Singapore-based Mapletree Investments acquired Oakwood Worldwide, a global provider of corporate housing and serviced apartment solutions, and appointed Christopher Ahearn as Oakwood's Chief Executive Officer.
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.
Mapletree's acquisition of Oakwood 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 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 percent stake in Oakwood's Asia Pacific operating arm, Oakwood Asia Pacific.
Said Mr. Hiew Yoon Khong, Mapletree's Group Chief Executive Officer: "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.
"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 well-regarded brand."
Said Mr. Howard Ruby, Chairman Emeritus of Oakwood: "It has been my very special privilege to lead this organization for 57 years. It gives me great pleasure to know that the company, the associates and our clients will be in good hands with Mapletree and CEOChristopher Ahearn at the helm. We have learned through our collaboration that Mapletree shares our key vision of growing and expanding the Oakwood brand globally and maintaining the high customer service standards for which we are known. Both companies have worked well together since 2014, and I am confident that will continue. I am very excited about the future of Oakwood as we embark on this new journey with Mapletree as the company's new owner."
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.
Said Mr. Ahearn, CEO of Oakwood: "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 is the largest provider of corporate housing and serviced apartments globally with a presence in more than 95 countries. The company serves more than 80 percent of Fortune 500 companies, and works with the 10 largest US relocation companies. In addition to a vast supply chain inventory, 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 upon completion.