Singapore investor buys L.A. corporate housing firm

Howard Ruby, Oakwood sales and service office (Oakwood)
Howard Ruby, Oakwood sales and service office (Oakwood)

West L.A. extended-stay housing company Oakwood Worldwide has a permanent guest in its quarters.

Singapore development company Mapletree Investments acquired the corporate housing provider for an undisclosed sum on Thursday, the Los Angeles Times reported.

Hiew Yoon Khong, Mapletree’s chief executive, said it will retain the Oakwood brand as a subsidiary and grow the firm with additional properties.

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The two firms have a history together. Mapletree acquired a 49 percent stake in Oakwood’s Asia Pacific subsidiary in 2014, according to the Times. Oakwood also manages Mapletree’s nine corporate housing and serviced apartments in the U.S. and Australia.

Christopher Ahearn, a former senior vice president at Oakwood, has been promoted to CEO, replacing founder Howard Ruby. Ruby will stay on as chairman emeritus.

Oakwood launched in 1969 and calls itself the largest global provider of corporate housing and serviced apartments, with more than 50 Oakwood-branded properties across the world. [LAT] — Subrina Hudson