Oakwood Worldwide to Open Extended-Stay Apartments in Hangzhou, China

By Erika Schnitzer, Associate EditorHANGZHOU, Zhejiang Province, China–Oakwood Worldwide, a Los Angeles-based provider of serviced apartments, has announced its plans to open Oakwood Residence Hangzhou at the end of this year. This will make it the first internationally serviced apartment operator in this city.“Guests are increasingly opting for serviced apartments, as they not only offer a value-orientated choice, but also conveniences and comfort that a serviced ‘home’ can provide over a hotel,” says Frank Foster, vice president of marketing and sales of Oakwood Asia Pacific. The 175-unit development will offer studios, one-, two- and three-bedroom apartments, ranging from 485 to 1,485 sq. ft., and daily rates will range from approximately $155 to $375. Extended-stay residents will be offered rate programs and an introductory offer will be made to all potential guests.The target market for Oakwood consists of two distinct groups: extended-stay and short stay, explains Foster. The extended-stay demographic consists of expatriate executives, foreign consultants and experienced business travelers “with accommodation requirements for more than a few days, looking for a more comfortable, affordable and spacious alternative to the city’s hotels.” The short-stay residents include business travelers requiring accommodations up to six nights and leisure travelers. The residences feature home offices fully equipped kitchens with crockery, cutlery and glassware sets; dishwashers and washers and dryers. Building amenities include the Oakleaf restaurant/resident lounge, business center, lounge, gym, underground parking, indoor pool and sun deck. Available services include grocery delivery, airport transfer, laundry, daily housekeeping and 24-hour security. The project is adjacent to the Europe America Center (EAC), a development comprised of retail and office space. Oakwood Residence Hangzhou occupies the first 12 floors of the building, with the remaining floors devoted to luxury condominiums. The development has covered walkways connecting Oakwood to the EAC.Located in the Huanglong Central Business District, Oakwood Residence Hangzhou is just 15 minutes from West Lake (Xihu) and is in close proximity to a number of office developments, government buildings, entertainment and shopping. “This central location will appeal to many demographic groups due to the ease of connection to Hangzhou’s key commercial and tourism destinations,” notes Foster.