Ascott expands Oakwood portfolio by 20%+ in 2H 2022 with 20+ new signings

Thursday, January 18, 2024

Following the strategic acquisition of Oakwood Worldwide in 2H 2022, Ascott Limited, a business unit of CapitaLand Investment, reports an expansion of the Oakwood portfolio by over 20%, securing 20+ new signings. Ascott now boasts a global position among the top three extended stay serviced residence providers.

The Oakwood portfolio has expanded to 48 cities, including new destinations in South Korea, Indonesia, Malaysia, India, and Vietnam. With almost 18,000 units, Oakwood is one of Ascott’s fastest-growing global brands, acquiring over 20 new signings since the acquisition.

The successful integration into Ascott’s ecosystem has allowed for enhanced revenue, improved operational efficiencies, and optimal cost synergies for the Oakwood portfolio. Ascott’s CEO, Mr. Kevin Goh, highlights the immediate contribution of Oakwood to Ascott’s recurring fee income.

The Oakwood brand, known for its established standards and reliability, undergoes a refresh to extend coverage to more city hotels and resorts. The brand aims to exemplify unwavering dependability and comfort, catering to the rising trend of blended travel and the surge in bleisure travel.

The brand refresh aligns with Ascott’s Brand-360 strategy, strengthening its brand portfolio through unique experiences and programs. Oakwood’s refreshed brand introduces signatures like the Oakroom lobby concept, Oakbar beverage experience, and the “All You Knead is Comfort” program, emphasizing comfort and culinary delights across Oakwood properties worldwide.

Ms. Tan Bee Leng, Ascott’s Managing Director for Brand & Marketing, notes that the refreshed Oakwood brand addresses the growing market of business professionals seeking holistic travel experiences, blending work and leisure seamlessly. The Oakwood brand refresh follows the revamped Citadines, Somerset, and Ascott brands as part of Ascott’s comprehensive strategy.

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