Oakwood completes ExecuStay acquisition

Oakwood has completed the transaction to acquire the ExecuStay corporate housing brand from Marriott International. On 16 April 2012, Oakwood revealed that it had signed an agreement to acquire ExecuStay. Financial terms were not disclosed. Oakwood will offer ExecuStay as a separate brand, expanding its corporate housing portfolio. Both brands typically accommodate stays of 30 days or longer, providing a full residential experience, taking care of everything from utilities to furnishings, with conveniences such as free Wi-Fi, a full kitchen and laundry facilities. Together they offer corporate housing and serviced apartments in all 50 United States and more than 55 countries. \"By bringing together these two industry leaders, we\'re expanding our global reach and ability to provide innovative solutions that meet our customers\' changing needs around the world,\" said Ric Villarreal, president of Oakwood Worldwide. \"We look forward to the continued success of the Oakwood and ExecuStay brands.\" The two parties also signed an eight-year reciprocal preferred provider agreement under which Marriott International is now the preferred hotel provider for Oakwood corporate housing and serviced apartment customers who need a hotel stay. Marriott will also recognize Oakwood as the preferred provider of corporate housing to Marriott customers in the United States. As part of the preferred provider agreement, ExecuStay customers will continue to earn Marriott Rewards guest loyalty program points for stays at ExecuStay apartments. \"We couldn\'t be more pleased with the level of cooperation between Oakwood and Marriott throughout this process,\" said Howard Ruby, chairman and founder of Oakwood Worldwide. \"Both companies are mutually excited about working together through our preferred partnership agreement and we are looking forward to the new opportunities the acquisition of ExecuStay will present.\"