Serviced apartment provider Oakwood has begun to transition out of its global solutions business by entering into a strategic partnership with Dwellworks in order to focus solely on its branded hospitality arm and property management, the company announced.
Oakwood will continue to service existing bookings, but all new global solutions requests for housing will be managed by Dwellworks.
This means that Oakwood will still provide corporate housing, but only in Oakwood-branded buildings instead of a broad, agnostic supply chain. It also will provide apartment-style accommodations for short-term stays in addition to extended stays, depending on the location.
"Our current portfolio of more than 80 properties is supported by a strong pipeline, and we are on track to double that number by 2025, with planned expansion in the portfolio in the US, Asia Pacific, the Middle East and Europe," said Oakwood interim CEO and managing director of Asia Pacific Dean Schreiber.
The company has active proposals in Philadelphia, Raleigh, Atlanta and Austin, said a company spokesperson, and is looking at an opening in Dubai in 2021. There is also a new multi-family portfolio in the Seattle region (pictured).