The transaction — which is slated to complete in 3QFY2022 — should enhance Ascott’s stable of lodging offerings with exposure to new markets such as Cheongju in South Korea, Zhangjiakou and Qingdao in China, Dhaka in Bangladesh, and Washington DC in the US, said Lock.
The Ascott’s proposed acquisition of Oakwood Worldwide from Mapletree Investments will provide CapitaLand Investment (CLI) with immediate fee contribution as well as potential to drive further revenue and operational strategies, said CGS-CIMB Research analyst Lock Mun Yee.
Oakwood is a leading global serviced apartment provider with a presence in more than 15 countries, Lock explains. Its portfolio comprises 81 properties with about 15,000 units under management. Oakwood’s flagship properties include Oakwood Premier Tokyo and Oakwood Coex Center Seoul.
