logo
Share SHARE
FONT-SIZE Plus   Neg

Marriott Int'l To Sell ExecuStay Corporate Housing Brand To Oakwood Worldwide

Marriott International, Inc. (MAR) announced that it has signed an agreement to sell its ExecuStay corporate and temporary apartment housing business to Oakwood Worldwide, a privately held company.

As part of the transaction, Oakwood will maintain ExecuStay as a separate brand offering. The companies also signed an eight-year reciprocal preferred provider agreement under which Marriott International will become the preferred hotel provider for Oakwood corporate housing and serviced apartment customers who need a hotel stay, and Marriott will recognize Oakwood as the preferred provider of corporate housing and serviced apartments to Marriott customers.

As part of the preferred provider agreement, ExecuStay customers will also continue to earn Marriott Rewards guest loyalty program points for stays at ExecuStay apartments.

The financial terms of the sale were not disclosed, and are not material to Marriott International. Conclusion of the transaction, which is subject to normal and customary closing conditions, is expected by the end of April.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Air Canada plans to add three U.S. routes next year, to cities San Antonio, Memphis and Savannah, the airline announced. The company said it will launch six new non-stop U.S. services beginning Spring 2017. Harry Potter and the Cursed Child is the best-selling book of 2016 overall and in the Kids & Teens category, confirming the ongoing demand for Harry Potter, Amazon announced. The book, by J.K. Rowling, Jack Thorne and John Tiffany, is also this year's Most Wished For and Most Gifted book. Airline industry profits in 2016 are now expected to be slightly lower than previous view, yet would reach a peak of $35.6 billion, the International Air Transport Association or IATA said Thursday. Meanwhile, profits would decline in 2017 amid overcapacity, rising fuel costs and political turmoil.
comments powered by Disqus
Follow RTT