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Marriott Selling ExecuStay to Oakwood

Travel News Asia Latest Travel News Podcasts Videos Tuesday, 17 April 2012
 

Marriott and Oakwood Worldwide have signed an agreement for Marriott to sell its ExecuStay corporate and temporary apartment housing business to Oakwood, which is one of the leading global providers of corporate housing and serviced apartments, with locations in more than 50 countries.

ExecuStay offers furnished apartments in more than 700 locations across the U.S. Typically accommodating stays of 30 days or longer, ExecuStay provides a full residential experience, taking care of everything from utilities to furnishings, with conveniences such as free Wi-Fi, a full kitchen and laundry facilities.

As part of the transaction Oakwood will maintain ExecuStay as a separate brand offering. The parties also signed an eight-year reciprocal preferred provider agreement under which Marriott International will become the preferred hotel provider for Oakwood corporate housing and serviced apartment customers who need a hotel stay, and Marriott will recognize Oakwood as the preferred provider of corporate housing and serviced apartments to Marriott customers. As part of the preferred provider agreement, ExecuStay customers will also continue to earn Marriott Rewards guest loyalty program points for stays at ExecuStay apartments.

David Grissen, president The Americas for Marriott International, said, We are proud of ExecuStay. Since we acquired the business in 1999, the brand has evolved into an industry leader offering a tremendous product to customers. Notwithstanding this progress, over time it became clear that ExecuStays business model of leasing residential premises to customers was meaningfully different from Marriott Internationals long-term business strategy. ExecuStays association with Oakwood will provide it with new opportunities to prosper.

The financial terms of the sale were not disclosed, and are not material to Marriott International. Conclusion of the transaction, which is subject to normal and customary closing conditions, is expected by the end of April.

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