Planning a major foray into service apartments segment, international player Oakwood Worldwide would launch 11 five-star category temporary housing facilities across India over next three years.While the brand is already operational in Pune, Mumbai and Bangalore with four properties, it will have operations in prominent Indian cities such as Chennai, New Delhi, Hyderabad, Thiruananthapuram and Ahmedabad by 2012.
Oakwood Worldwide, which runs resorts and service apartments in United Kingdom, USA, Singapore and a number of Asian countries, plans to run properties in three different categories in India. The Oakwood Premier category provides for a long-term stay in five-star deluxe category rooms while the Oakwood Residence has five-star standard residential flats. The Oakwood Apartments category is meant for tier-two and tie-three cities and has compact service apartments.
The brand has so far launched four properties in the country while 11 new locations are under construction. Speaking to Business Standard , Oakwood's country general manager Vikas Kapai said, "We have signed 11 new deals with different real estate developers. We expect to have two properties operational in each of New Delhi, Chennai and Hyderabad by 2011."
Oakwood recently launched its largest property in India, the Oakwood Premier in Pune with 202 five-star deluxe studios and suits. It also runs an 84-unit Oakwood Residence property in Pune. The brand already has a property each operational in Mumbai and Bangalore. It plans to have have two new properties in Mumbai while a property each in Ahmedabad and Thiruananthapuram.
"We have seen more than 73 per cent occupancy during the financial year 2008-09 at our three properties. This year as well, we have seen more than 65 per cent occupancy, which is excellent considering the present economic situation," Kapai added. the firm plans to concentrate on Pune, New Delhi, Mumbai and Bangalore, the cities that attract the maximum number of foreign working professionals in India. Kapai however did not disclose the financial details of the company in India.
