With almost 18,000 units to date, the Oakwood portfolio has grown by more than 20% post-acquisition, making it one of the fastest growing global brands in the Ascott portfolio with over 20 new signings since the acquisition.
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The Ascott, the lodging arm of CapitaLand Investment, has made significant strides in growing its Oakwood portfolio since acquiring Oakwood Worldwide in 2H2022. This acquisition has allowed Ascott to expand its presence to 48 cities, including new destinations such as Busan in South Korea and Ha Long in Vietnam. The portfolio now has almost 18,000 units, a growth of over 20% since the acquisition.
The successful integration of the Oakwood brand into Ascott’s ecosystem has led to improved operational efficiencies, with cost synergies contributing to an improved financial performance. This has been evident in the brand’s revenue growth and improved margins.
The refreshed Oakwood brand is aligned with the current trend of “bleisure” travel, catering to business travellers who extend their trips for leisure purposes. This brand refresh, along with those of Citadines, Somerset, and Ascott, is part of Ascott’s Brand-360 strategy to strengthen its brand portfolio and enhance the overall guest experience.
Ascott’s CEO, Kevin Goh, recognizes the strategic benefits of inorganic expansion and plans to continue pursuing transformative deals that provide immediate access to new markets and synergies. The group aims to double its fee earnings to over $500 million by 2028.
With the addition of the Oakwood portfolio, Ascott now has over 70 properties globally, with approximately 13,500 units available across all its brands. This rapid expansion is a testament to Ascott’s ability to leverage its pricing power and meet market demand.
Tan Bee Leng, Ascott’s managing director for brand and marketing, emphasizes the importance of understanding the needs of today’s business travelers and aligning the brand refresh with the growing trend of bleisure travel. The refreshed Oakwood brand offers thoughtful amenities and productivity tools, such as the Oakroom lobby space and various dining options within the properties.
On top of the brand refresh, Ascott has also introduced its signature experiences and programmes unique to each brand as part of its Brand-360 strategy. This, along with its ongoing expansion, will continue to enhance Ascott’s position as a leading global lodging operator.
Investors can expect to see an immediate contribution from the Oakwood portfolio to Ascott’s recurring fee income, in line with the group’s aim to double its fee earnings. The company’s shares last traded at $2.96 on Jan 17. With such impressive growth and strategic initiatives in place, Ascott is truly paving its way to success with the Champions Way Residences.