LOS ANGELES, May 1, 2012 – Oakwood Worldwide, the leading global provider of corporate housing and serviced apartments, today announced that it has completed the transaction to acquire the ExecuStay corporate housing brand from Marriott International, Inc. (NYSE: MAR). Oakwood announced on April 16, 2012, it had signed an agreement to acquire ExecuStay. Financial terms were not disclosed.
Oakwood will offer ExecuStay as a separate brand, expanding their corporate housing portfolio. Both brands typically accommodate stays of 30 days or longer, providing a full residential experience, taking care of everything from utilities to furnishings, with conveniences such as free Wi-Fi, a full kitchen and laundry facilities. Together they offer corporate housing and serviced apartments in all 50 United States and more than 55 countries.
"By bringing together these two industry leaders, we're expanding our global reach and ability to provide innovative solutions that meet our customers' changing needs around the world," said Ric Villarreal, president of Oakwood Worldwide. "We look forward to the continued success of the Oakwood and ExecuStay brands."
The two parties also signed an eight-year reciprocal preferred provider agreement under which Marriott International is now the preferred hotel provider for Oakwood corporate housing and serviced apartment customers who need a hotel stay. Marriott will also recognize Oakwood as the preferred provider of corporate housing to Marriott customers in the United States. As part of the preferred provider agreement, ExecuStay customers will continue to earn Marriott Rewards guest loyalty program points for stays at ExecuStay apartments.
"We couldn't be more pleased with the level of cooperation between Oakwood and Marriott throughout this process," said Howard Ruby, chairman and founder of Oakwood Worldwide. "Both companies are mutually excited about working together through our preferred partnership agreement and we are looking forward to the new opportunities the acquisition of ExecuStay will present."
EXECUSTAY: For stays of a month or more, ExecuStay®, www.execustay.com, is the industry's premier temporary housing solution, providing move-in ready furnished apartments in more than 325 cities in the U.S. Whether for business, government assignment or relocation, ExecuStay provides guests an apartment in a residential community, rather than a hotel, that's move-in ready within two business days. ExecuStay takes care of all of the details, from utilities to furnishings, so guests can stay on track, plug in to the local community and focus on their priorities. And, ExecuStay participates in the award-winning Marriott Rewards® frequent guest program.
OAKWOOD is the global leader and provider of corporate housing and serviced apartments. For one need or many, local or around the globe – Oakwood offers flexible, easy-to-use, custom solutions to meet any temporary housing need. A wide range of inventory and supplier management options allows Oakwood to provide the optimal housing solution whenever and wherever needed. With more than 2,500 Oakwood associates worldwide, locations in more than 50 countries, and more than 400 network partners, Oakwood delivers the service and reliability clients can trust.
Its staff of trained professionals throughout the world, innovative technologies, and unparalleled customer service have made Oakwood the premier choice in temporary housing solutions for 50 years. For more information, please visit www.oakwood.com.###