Oakwood, Kapil Group sign JV for 2nd property
Oakwood Worldwide, wholly owned by Mapletree Investments, on Thursday signed a partnership with Kapil Group BVM Energy and Residences Pvt Ltd to open...
Hyderabad: Oakwood Worldwide, wholly owned by Mapletree Investments, on Thursday signed a partnership with Kapil Group (BVM Energy and Residences Pvt. Ltd) to open its second Oakwood-branded property in Hyderabad in 2021.
Located near the Rajiv Gandhi International Airport (Shamshabad), Oakwood Hotel & Apartments Kapil Hyderabad offers 175 units of hotel rooms and serviced apartments with facilities such as a banquets, business center, gym and restaurant. Services include 24-hour concierge and reception services, business services and high-speed internet connectivity.
Speaking on the occasion, Paul Stocker, Vice President (Sales, Marketing & Revenue), Oakwood Worldwide Asia, said, “Hyderabad has been developing at a rapid pace with its emerging IT, pharmaceutical and Meetings, Incentives, Conference and Exhibitions (MICE) industries. We are excited to be opening our fifth property in India and more specifically, we are proud to be able to provide quality corporate housing solutions to the evolving city in Hyderabad.”
Vaman Rao, Chairman of the Board of Kapil Group, added: “We are delighted to partner with Oakwood again and we selected the Oakwood Apartments product for this development project for its approach towards modern serviced living. The company has pumped in Rs 175 crore investment into this facility as its owner and Oakwood would be the asset management company for this facility for the next 15 years.”
When asked about the company’s future plans in this sector, Rao said, “We are exploring Amaravati and Visakhapatnam to create similar properties.”
While Kapil Group is a conglomerate of over 35 companies, Oakwood Worldwide is a leading provider of furnished and serviced apartment solutions through its brands, Oakwood, ExecuStay and Insurance Housing Solutions. Oakwood has a presence in all 50 states in the US and more than 95 countries.