Oakwood Worldwide® Signs Management Agreement for Eighth Tokyo Property
GLOBAL COMMUNICATIONS LEADER
OAKWOOD WORLDWIDE® SIGNS MANAGEMENT AGREEMENT FOR EIGHTH TOKYO PROPERTY
Oakwood® Apartments Ariake, Tokyo Added to Company's Growing Serviced Apartment Portfolio
LOS ANGELES - December 12, 2013 - Oakwood Worldwide, the global leader in corporate housing and serviced apartments, has entered into a 5-year management agreement with Ascendas Hospitality Trust ("A-HTRUST") beginning January 1, 2014, adding yet another property to the company's already strong presence in Tokyo, Japan. The fund managers of A-HTRUST are part of the Ascendas Group, Asia's leading provider of business space solutions. This venture supports Oakwood Worldwide's strategy for continued growth in both established and emerging global markets.
The addition of the Oakwood Apartments Ariake, Tokyo, formerly B:CONTE Ariake, gives Oakwood Worldwide more than 580 apartments within eight Tokyo properties. The property offers easy access from Tokyo Haneda Airport and is located near the Tokyo Waterfront Secondary City, Palette Town, Tokyo Big Sight, Tokyo Disneyland and the Ariake Colosseum - home to a number of 2020 Olympic events.
"The business traveler is going to love our apartments in Ariake," said Mr PG Mathew, managing director for Oakwood Worldwide's portfolio of 27 properties in the Asia Pacific region. "The product is extraordinary and ideally located near major businesses and the Olympic Park. Moreover, we are in negotiations to offer this as our first serviced apartment in Japan located within a zone that permits stays of less than 30 days."
With 122 apartments, the property has a mix of 98 studio and 24 one-bedroom apartments that offer panoramic city and bay views. The apartments come with a fully equipped modern kitchenette, in-unit washer and dryer and free Wi-Fi. Residents will also benefit from the concierge service, fitness center and access to the adjacent hotel's restaurant and café.
"We are very pleased to have our property carry the Oakwood name," said Mr Tan Juay Hiang, chief executive officer of the fund managers of A-HTRUST. "With Oakwood's strong branding and established track record, we are confident they will enhance the services and performance of our asset in Tokyo. We look forward to a successful partnership with Oakwood Worldwide."
Oakwood Worldwide currently maintains seven other branded properties in Japan located in Akasaka, Aoyama, Azabujyuban, Roppongi, Shirokane and Tokyo Midtown. A ninth property, the Oakwood Residence Tokyo is scheduled to open in the spring of 2015.
About Oakwood Worldwide
Oakwood Worldwide®, based in Los Angeles, Calif., is the leading provider of corporate housing and serviced apartment solutions through its two well-known brands, Oakwood® and ExecuStay®. Both brands provide move-in-ready furnished housing designed to meet the needs of business travelers on long- and short-term assignments. Oakwood® has access to the largest selection of housing options and a presence in all 50 United States and more than 55 countries. ExecuStay is the preferred corporate housing partner of Marriott® International and is the only corporate housing brand where guests can earn Marriott Rewards® points for stays at any ExecuStay location in the U.S. For more information, please visit www.oakwood.com and www.execustay.com.