CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott), has acquired Oakwood Worldwide (Oakwood), a global serviced apartment provider, from Mapletree Investments
The acquisition increases Ascott’s global portfolio by 81 properties and about 15,000 units. Oakwood’s approximately 8,500 operational units will immediately contribute to Ascott’s recurring fee income streams upon completion of the transaction slated in 3Q2022.

Ascott’s acquisition of Oakwood will leapfrog Ascott’s global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. It will add new markets which include Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh as well as Washington DC, US.
Kevin Goh, CLI’s CEO for lodging, said: “We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across South-east Asia, North Asia and North America. Oakwood will continue to grow alongside Ascott’s current portfolio of global brands as we continue to build growth momentum for our lodging business.”
“Besides strategic alignment… Ascott’s acquisition of Oakwood brings about an immediate boost to our units under management and franchise contracts. The Oakwood portfolio will accelerate the growth of our asset-light business, with added recurring fee income streams, expanded lodging offerings and increased customer base,” added Goh.




The French national brings to the role more than 30 years of experience leading hotels for the Accor group across Turkey, China, and South-east Asia. Before moving to Dusit, Cretallaz served as senior vice president operations – South-east Asia where he headed Accor’s Bangkok Office and oversaw the operations of 150 hotels.



Tan is a seasoned hospitality professional with almost 30 years of operational and marketing leadership experience under his belt. Prior to joining The Fullerton Hotels and Resorts, he was vice president hotel operations at Pan Pacific Hotels Group.
He has since served in various executive positions in the Hotel Okura Group, brings to his new role more than 25 years’ experience in the financial services sector in both the US and Japan.














