US: Oakwood has entered into a multi-year strategic partnership agreement with WaterWalk International to create a new brand, Oakwood WaterWalk.
The new brand will offer a purpose-built product that “provides a unique combined offering, including one-, two- and three-bedroom apartments, that fully satisfies the wide spectrum of needs across the extended stay, multifamily, and corporate housing segments”.
Through the partnership, Oakwood will expand its footprint in the US across eight high demand markets, broadening its product offering. These markets in which properties are open or under construction include: Denver, Dallas-Las Colinas, Dallas-Richardson, San Antonio, Wichita, Kansas City-Overland Park, Raleigh, and Charlotte.
Further, with WaterWalk’s development pipeline, approximately 13 additional sites will be available and opening soon in Austin, Minneapolis, Dallas-Plano, Salt Lake City, Boise, Phoenix, Jacksonville, Washington D.C., and Philadelphia. WaterWalk has signed “enough franchise agreements to triple the portfolio and continues to open doors for new investors to enter this growing segment and provide additional opportunities to become a franchisee”.
“Our strategic partnership with WaterWalk, one of the nation’s most innovative extended stay brands, enables us to significantly expand our U.S. footprint and offer our clients even more options to fit their travel and relocation stay needs,” said Chris Ahearn, chief executive officer, Oakwood. “The extended stay hotel segment is the fastest growing segment in the U.S. as business and individual travelers continue to seek housing options that allow for a flexible length of stay, without sacrificing the comfort and amenities of spacious furnished and serviced apartments or from existing hotel offerings.”
Jack DeBoer, founder and chief executive officer at WaterWalk, said: “The WaterWalk product is an innovative concept built on the culmination of our extensive experience in the development of thousands of apartments and hundreds of hotels. We are very excited about the dynamic growth that will begin immediately for the new brand as a result of our partnership with Oakwood.”
The WaterWalk properties combine “the space and comfort of apartment living with the services of a hotel, allowing business and individual travelers to book short- and long-term stays and choose from furnished or unfurnished suites”. Each property typically offers two separate, purpose-built buildings consisting of 153 units; approximately 78 units are multifamily unfurnished and 75 units will be furnished corporate and extended stay units.
Oakwood WaterWalk pricing includes all utilities, high-speed internet, DirecTV cable television, and phone service for nightly or monthly rates. All rooms come with fully-equipped modern kitchens and a full-size in-room washer and dryer. Guests can also enjoy upscale amenities including an onsite fitness centre, breakfast delivered to each room, housekeeping, and 24/7 front desk service.
“The global brand recognition and unrivalled industry experience that Oakwood brings to WaterWalk will create an unparalleled investment opportunity while simultaneously delivering a solution to accommodate underserved market needs,” said Mimi Rogers, executive vice president, WaterWalk.