Oakwood Outlines Continued Expansion Plans in China with Introduction of New Properties

SINGAPORE – 13 April 2021 On target to double its portfolio of managed properties by 2025, Oakwood today confirmed plans to open four new properties in China by December 2021 with more signings expected to be announced in the coming months. Since debuting in China over 20 years ago, Oakwood now manages eight distinctive properties with the imminent opening of Oakwood Premier Tonglu by May 2021 followed by three additional openings in Beijing, Foshan and Chongli, the host city for the 2022 Winter Olympics. This expansion plan demonstrates Oakwood’s commitment and recognition of the importance of the China market, further emphasised through a strategic alliance with Country Garden Commercial and Culture Tourism Group, which will see the addition of 100 Oakwood Beluxs properties in China’s 50 cities with the highest gross domestic product (GDP) by 2030.

“For more than 50 years, Oakwood has played a leading role in pioneering the concept of serviced apartments and extended residential experiences globally. Our legacy has given us the competitive edge of providing a personal safe sanctuary with generous living spaces and hospitality excellence. Oakwood will leverage on our core competencies to accelerate the growth momentum in China by doubling our portfolio within 2021. China has always been a key market for us and we are committed to diversifying our portfolio of brands in key Chinese cities, establishing new property openings, and raising the industry benchmark for health and safety protocol while pushing boundaries in our operational standards,” said Dean Schreiber, chief executive officer of Oakwood. This year, Oakwood’s portfolio in China will witness a growth of 50% in-market, bringing the total number of managed properties up to 12 by December 2021. The four highly anticipated openings include:

Oakwood Premier Tonglu in Hangzhou, is located in "LIT City", Tonglu's first cultural and creative complex for convenient access to retail, entertainment and dining experience. Its idyllic spot offers inspiring views of the city’s natural beauty of the scenic Fuchun River from 45 hotel rooms and 154 fully-equipped serviced apartments. Other facilities include an all-day dining restaurant, steak house, lobby lounge, indoor swimming pool, fitness centre as well as three multi-functional meeting rooms. The property is scheduled to open in May 2021.

Oakwood Hotel & Apartments Daxing Beijing is strategically located in the rapidly developing Daxing district in Beijing. A mere 25-minutes’ drive from the Beijing Daxing International Airport, it is conveniently close to key business hubs, retail malls and only a two-minute walk to the subway. The property features 165 hotel rooms for short-term stays as well as studios, and one- and two-bedroom apartments equipped with full kitchen facilities for long-term stays. Other facilities include a 24-hour fitness centre, all-day dining restaurant and sophisticated meeting venues. It is expected to open in September 2021.

Oakwood Residence Foshan is strategically located in the new central business district, next to the picturesque Qiandenghu Lake within the Nanhai District. The new resid