Mapletree Investments, a Singapore-based real estate development, investment and
capital management company, has
acquired Oakwood Worldwide, a provider
of corporate housing and serviced apartment solutions.
acquisition covers all of Oakwood’s global operations.
Mapletree has appointed Mr.
Christopher Ahearn as Oakwood’s Chief Executive Officer with immediate effect,
while Oakwood’s Founder and Chairman Mr. Howard Ruby will assume the non-executive role of Chairman Emeritus at Oakwood,
where he will serve in an advisory role to Oakwood on the corporate housing business.
of Mapletree’s nine corporate housing and serviced apartment
assets in the United States and Australia are managed under
the Oakwood brand as part of a collaboration signed in 2014. The
collaboration also saw Mapletree acquire a 49% stake in
Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific.
“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,” said Mr. Hiew Yoon Khong, Mapletree’s
Group Chief Executive Officer. “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. We will be looking at markets across the US, Europe
and Asia Pacific, which are also regions where Oakwood is a
Mr. Ahearn, as Oakwood’s new
CEO, will draw from his vast experience in growing and improving
the operating performance of companies, which he gained while
serving as Senior Advisor to TPG Capital. He will also capitalise
on the industry knowledge he acquired while serving as Oakwood’s
Senior Vice President of Sales and Marketing from 2005 to 2010.
Mr. Ahearn, CEO of Oakwood, said, “I am delighted to be
returning to Oakwood as the new CEO. Howard is a pioneer in this
industry and I am honoured to have been entrusted to carry forth
his legacy and lead the company into this new chapter under
Mapletree’s ownership. I look forward to working with our
associates, the heart of our organization, 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.”
Oakwood manages a portfolio of more than
50 branded properties globally.
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 one other asset under
development in the US, which will be managed by Oakwood Worldwide
Financial terms of the deal have not been
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