Serviced apartment company Oakwood has entered into a multi-year strategic partnership agreement with upscale extended-stay specialist WaterWalk International to create a new brand in the US.
Called Oakwood WaterWalk, the purpose-built product provides a combined offering, including one, two and three-bedroom apartments, that the companies say will serve a wide spectrum of needs across the extended stay, corporate housing and multi-family segments.
Through the partnership, Oakwood aims to expand its footprint in the US across eight high-demand markets, with properties open or under construction in Denver, Dallas-Las Colinas, Dallas-Richardson, San Antonio, Wichita, Kansas City-Overland Park, Raleigh and Charlotte.
With WaterWalk’s development pipeline, around 13 additional sites will open in Austin, Minneapolis, Dallas-Plano, Salt Lake City, Boise, Phoenix, Jacksonville, Washington DC and Philadelphia.
Oakwood WaterWalk pricing includes all utilities, high-speed internet, DirecTV cable television and phone service for nightly or monthly rates. All apartments come with fully-equipped kitchens and a full-size in-room washer and dryer. Other amenities include an onsite fitness centre, breakfast delivered to each room, housekeeping and 24/7 front desk service.
WaterWalk was created by Jack DeBoer, who also founded Residence Inn (now part of Marriott), Summerfield Suites (now Hyatt House), Candlewood Suites (now IHG) and Value Place/WoodSpring (now Choice Hotels International). Each of its properties typically features two separate buildings consisting of 153 units, 75 of which are furnished for corporate and extended-stay purposes.
DeBoer commented: “The WaterWalk product is an innovative concept built on the culmination of our extensive experience in the development of thousands of apartments and hundreds of hotels. We are very excited about the dynamic growth that will begin immediately for the new brand as a result of our partnership with Oakwood.”
Chris Ahearn, CEO of Oakwood, said: “Our strategic partnership with WaterWalk, one of the nation’s most innovative extended stay brands, enables us to significantly expand our US footprint and offer our clients even more options to fit their travel and relocation stay needs. The extended-stay hotel segment is the fastest-growing segment in the US as business and individual travellers continue to seek housing options that allow for a flexible length of stay without sacrificing the comfort and amenities of spacious furnished and serviced apartments or from existing hotel offerings.”