Ascott's Oakwood portfolio sees 20% growth since 2H22

The portfolio has recorded over 20 new signings since Ascott’s acquisition.

The Ascott Limited, CapitaLand Investment's (CLI) lodging business unit, reported that its Oakwood portfolio has seen a 20% growth since the second half of 2022.

Ascott acquired Oakwood Worldwide from Mapletree Investments in 2H22.

Post-acquisition, CLI said the Oakwood portfolio has secured over 20 new signings, making it one of the fastest-growing global brands in the Ascott portfolio.

Since the acquisition, Ascott has expanded Oakwood’s presence to 48 cities, entering new destinations including Busan in South Korea, Batam and Bali in Indonesia, Penang and Kota Kinabalu in Malaysia, Visakhapatnam, Chennai and Navi Mumbai in India, as well as Ha Long in Vietnam. 

The portfolio comprises 18,000 units to date.