Oakwood Partners With A&d for Oakwood Hotel Cheongju in South Korea

Singapore, Singapore City. April 21, 2022

Oakwood® cements its leadership position among the world's top serviced apartment brands with sustained expansion in South Korea. The signing of a management agreement for Oakwood Hotel Cheongju, in the capital of North Chungcheong province, will increase the brand's footprint in South Korea to three properties, joining Oakwood Premier Coex Center Seoul in the capital and Oakwood Premier Incheon.

In partnership with A&D Partners Limited, Oakwood will manage the 250-key property comprising 150 hotel rooms and 100 apartments at the city's new Cheongju Millennium Town landmark, scheduled for opening in 2026.

"We are most privileged to have the opportunity of partnering with A&D Partners Limited on the management of the upcoming new landmark in the largest city of North Chungcheong province in South Korea. The Oakwood brand has been established in the local market since 2001 and we are confident that as pioneers of the serviced apartments industry for 60 years now, we will be able to continue delivering quality serviced accommodation within South Korea. With evolved guest preferences in this new era of travel matched with the rekindled appetite for both business and leisure travel, we look forward to pushing the boundaries for hospitality experiences," said Dean Schreiber, chief executive officer of Oakwood.

The expansion to Cheongju "represents a strategic advancement for Oakwood in an emerging market for global hospitality brands", noted Mr Schreiber. The region's importance as an economic powerhouse is reinforced by the development of Cheongju Industrial Complex for the semiconductor, biotech and pharmaceutical sectors, as well as the Cheongju Aeropolis aerospace cluster and traditional agriculture and tobacco industries.

Served by Cheongju International Airport, with direct links to China, Japan, Taiwan and Thailand, the city is also a famous hub for academic institutions and universities, along with the Korea Air Force Academy and Korea National University of Education.

Tourist attractions in the vicinity include the ancient Sangdang Mountain Fortress on the slopes of Mount Uam, Cheongju National Museum, Heungdeoksa Temple, the National Museum of Modern and Contemporary Art and historic Chojeong Haenggung palace. Amid lush forests and mountains, the region is also a hub for outdoor adventure with numerous hiking, trail racing and mountain biking routes.

The signing of Oakwood Hotel Cheongju in South Korea signals Oakwood's strong growth momentum in Asia Pacific, which is on track with over 20 openings in 2022.

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