At the time of the announcement in July 4, 2022, 8,500 out of 15,000 keys were operational and the fee-related earnings (FRE) per 10,000 operational and stabilised keys is around $20 million. The Oakwood brand has been kept, but Ascott has implemented a brand refresh across all the Oakwood properties.
The Ascott, the lodging arm of CapitaLand Investment, announced that it has grown its Oakwood portfolio by by over 20% since the group acquired Oakwood Worldwide in 2H2022.
To recap, Ascott acquired Oakwood Worldwide from Mapletree Investments. Although the group did not disclose the acquisition amount, it is estimated that the consideration would have been within the range of $40 million to $50 million.
