Ascott, CapitaLand Investment‘s lodging business, has bought Oakwood Worldwide, an apartment provider, from Mapletree Investments.
The acquisition increases Ascott’s global portfolio by 81 properties and about 15,000 units.
Kevin Goh, CLI’s CEO for lodging, said, “This acquisition of Oakwood is part of Ascott’s roadmap to playing a bigger role in the lodging market. There are significant synergies between Ascott and Oakwood, given our complementary footprint and product offerings. We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across Southeast Asia, North Asia and North America.”