OAKWOOD SERVICED APARTMENTS CELEBRATES THE GRAND OPENING OF OAKWOOD RESIDENCE HANGZHOU

The First Fully Serviced Living Concept in Hangzhou, China

HANGZHOU, CHINA (September 29, 2009) - Oakwood, a leading, global serviced apartment provider today announced the grand opening of Oakwood Residence Hangzhou. The serviced apartments are the first fully serviced living concept in Hangzhou, capital of Zhejiang province, comprising of 166 elegantly designed and fully-furnished apartments sprawled over nine floors of the Europe America Center (EAC). The grand opening was attended by special guests including Mr.Dong Zu De, Deputy Secretary General of Hangzhou City Government; Mr. Wang Xin Zhang, Deputy Director of Hangzhou Tourism Commission; Mr. Ding Qing Huai, Deputy Chief Director of Xihu District Government; Mr. Wang Chuxiang, Chairman of Zhejiang Jiangong Real Estate Development Group (Jiangong Real Estate), the owners of the property, and Mr. P. G. Mathew, Managing Director of Oakwood Asia Pacific.

To celebrate the grand opening, Oakwood decorated the entire building with elaborate bows to denote itself as a gift to Hangzhou. It is also the first time in Hangzhou that a building has been decorated so lavishly. The decorations are to also celebrate China’s 60^th Anniversary of its National Day, during which Oakwood Residence Hangzhou is offering a special promotion between the 1^st and 7^th of October.  For guests who book on E-long.com or CTrip.com, they can enjoy a 1 bedroom apartment, including two breakfasts from just RMB900* net per room per night, with an upgrade option of just RMB50*.

“With more than two years of elaborate preparations, we are delighted to see Oakwood Residence Hangzhou officially opened today,” says Mr. Wang, “Oakwood Residence Hangzhou is well positioned to meet the needs of international business executives and sophisticated domestic leisure travelers for both long and short-term stays”.

“The city of Hangzhou is fast becoming an integral center of trade and commerce and is an established hotspot for tourism on China’s East Coast”, says Mr. Mathew. “The launch of Oakwood Residence Hangzhou is a natural step in strengthening our presence in China and meeting the needs of international business executives and sophisticated domestic leisure travelers. More importantly, the opening of Oakwood Residence Hangzhou is an affirmation of our strong commitment to developing high-quality serviced apartments in key locations that further establishes the global reach of the Oakwood brand.”

Oakwood Residence Hangzhou, which soft opened late last year, has been gaining an upward demand for its apartments every month despite the economic downturn. Several multinationals, including Fortune 500 companies, project teams and new investors have been its long and short-term stay guests over the last nine months.

“We offer five-star hotel-style services and facilities that both local and international guests have come to expect,” said Mr. Malcolm Hines, General Manager of Oakwood Residence Hangzhou. “But way beyond that are those personal touches that make our guests feel at home while away from home. In a tastefully designed, fully furnished and spacious apartment, our guests have the choices and flexibility to set up and live the lifestyle that they are accustomed to, just like home, with all privacy accorded to them.”

With apartments ranging from 44 square meters for a studio to 138 square meters for a 3 bedroom apartment, Oakwood Residence Hangzhou is also equipped with a state-of-the-art fitness center, indoor swimming pool, daily housekeeping and room service, 24-hour reception and concierge service, 24-hour security, as well as an in-house restaurant serving international and Chinese cuisines, a residents’ lounge and bar, and a business center with meeting room facilities and WiFi broadband access in all public areas.