Mapletree Investments has acquired Oakwood Worldwide, a global provider of corporate housing and serviced apartment solutions, for an undisclosed sum. The acquisition of US-based Oakwood is in line with Mapletree’s strategy to expand outside of Asia, and covers all of Oakwood's global operations. The collaboration also saw Mapletree acquire a 49% stake in Oakwood's Asia Pacific operating arm, Oakwood Asia Pacific. Oakwood currently manages a portfolio of more than 50 branded properties in over 95 countries. Mapletree first collaborated with Oakwood in 2014, when the two companies signed a $5 billion joint venture deal to open more than 100 new properties around the world in five years. As part of the collaboration, all of Mapletree’s nine corporate housing and serviced apartment assets in Australia and the United States are under Oakwood brand’s management. The full ownership of Oakwood will allow Mapletree to enhance efficiencies and growth under their corporate housing and serviced apartment business. Mapletree intends to step up its acquisition and development of corporate housing and serviced apartment assets in markets across the US, Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand.
HVS APAC HOSPITALITY NEWSLETTER.