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Oakwood Asia Pacific launches serviced apartment in India

Oakwood Asia pacific, the world's largest provider of serviced apartment, has launched its first Indian property in Pune. It has also signed up with local partners to develop seven additional properties in the country over the next 18 to 24 months.

Apnaloan.com Research Bureau

10 Aug 2007

Oakwood Asia pacific, the world's largest provider of serviced apartment, has launched its first Indian property in Pune. It has also signed up with local partners to develop seven additional properties in the country over the next 18 to 24 months.

Oakwood will join a list of global firms, including Marriott International Inc., Starwood Hotels and Resorts Worldwide Inc., and Ascott Group that are tying up with Indian real estate developers to tap the increasing need for long stay apartments across various Indian cities like Bangalore, Mumbai, Hyderabad and Pune.

"India and China are two of the most important markets for the group in Asia pacific region, as both this countries see a continuous influx of global visitors from multinationals which are seeking to either set up businesses there or expand existing operations," Frank Foster, vice president, marketing & sales, Oakwood Asia Pacific said to Media during the launch of its first property in China.

In the serviced apartment, Oakwood will offer one bed room units to cater to the middle to senior level executives. It will cost around Rs 10,000 for one bed room apartment and Rs 14,000 for double bed room apartment. These will serve as alternatives to four star hotels. The company's premier brands will come up in upscale locations and will target CEOs and international travelers and be alternatives to five-star hotels, said Frank Foster.