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OAKWOOD WORLDWIDE INTRODUCES FIRST FULLY SERVICED LIVING CONCEPT IN HANGZHOU, CHINA

Company plans to expand into nearly 2,000 units across five cities in China by 2010

LOS ANGELES (February 11, 2009) – Oakwood Worldwide, the world’s most trusted name in serviced apartments, adds Oakwood Residence Hangzhou, China, the first international serviced apartment brand in the city, to global portfolio.  An integral part of the Europe America Center (EAC) and conveniently situated next to the “Yellow Dragon” commercial circle, the expansive apartment block comprises 24 floors of 166 elegantly designed and fully furnished residences for short and long-term guests.

The announcement was made during a ceremony at the property attended by special guests including Mr. Gan Xinwei, Vice Chief Director, Xihu District Government; Mr. Wang Chuxiang, Chairman, Zhejiang Jiangong Real Estate Development Group (Jiangong Real Estate); and Mr. Arthur Krieger, General Manager, Oakwood Residence Beijing, representing Oakwood Worldwide.

 “We are delighted to partner with Jiangong Real Estate on this exciting project,” says P.G. Mathew, Managing Director, Oakwood Asia Pacific. “Oakwood Residence Hangzhou sets new standards of serviced accommodation in Hangzhou and will be positioned to cater to the short and extended stay needs of executives from multinational corporations and expatriates relocating to the city.”

 “This marks the fruition of several years of careful planning and professionally executed construction resulting in Hangzhou’s first branded international serviced apartment complex,” says Frank Foster, Vice President, Marketing & Sales, Oakwood Asia Pacific. “It also cements Oakwood’s commitment to meeting the needs and demands of Hangzhou’s ongoing development as a major business and leisure travel destination.”

Flanked by first class office space, prime retail outlets and more than 380 fashionable condominiums, the development caters perfectly to the needs of both the individual and family alike. It offers a wide selection of spacious apartments ranging from studios to three-bedroom options. Each apartment is fitted with amenities including a fully equipped kitchen, washer and dryer, high speed broadband Internet and both direct and switchboard telephone lines. Public area facilities include a restaurant and bar, fitness center with indoor swimming pool, Wi-Fi and business center.

“As a serviced apartment brand, Oakwood is the preferred choice of most Fortune 500 companies,” says Wang Chuxiang, Chairman of Jiangong Real Estate.  “With Hangzhou’s growing importance on the international stage, we developed the EAC project with an aim of satisfying the demands of the world’s top companies. These include Oakwood, Regus, Pingan Bank and FAW-Volkswagen.”

Oakwood Residence Hangzhou is one of Oakwood’s nine China properties that are part of the company’s expansion plans in the country, which would increase Oakwood’s portfolio to close to 2,000 units across five cities by 2010. Oakwood already has fully operational developments in Beijing and Guangzhou.

Serviced apartments have gained a foothold in many Asian cities, providing short and long-term business and leisure travelers with five-star hotel-style services and facilities in a more homely environment.  Moreover, a similarly wide range of services is not typically available in rented apartments or condominiums.

“We are proud to be partnered with Jiangong Real Estate in this world-class location,” says Malcolm Hines, General Manager, Oakwood Residence Hangzhou.  “Distinctive from a hotel, our serviced apartments are designed for short and extended-stay guests and are well-equipped to handle the needs of relocating families, with services such as 24-hour security and concierge, daily housekeeping and transport arrangements.”

Hines adds, “Hangzhou has developed tremendously both as a key regional business center and increasingly popular leisure travel destination. Major transport infrastructures such as the Hangzhou Xiaoshan International Airport and Hangzhou Central Railway Station, as well as amenities such as the Hangzhou International School and the city’s signature attraction, the West Lake, are in close proximity to Oakwood.”

Globally, Oakwood has relationships with 85% of the Fortune Global 500, many who have entrusted their accommodation needs exclusively with Oakwood out of a commitment to a superior product and the "gold standard" of service excellence met at every Oakwood property around the world. 

About Oakwood Worldwide

Oakwood Worldwide is the global leader and provider of furnished 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 3,500 Oakwood associates worldwide, nearly 23,000 apartments, and more than 300 network partners, Oakwood can meet any need and delivers with reliability clients can trust.

Their staff of trained professionals throughout the world, innovative technologies and unparalleled customer service have made Oakwood the premier choice in temporary housing solutions for nearly 50 years.

A division of Oakwood Worldwide, Oakwood Asia Pacific manages Asia's finest serviced apartments for business and leisure travelers in China, India, Indonesia, Japan, Korea and Thailand. An additional 26 properties are scheduled to open by 2011 in strategic locations across Asia Pacific. Oakwood Asia Pacific operates Oakwood Premier, Oakwood Residence and Oakwood Apartments with Oakwood Premier Resorts and Oakwood Resorts coming soon.

For more information, please visit www.oakwood.com.

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