Oakwood enters joint venture to produce serviced apartments

TOKYO -- Los Angeles-based Oakwood Worldwide, the corporate housing management firm, entered into a joint venture with Japanese developer Mitsui Fudosan to create corporate housing throughout Japan, with an emphasis on Tokyo and Osaka.

Earlier this month and prior to the joint venture, Oakwood, in conjunction with Mitsui, opened its first Tokyo "serviced apartment" property, the Oakwood Residence Akasaka.

The property, located near the U.S. embassy, has 41 one- to three-bedroom apartments ranging from 700 to more than 1,400 square feet.

Daily rates start at $215, and monthly rates run from $8,000 to $12,000. Oakwood said the units are expected to be 100% leased by the end of June.

The apartments feature all the latest tools for business travelers, including phones with multiple lines, high-speed Internet access and work desks with ergonomic chairs.

These rooms also feature kitchens with washing machines and dryers and are decorated with Western-style furnishings.

Serviced apartments, also referred to as corporate housing, combine a furnished residence with amenities such as maid service.

They are leased to a clientele primarily composed of business travelers and foreign expatriates who would otherwise stay in hotels.

"We are pleased to be the first international corporate housing company to establish a presence in Japan," said James Klein, president of Oakwood Worldwide. "There is tremendous demand for housing in Japan from our Fortune Global 500 clients."

"We are looking to acquire, develop or convert properties into Oakwoods throughout Japan," said Klein.

Oakwood's Japanese apartments will be managed by Oakwood Asia Pacific, a joint- venture company. Oakwood Asia Pacific also manages properties in Bangkok, Thailand; Guangzhou, China, and Manila, the Philippines.

Oakwood Residence Akasaka
Phone: (800) 888-0808
Web: www.oakwood.com

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