Oakwood to add 9 properties in India by 2014

Oakwood Worldwide, a global leader in serviced residences, is strengthening its India portfolio.

The company which currently operates four properties with 525 serviced residences, plans to quadruple its inventory by adding nine properties across key markets in four years.

Speaking to DNA Money, Praveen Nair, country manager-India, Oakwood Asia Pacific, said most of the upcoming properties will be in newer markets. “A few like NCR, Mumbai and Pune will see increased concentration.”

“In Mumbai we have two projects under development — one in
Andheri and one in Goregaon. Similarly, we have two developments coming up in Gurgaon and Noida. We are already present with two operational projects in Pune and we recently signed another property which will be part of HCC’s Lavasa development,” Nair said.

Among other locations being finalised for Oakwood brands
include markets such as Thiruvananthapuram, Hyderabad, Chennai and Ahmedabad.

Oakwood’s existing and new developments will be run under ‘Oakwood Premier’ and ‘Oakwood Residence’ brands. The company is also toying with the idea of adding a resort brand to its portfolio. The management is identifying locations across the country for this leisure brand, starting with Goa.

Nair said the impact of the downturn was comparatively less severe in India. “In fact, India currently has the world’s second largest hospitality pipeline with 415 projects converting to 68,480 rooms, making up 23% of total Asia Pacific projects and 16% of total rooms,” he said, adding: “The developer interest in India continues to be strong, particularly in the leading cities. Hotel development was at its peak last year and though it has seen some correction, the optimism will continue in the coming years.”

Oakwood recently partnered with Michelin star chef Vineet Bhatia to launch an Indian specialty restaurant at its Mumbai property located in Juhu.