CapitaLand Investment Limited's (CLI) wholly owned lodging business unit, The Ascott Limited, has acquired Oakwood Worldwide, a premier global serviced apartment provider, from Mapletree Investments Pte Ltd.
The acquisition increases Ascott's global portfolio by 81 properties and about 15,000 units. Oakwood's approximately 8,500 operational units are expected to immediately contribute to Ascott's recurring fee income streams upon completion of the transaction, slated in third quarter 2022.
Ascott's acquisition of Oakwood will leapfrog Ascott's global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. It will add new markets that include Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh; and Washington, D.C. Recently named the Best Serviced Residence Brand in the DestinAsian Readers' Choice Awards 2022, Oakwood's award-winning portfolio includes flagship properties Oakwood Premier Tokyo and Oak
