CapitaLand-backed Ascott to acquire Oakwood Worldwide from Mapletree Investments.

CapitaLand-backed Ascott, a Singaporean wholly owned lodging business, agreed to acquire Oakwood Worldwide, a premier global serviced apartment provider, from Mapletree Investments, a real estate development, investment, capital and property management company. Financial terms were not disclosed. "This acquisition of Oakwood is part of Ascott's roadmap to playing a bigger role in the lodging market. There are significant synergies between Ascott and Oakwood, given our complementary footprint and product offerings. 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. Oakwood will continue to grow alongside Ascott's current portfolio of global brands as we continue to build growth momentum for our lodging business. We will be able to leverage Ascott's extensive expertise as a global lodging player to deliver greater value to our expanded network of loyal customers and property owners," Kevin Goh, Ascott CEO.