-> Secures 16 Oakwood signings in 2024, reflecting a 30% year-on-year growth
-> Adds four new Oakwood Premier properties in Adelaide, Bali, Shenzhen and Singapore
-> Adds Bali to Oakwood’s growing portfolio of resort destinations, which includes Batam, Chongli and Ha Long
SINGAPORE – Media OutReach Newswire – 23 January 2025 – The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), has accelerated the expansion of its Oakwood brand, signing 16 new properties in 2024 – a 30% increase over the previous year. This includes a bumper crop of four Oakwood Premier signings since the brand refresh of Oakwood in early 2024. Riding the growing demand for bleisure travel, the brand refresh initiative enhanced Oakwood’s appeal to guests blending business and leisure in their travels by offering the comforts of home and beyond.
The rapid growth of the Oakwood brand is anchored in Ascott’s flex-hybrid hotel-in-residence model, which seamlessly combines the comforts of a fully serviced apartment with the luxuries of a hotel stay. Offering a variety of room configurations to accommodate diverse travel needs and lengths of stay, Oakwood properties also provide a wide range of ancillary services, including dining options and meeting facilities. The Oakwood portfolio now comprises nearly 100 properties – both operational and in the pipeline – solidifying its appeal to bleisure travellers. Oakwood’s global footprint spans 14 countries and 50 cities, with a strong presence in key gateway cities such as Tokyo, Jakarta, Beijing and Manila, as well as popular resort locations. New openings in 2024 include Oakwood Suites Chongli, a ski resort in the winter sports hub of Chongli in Zhangjiakou City, Hebei Province, China; the all-villa Oakwood Ha Long, located in the heart of Ha Long City, a gateway to Vietnam’s UNESCO World Heritage site, Ha Long Bay; and Oakwood Hotel & Apartments Grand Batam, offering tranquil water views on Indonesia’s Batam island. These openings mark the brand’s debut in these prime resort destinations.
Ms Serena Lim, Chief Growth Officer, Ascott, said, “Oakwood remains one of the fastest-growing brands in Ascott’s portfolio, driven by its strong positioning to capitalise on the increasing popularity of bleisure travel. With a 30% increase in signings in 2024 compared to 2023, Oakwood is well-placed to meet the needs of guests seeking a seamless balance between work and leisure. These new signings continue to drive Oakwood’s expansion into the resort sector, including the introduction of Oakwood Jimbaran Villas & Residences in Bali, one of the region’s most sought-after resort destinations. Beyond the volume of signings, we are seeing greater interest from property owners in the higher-tier Oakwood Premier brand following its recent refresh, with one in every four Oakwood signings in 2024 being an Oakwood Premier property. Notably, the signings will mark the entry of Oakwood Premier into new cities such as Adelaide, Bali and Shenzhen.”
The newly signed Oakwood Premier properties include Oakwood Premier Adelaide, Oakwood Premier Luohu Shenzhen and a new property in Bali. In Singapore, the Oakwood Premier brand makes its return with Oakwood Premier Draycott Singapore, located in the Orchard Road precinct. This addition will expand Oakwood’s presence in Singapore to two properties, joining Oakwood Studios Singapore.
Capitalising on the Rise of Bleisure Travel with Elevated Guest Offerings
According to research by Forbes[1], bleisure travel is currently a global market valued at nearly US$600 billion, with projections for a five-fold increase or more over the next decade. Based on American Express Travel’s 2023 Global Travel Trends Report[2], food plays a pivotal role in travel experiences. With travellers often organising vacations around culinary activities – ranging from trying local favourites to participating in cooking classes – 46% of respondents say they would sign up for cooking classes to engage with the culture of the destination, while 34% shop for groceries while travelling.
As this market continues to expand, Oakwood is strategically positioned to meet rising demand by leveraging its brand signatures to elevate the bleisure guest experience, catering to the evolving needs of travellers seeking the perfect blend of business and pleasure. Following last year’s brand refresh, all new Oakwood properties will feature on-site dining options. To date, more than half of Oakwood properties offer the convenience of dining on-property, featuring a variety of culinary options that focus on comfort food.
