas. He might disagree, yet he would take the time to discuss each concept. And he’d actually go on sales calls across the world, visiting clients to listen to their needs too.”
Oakwood was acquired by Singapore’s Mapletree in 2017 and later dissolved in the US. Its international operations continue under The Ascott Limited, part of CapitaLand, with a focus on serviced residences across Asia.
Ruby’s real estate career began in the early 1960s after serving in the US Navy. He co-founded R&B Realty Group, which later merged into Oakwood.
Later in life, Ruby was diagnosed with retinitis pigmentosa, a degenerative eye disease. Despite this, he continued travelling with his wife, actress Yvette Mimieux, photographing endangered wildlife and advocating for environmental education through his non-profit Climate Classroom Kids.
He is survived by four children. Ruby’s contributions helped establish corporate housing as a recognised asset class and shaped the operational model adopted by many providers in the extended stay sector.
Highlights:
- Howard Ruby, founder of Oakwood and pioneer of corporate housing, dies aged 90
- Oakwood grew into a $600 million global brand, leasing furnished apartments to Fortune 500 firms and government clients
- Ruby’s model helped define the extended stay sector and shaped international serviced apartment operations
