Serviced apartment supplier Oakwood Worldwide plans to open during the next five years more than 100 properties globally

via a joint venture with Singapore-based real estate developer Mapletree, the companies announced on Wednesday. Per the agreement, Mapletree is acquiring a 49 percent stake in Oakwood's business division in Asia and has the option to acquire later a larger share in Oakwood Asia Pacific. Mapletree seeks to buy and develop about $4 billion worth of inventory for Oakwood in Asia, Europe and North America. The investment will more than triple the number of Oakwood-branded buildings around the world, according to the companies.