Oakwood Advances Growth Momentum with Strategic Partnership and Dual Property Openings
Oakwood announced a new management partnership for eighth property in Thailand and celebrated two simultaneous property openings in Tonglu, China, and Bangkok, Thailand
SINGAPORE - Oakwood advanced towards its goal of doubling its portfolio of managed hospitality properties by 2025 with the signing of a new management agreement with Chaopraya Mahanakorn Public Company Limited for the management of the group’s eighth Oakwood branded property in Thailand – Oakwood Suites Tiwanon Bangkok. This comes close on the heels of the simultaneous openings of Oakwood Premier Tonglu, China and Oakwood Hotel & Residence Bangkok, Thailand, all within the month of May.
“Oakwood’s legacy in the serviced apartments sector has given us the competitive edge in accelerating our growth momentum at a time when traditional hotels continue to be challenged for survival amidst the current pandemic. With less exposure to transient occupancy, Oakwood’s resilient business model has proven to be commercially attractive for property owners and of course exceptionally popular with guests seeking space and relevant services in a safe and secure environment. The concurrent openings in Tonglu and Bangkok followed by the signing of our eighth property in Thailand have greatly bolstered our confidence in the continued potential for the hospitality sector and I am thrilled at how our growth trajectory has demonstrated this,” said Dean Schreiber, chief executive officer of Oakwood.
New Signing – A Display of Increased Owners’ Confidence in Oakwood
Strengthening the group’s dominance in the Thai capital, Oakwood announced the signing of a management partnership with Chaopraya Mahanakorn Public Company Limited (CMC), a real estate developer in Thailand, on 17 May 2021. As part of the partnership, Oakwood has been appointed to take on the management of a new property in Bangkok – Oakwood Suites Tiwanon Bangkok.
Built for smart urban lifestyle in the digital age as part of a mixed-use residential project (The Cuvee Tiwanon) that has won multiple architectural awards, Oakwood Suites Tiwanon Bangkok will feature 194 well-appointed one- to two-bedroom residences as well as a luxurious suite of facilities including a residents’ lounge, restaurant, bar, swimming pool, fitness centre and comprehensive meeting venues.
Slated to open in the third quarter of 2021, the property’s strategic location next to the Yaek Tiwanon Metro Station and proximity to the famous Chatuchak Weekend Market, will provide convenient access to the Don Mueang International Airport and other attractions in the city.
This celebrated partnership marks Oakwood’s eighth property in Thailand and fifth in Bangkok – clearly demonstrating the positive sentiments that investors have of the brand through the results that Oakwood as a hospitality management company has consistently been delivering.
“Bangkok is a vibrant city that serves as an important commercial hub and a convenient springboard to the rest of Asia. We are pleased to collaborate with Oakwood to deliver a differentiated residential option for discerning guests. Oakwood Suites Tiwanon Bangkok will be a beacon for luxurious, contemporary lifestyle in the Thai capital,” said Dr. Wichian Pattayanunt, chief executive officer of Chaopraya Mahanakorn Public Company Limited (CMC).
Dual Openings in May 2021
Earlier this month, Oakwood Premier Tonglu unveiled 45 hotel rooms and 154 fully-equipped serviced apartments beside the picturesque Fuchun River on 7 May 2021. Its idyllic location just outside Hangzhou, is in the region’s new cultural and creative hub for the digital technology industry, LIT City, and houses facilities including an all-day restaurant, steak house, swimming pool, fitness centre as well as meeting and event spaces.
Oakwood Premier Tonglu is the first of four new Oakwood properties scheduled to open in China this year. Three additional openings in Beijing, Foshan and Chongli, the host city for the 2022 Winter Olympics, will bring the total number of managed properties in China up to 12, representing a growth of 50% in just one year. Underlining the brand’s soaring expansion, Oakwood was recognised earlier this year, as the “Best Serviced Apartment Operator” in China at the China Hotel Starlight Awards, the “Oscars” of the nation’s hospitality industry.
Also in May 2021, Oakwood celebrated the opening of Oakwood Hotel & Residence Bangkok, its seventh property in Thailand and fourth in the capital. Oakwood now manages 142 elegantly-appointed studios and one-bedroom apartments under a second management agreement with Thailand’s V.M.P.C. Co. Ltd., following the commercial success of Oakwood Hotel & Residence Sri Racha.
Flanked between two BTS train stations, Oakwood Hotel & Residence Bangkok is conveniently located near the famed open-air riverside mall Asiatique The Riverfront and ICON SIAM, one of the largest shopping malls in Asia. Refined amenities include an outdoor swimming pool, fitness centre, sauna, two meeting venues, lobby bar, restaurant and residents’ lounge.
V.M.P.C. Co. Ltd. chief executive officer Prinya Tieanworn added: “We are delighted by the successful opening of Oakwood Hotel & Residence Bangkok. Given Oakwood’s stronghold in Bangkok and their renowned hospitality excellence, we are confident that our second Oakwood property will offer elevated experiences for guests seeking a safe sanctuary around the iconic Chao Phraya River, for both domestic and international travellers alike.”