Ascott ramps up Oakwood signings

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CapitaLand Investment’s lodging business unit The Ascott Limited (Ascott) accelerated the expansion of its Oakwood brand, signing 16 new properties in 2024.

This represents a 30 percent increase in signings over the previous year. 

The 2024 roster includes four Oakwood Premier signings since Oakwood’s brand early last year. 

Riding the growing demand for bleisure travel, the brand refresh initiative enhanced Oakwood’s appeal to guests blending business and leisure in their travels by offering the comforts of home and beyond.

A working model

The rapid growth of the Oakwood brand is anchored in Ascott’s flex-hybrid hotel-in-residence model, which seamlessly combines the comforts of a fully serviced apartment with the luxuries of a hotel stay. 

Offering a variety of room configurations to accommodate diverse travel needs and lengths of stay, Oakwood properties also provide a wide range of ancillary services, including dining options and meeting facilities. 

The Oakwood portfolio now boasts of nearly 100 properties, solidifying its appeal to bleisure travellers. 

Oakwood’s global footprint spans 14 countries and 50 cities, with a strong presence in key gateway cities such as Tokyo, Jakarta, Beijing and Manila, as well as popular resort locations. 

New in the neighbourhood

New openings in 2024 include Oakwood Suites Chongli, a ski resort in the winter sports hub of Chongli in Zhangjiakou City, Hebei Province, China; the all-villa Oakwood Ha Long, located in the heart of Ha Long City, a gateway to Vietnam’s UNESCO World Heritage site, Ha Long Bay; and Oakwood Hotel & Apartments Grand Batam, offering tranquil water views on Indonesia’s Batam island. 

These openings mark the brand’s debut in these prime resort destinations.

Ascott’s chief growth officer Serena Lam said: “Oakwood remains one of the fastest-growing brands in Ascott’s portfolio, driven by its strong positioning to capitalise on the increasing popularity of bleisure travel. With a 30 percent increase in signings in 2024 compared to 2023, Oakwood is well-placed to meet the needs of guests seeking a seamless balance between work and leisure. These new signings continue to drive Oakwood’s expansion into the resort sector, including the introduction of Oakwood Jimbaran Villas & Residences in Bali, one of the region’s most sought-after resort destinations. Beyond the volume of signings, we are seeing greater interest from property owners in the higher-tier Oakwood Premier brand following its recent refresh, with one in every four Oakwood signings in 2024 being an Oakwood Premier property. Notably, the signings will mark the entry of Oakwood Premier into new cities such as Adelaide, Bali and Shenzhen.”

Newly-signed Oakwood Premier properties include Oakwood Premier Adelaide, Oakwood Premier Luohu Shenzhen and a new property in Bali. 

In Singapore, the Oakwood Premier brand makes its return with Oakwood Premier Draycott Singapore, located in the Orchard Road precinct. 

This addition will expand Oakwood’s presence in Singapore to two properties, joining Oakwood Studios Singapore.

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