Mapletree Acquires Oakwood Worldwide, Appoints New CEO
- Feb 22, 2017
Los Angeles—Mapletree Investments Pte Ltd. announced the acquisition of Oakwood Worldwide. The deal includes all of the company’s global operations, as well as the appointment of Christopher Ahearn as Oakwood’s CEO.
Ahearn brings his experience in growing and improving the operating performance of companies, which he gained while serving as senior advisor to TPG Capital. He will also capitalize on the industry knowledge he acquired while serving as Oakwood’s senior vice president of sales and marketing between 2005 and 2010. Oakwood’s Founder & Chairman Howard Ruby will assume the non-executive role of Chairman Emeritus at Oakwood, where he will serve as an advisor on corporate housing business.
Mapletree’s acquisition is part of the company’s long-term strategy to strengthen its corporate housing and serviced apartment business. All of the company’s nine corporate housing and serviced apartment assets in the U.S. and Australia are managed under the Oakwood brand as part of a collaboration that took place in 2014, which also included Mapletree acquiring a 49 percent stake in Oakwood Asia Pacific.
In addition to the nine properties operated by Oakwood in the U.S. and Australia, Mapletree is currently developing three serviced apartment properties in Japan and Vietnam as well as one other asset in the U.S., which will be managed by Oakwood Worldwide upon completion.
“This acquisition is strategic and commercially significant to Mapletree,” said Hiew Yoon Khong, Mapletree Group’s CEO, in prepared remarks. “Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests. We will be looking at markets across the U.S., Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand.”
Image courtesy of Mapletree Investments