SINGAPORE, 2 June 2021: Oakwood says it is on target to double its portfolio of managed hospitality properties by 2025 by signing a new management agreement with Thailand’s Chaopraya Mahanakorn Public Company Limited.

The latest deal gives the group its eighth Oakwood managed property in Thailand – Oakwood Suites Tiwanon Bangkok. It comes close on the heels of the openings of Oakwood Premier Tonglu, China and Oakwood Hotel & Residence Bangkok, Thailand, all signed last May.

Signing ceremony between Oakwood Worldwide (Asia) and Chaopraya Mahanakorn PLC at The Cuvee Tiwanon.

“The concurrent openings in Tonglu and Bangkok followed by
the signing of our eighth property in Thailand have greatly bolstered our
confidence in the continued potential for the hospitality sector,” said  Oakwood chief executive officer Dean
Schreiber.

Oakwood said the signing of a management partnership with
Chaopraya Mahanakorn Public Company Limited (CMC), a real estate developer in
Thailand, last month “strengthened the group’s dominance in the Thai
capital.”

Oakwood Suites Tiwanon Bangkok, due to open during  Q3 of this year, will feature 194 one- to
two-bedroom residences as well as a residents’ lounge, restaurant, bar,
swimming pool, fitness centre and meeting venues.

The property is located at Yaek Tiwanon Metro Station close
to the Chatuchak Weekend Market, around 12 km from Don Mueang International
Airport.

Meanwhile, Oakwood Premier Tonglu China opened 45 hotel
rooms and 154 fully-equipped serviced apartments beside the just outside
Hangzhou in China.  

It’s the first of four new Oakwood properties scheduled to
open in China this year. Three additional openings in Beijing, Foshan and
Chongli, the host city for the 2022 Winter Olympics, will bring the total
number of managed properties in China up to 12, representing a growth of 50% in
just one year.

Last month, Oakwood opened Oakwood Hotel & Residence
Bangkok, its seventh property in Thailand and fourth in the capital. The
property has 142 studios and one-bedroom apartments under a second management
agreement with Thailand’s VMPC Co Ltd.

Oakwood Hotel & Residence Bangkok is located near the
open-air riverside mall Asiatique The Riverfront and ICON SIAM.