A Historic Milestone: Oakwood to Focus on Branded Hospitality Services
With a commitment to double its portfolio of managed properties by 2025, Oakwood transitions out of the global housing solutions business to focus on hospitality management
LOS ANGELES - Oakwood®, a wholly owned subsidiary of Mapletree Investments (“Mapletree”), announced today it will direct its focus to singularly pursue the development and growth of its hospitality portfolio, significantly expanding its proven capability in the industry.
Over the last few years, Oakwood has embarked on an aggressive plan to develop and grow its own portfolio of branded properties that provide guests with exceptional hospitality service, comfort and safety. Through this specially crafted Oakwood experience, guests are invited to feel a sense of belonging, familiarity and reassurance whenever they stay at any Oakwood property around the world.
Now with more than 80 Oakwood properties globally, a strategic decision has been made to effect changes to a part of the business that Oakwood has been operating for a number of years.
In March 2020, Oakwood entered into a strategic partnership with Dwellworks, the world’s leading provider of destination and related services to the globally mobile workforce, to operate a brand-agnostic solutions service for sourcing accommodation options for guests around the world. Through the agreement, Dwellworks has an exclusive license to Oakwood’s epic™ technology platform, an end-to-end accommodations management solution, and access to the industry’s most complete and fully-vetted supply chain for housing solutions.
This partnership aligns with the strategic direction of both organizations, allowing Oakwood to focus on the development and growth of its hospitality portfolio, and Dwellworks to strategically expand its capabilities in the corporate housing sector. Oakwood will serve as a supplier to Dwellworks benefiting from its expanded global presence.
“Dwellworks is an excellent steward for the corporate housing industry and a longtime partner to our company. They have deep experience and familiarity with how our business works, as well as a shared commitment to delivering exceptional service to clients and guests,” said Dean Schreiber, chief executive officer of Oakwood.
This significant new phase in the evolution of Oakwood will allow the brand to focus on enhancing its services on-property, and transform into a true hospitality management company fit for sustainable growth and business success. With a commitment to double its portfolio of managed properties by 2025, the development pipeline holds a number of landmark projects which include:
- 20 properties that are slated to open in the next two years in Asia Pacific
- A new multifamily portfolio in the Seattle market
- Several active proposals across key cities in the United States including Philadelphia, Raleigh, Atlanta and Austin
- Its first two properties that will be opening in Dubai in 2021
Oakwood offers six products under the Oakwood brand – Oakwood Premier, Oakwood Apartments, Oakwood Residence, Oakwood Suites, Oakwood Studios and Oakwood WaterWalk – each providing a distinct level of service experience and quality that caters to different travelers with different lifestyles and needs. This hospitality model creates new opportunities for growth across global regions and provides much-needed focus to further build on its long-standing reputation in the hospitality market as a leading provider of serviced apartments.
“We have been fortunate to have played a leading role in the growth of the corporate housing industry and we are thrilled to begin this next phase of our business to focus on delivering exceptional hospitality service. Oakwood has established a distinctive edge of providing serviced apartments that offer generous residential space and exceptional guest services in Asia Pacific. We believe that these furnished apartments have a strong potential to develop as the mainstream alternative to hotel accommodations, as we continue to bring this offering across the globe,” added Schreiber.