Oakwood launches service apartment in Bangalore

Oakwood, a US-based serviced apartment major, has opened its Bangalore property ‘Oakwood Premier Prestige Bangalore’. The company had tied up with Bangalore-based Prestige Group, to provide building and space to operate its service apartment. The apartment has been built at an investment of Rs 100 crore and has about 200,000 square feet area.

The serviced apartment located at UB City on Vittal Mallya road has 177 serviced residences. The company had a soft launch on October 10 and is expected to be commercially open in a week’s time.

In many cities across India, some corporates and leisure visitors choose serviced residences instead of hotels and Oakwood is positioning itself as fully equipped studio, 1-bedroom, 2-bedroom and 3-bedroom residences as well as facilities for both short and long term stays.

 

According to GS Chaudhri, general manager of Oakwood Premier Prestige Bangalore, “The location of this new property is conveniently situated and is targeted at both corporate and leisure markets”.

“Bangalore, the hub for IT attracts business travellers and expatriates from across the world, who need a convenient base in the central area of the city, which is well connected to all the major offices and a short drive to major industrial and IT development zones. The leisure traveller will also find we are a short distance from many tourist attractions,” he added.

The property in Bangalore is Oakwood’s second after ‘Oakwood Residence’ on Naylor Road in Pune, which opened in July 2007. The company is slated to operate a portfolio of 10 properties by 2010 in cities including Mumbai and Pune in 2009; and in Chennai, Hyderabad and New Delhi by 2011.

Praveen Nair, country manager, India for Oakwood Asia Pacific, said “India has an estimated shortfall of 150,000 rooms. We have seen that there is a 75-80 per cent occupancy ratio with an increase of 20-25 per cent in room rates. Although there has been a slight turn down, we are confident that the market will bounce back.”