Oakwood Worldwide, the largest provider of corporate housing and serviced apartments globally, has been acquired by real-estate development, investment and capital management company Mapletree Investments. The acquisition covers all Oakwood’s global operations.With a presence in more than 95 countries, Oakwood serves more than 80 per cent of Fortune 500 companies and works with the ten largest US relocation companies. In addition to a large supply-chain inventory, the company manages a portfolio of more than 50 branded properties around the world.Following the acquisition, Christopher Ahearn becomes Oakwood’s CEO. Mr Ahearn, who was the company's senior VP of sales and marketing from 2005 to 2010, will draw on the experience of increasing and improving the operating performance of companies he gained while serving as senior adviser to TPG Capital.Oakwood’s founder and chairman, Howard Ruby, assumes the non-executive advisory role of chairman emeritus.Said Christopher Ahearn, “I look forward to working with our associates, the heart of our organisation, to align and evolve Oakwood’s global capabilities and innovative offerings in order to better meet the ever-changing needs of our clients and guests. We are committed to a seamless transition of ownership with minimal disruption to Oakwood’s operations.”

Long-term growth strategy

The acquisition of Oakwood is part of Mapletree’s long-term strategy to strengthen its corporate housing and serviced apartment business. Currently, all nine of Mapletree’s corporate housing and serviced apartment assets in the US and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014.The collaboration also saw Mapletree acquire a 49 per cent stake in Oakwood’s Asia Pacific operating arm.Howard Ruby said, “We have learned through our collaboration that Mapletree shares our key vision of growing and expanding the Oakwood brand globally and maintaining the high customer service standards for which we are known. Both companies have worked well together since 2014, and I am confident that will continue.”

---

Related articles:

·       Moving towards a closer strategic partnership

·       Serviced apartments – embracing change

---

Said Mapletree’s group CEO, Hiew Yoon Khong, “This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business. In addition, Oakwood is a reputable global brand, and we intend to continue strengthening its presence.“Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests.”He confirmed that Mapletree would be looking at markets across the US, Europe and Asia Pacific, regions where Oakwood is a well-regarded brand.In addition to the nine Mapletree properties operated by Oakwood (US and Australia), Mapletree is currently developing three serviced apartment properties in Japan and Vietnam, as well as an asset in the US, which will be managed by Oakwood Worldwide on completion.For related news and features, see our Serviced Apartments section.Access serviced apartment providers in our Online Directory  Access our free Global Mobility Toolkit factsheets: