Ascott to acquire hotel operator Oakwood

Oakwood's Oakwood Premier Coex Center Seoul, a hotel in Coex, southern Seoul. [OAKWOOD]

Ascott will acquire hotel operator Oakwood from Singapore’s Mapletree Investments, expanding its global hotel business.

The value of the deal was undisclosed and the acquisition will be finished by the end of the third quarter.

Ascott is a hotel and lodging business operator based in Singapore, wholly owned by CapitaLand Investment (CLI). It runs brands such as Ascott The Residence and The Crest Collection.

Following the acquisition, 81 hotels and lodging facilities with a total of 15,000 rooms will be added to Ascott's global portfolio. In Korea, that includes the Oakwood Premier Coex Center Seoul in southern Seoul and a yet-to-be-opened hotel in Cheongju, North Chungcheong that is set to start construction next year.

“We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across Southeast Asia, North Asia and North America,” said Kevin Goh, CLI’s CEO for Lodging. “Oakwood will continue to grow alongside Ascott’s current portfolio of global brands as we continue to build growth momentum for our lodging business.”

In Korea, Ascott runs hotels such as the Somerset Palace Seoul in Gwanghwamun, central Seoul, and Somerset Jeju Shinhwa World on Jeju Island.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]