Singapore-based Mapletree Investments has acquired corporate
housing and serviced-apartment solutions provider Oakwood Worldwide.
Mapletree—a real estate development, investment and capital
management company—already had acquired a 49 percent stake in Oakwood Asia
Pacific, Oakwood's regional operating arm, back in 2014. The two companies have
since collaborated on branded corporate housing and serviced-apartment assets
in such U.S. markets as Dallas, Seattle and Los Angeles, as well as Australia.
"Our full ownership of Oakwood will allow us to enhance
efficiencies and the growth momentum of our corporate housing and serviced-apartment
business," said Mapletree CEO Hiew Yoon Khong. Mapletree also intends to acquire
and develop additional corporate housing and serviced-apartment assets,
focusing on the U.S., Europe and Asia/Pacific. In July, Oakwood Worldwide committed
to grow its Asia/Pacific portfolio by 40 percent by the end of 2017.
Christopher Ahearn will take over the role of Oakwood CEO
from Oakwood founder and chairman Howard Ruby. Ahearn most recently served as
senior advisor for TPG Capital, but his resume also includes a stint as Oakwood
VP of sales and marketing from 2005 to 2010.
Oakwood will maintain its headquarters in Los Angeles, as
well as regional headquarters in London, Phoenix and Singapore. Oakwood has a
presence in more than 95 countries and operates Oakwood, ExecuStay and
Insurance Housing Solutions. Additionally, via a partnership, it provides corporate
housing and serviced apartments to Marriott International clients and Marriott
allows ExecuStay guests to use and receive Marriott Rewards points.
Mapletree is a holding of Singapore-based
Temasek Holdings, which also owns Singapore Airlines. As of Dec. 31, Mapletree
owned and managed $26.6 billion in office, retail, logistics, industrial,
residential, corporate housing, serviced apartments and student housing,
according to the company.