Oakwood and Tekko Building Co. Sign a Management Agreement

Oct. 19, 2012 - PRLog -- Oakwood expands its presence in Japan with the signing of a management agreement with Tekko Building Co. Ltd. to develop and operate the 8th Oakwood branded serviced apartment in Tokyo in 2015.

Oakwood Chairman and Founder, Howard Ruby recently traveled to Tokyo to meet with members of the Board of Directors of the Tekko Building Co. About the management agreement, Ruby says, “This reflects Oakwood’s global strategy to increase the number of its locations internationally and to serve clients and business travellers throughout the world.”  Oakwood has nearly 25,000 apartments in North America, the Middle East, Asia and Europe. In Asia Pacific, it is represented in 14 cities in 7 countries, including Japan where it opened its first property 10 years ago.

Tekko’s Executive Member of the Board, Mr. Soichiro Masuoka says, “We are honored by the presence of Mr. Ruby and his team whose visit for the signing ceremony reflects both parties’ commitment to the management agreement for the long term.” Witnessing the event were Tekko’s Senior Managing Director, Mr. Katsushi Saiki and Managing Director Mr. Megumi Ishiguro; with Oakwood’s Vice-President, Operations Mr. Peter Lucas, Country Manager for Japan, Mr. Martin Fluck, General Manager Mr. Keren Miers and Director of Sales and Marketing for Tokyo, Mr. Eiichi Ishimaru.

The property will carry the name Oakwood Residence Tokyo and is expected to operate with a hotel license. It is scheduled to open in the spring, 2015 and be fully operational by the fall of the same year. It will offer 123 fully furnished and fully equipped serviced apartments ranging from studios to three bedrooms catering to both short and extended stay needs of executives from multinational corporations and expatriates relocating to the city.

Located adjacent to the Yaesu entrance of Tokyo station, it is a central point for nearly 400,000 commuters daily. Aside from accessibility, the building will have an airport limousine bus terminal for Haneda and Narita airport, a waiting lounge, basement car park, retail shops and dining outlets.

Tekko Building Co. Ltd. chose to enter into a management agreement with Oakwood for its excellent reputation as an international brand and proven track record in operating and managing an impressive portfolio of successful serviced apartments around the globe.

Mr. Masuoka adds, “We are proud that Oakwood will operate the serviced apartments and strongly believe that Oakwood is and will continue to be the global leader in the serviced apartment industry in terms of quantity and quality.” Oakwood’s other properties in Tokyo are located in Roppongi, Shirokane, Azabujyuban, Akasaka, Aoyama and Tokyo Midtown, where the signing of the certificate of cooperation was held.

Tekko Building Co. Ltd. is a highly-respected group of companies that provides services in real estate asset management, construction, trading, cable television business and transportation. Well-established for more than 120 years, it is credited with major projects that have contributed to the development of the Japanese economy, just as the New Tekko Building Project is expected to invigorate the Tokyo Station area as a center for international finance. Oakwood, as part of the complex, will be the first ever serviced apartment project in the Marunouchi central business district.