Oakwood launches serviced apartment in India

Oakwood Asia Pacific, a division of the Los Angeles headquartered Oakwood Worldwide, the largest chain of serviced apartments worldwide, launched its first serviced apartment in India, in Pune.

The company also announced plans to expand its portfolio to include at least eight more properties across India over the next two years.

Its first property in Pune Oakwood Residence Naylor Road is targetted at the international business travellers. Later this year "" Oakwood Premiere Mumbai and Oakwood Premiere Prestige Bangalore will be launched.

Followed by the launch Oakwood Residence Hyderabad in 2008. In 2009 the company will add four more properties to its portfolio, wherein both Pune and Bangalore will get a second serviced apartment and the company will also expand to cover Chennai and New Delhi.

"We are also looking at Kolkata and Goa for further expansion," said Veronique Sirault, General Manager, Oakwood Residence.

Presently, Oakwood Asia Pacific has 12 properties in the Asia Pacific spread across China, Thailand, Korea and Japan.

"We plan to open 19 more in the region in the next 2 years," said Sirault. With over 20,000 apartments globally, Sirault is optimistic about a minimum 55 per cent occupancy after nine months of operations in Pune.

"We are already experiencing a lot of cross sales, especially within the Asia Pacific region," she said.

Oakwood operates properties under four brands "" Oakwood Premier, which provides five-star service, Oakwood Residence "" four-star properties with full service, Oakwood Apartments "" four-star properties with limited service and Oakwood Corporate "" no service properties. It also recently launched Oakwood Resorts and Oakwood Premier Resorts which are furnished residences and villas in resort destinations.

"In India the company is bringing in its top two brands and would also consider the Resorts brand for popular tourist places like Goa," said Sirault.

In Pune, Oakwood has partnered with Panchshil Realty for both its projects and will take the partnership route for expansion through out India. It has 84 apartments of 1 and 2-bedroom hall kitchen (BHK), priced at Rs 10,000 and Rs 14,000 for the single and double BHK for single night occupancy.