Oakwood Worldwide has been acquired by capitalist management firm Mapletree Investments.
The acquisition covers all of Oakwood’s global operations.
Mapletree has also appointed Christopher Ahearn as Oakwood’s CEO. Oakwood’s founder and chairman 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.
The Singapore-based company said the acquisition is part of its long-term strategy to strengthen its corporate housing and serviced apartment business.
Currently, all of Mapletree’s nine 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, Oakwood Asia Pacific.
Hiew Yoon Khong, Mapletree’s group CEO, said: “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.”