LOS ANGELES — Oakwood, a wholly-owned subsidiary of Mapletree Investments, announced that it will singularly pursue the development and growth of its hospitality portfolio, and has committed to doubling its portfolio of managed properties by 2025.
Over the last few years, Oakwood developed and grew its own portfolio of branded properties to more than 80 globally. Now, a new partnership with Dwellworks will allow Oakwood to focus on the development and growth of its hospitality portfolio, and Dwellworks to strategically expand its capabilities in the corporate housing sector.
In March 2020, Oakwood entered into a strategic partnership with Dwellworks, 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. Oakwood will serve as a supplier to Dwellworks, benefiting from its expanded global presence.
Oakwood plans to double its portfolio of managed properties by 2025. The brand’s development pipeline includes its first two properties that will be opening in Dubai in 2021; 20 properties that are slated to open in the next two years in Asia Pacific; a new multifamily portfolio in the Seattle market; and several active proposals across the United States, including in Philadelphia, Raleigh, N.C., Atlanta, and Austin.
Oakwood has six products under the Oakwood brand: Oakwood Premier, Oakwood Apartments, Oakwood Residence, Oakwood Suites, Oakwood Studios, and Oakwood WaterWalk—each catering to different travelers with different lifestyles and needs.
“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,” said Dean Schreiber, CEO of Oakwood and managing director of Oakwood Asia Pacific. “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.”