Press Release: Oakwood Worldwide
November 21, 2000
LOS ANGELES, CA -- On Monday November 20th in Seoul, Korea, Oakwood Worldwide (www.oakwood.com) has announced signing
of a management agreement for the firm's newest Oakwood Premier five-star serviced apartment -- located in Seoul's
hot technology corridor of Teheranno.
Oakwood has reached agreement with Korea's Hanmoo Convention Company to manage a 279-unit serviced residence development
in the Kangnam business district of Seoul. The property, Seoul's first luxury serviced apartment complex, will
be named Oakwood Premier Coex Center. The property is now under construction and is scheduled to open in Fall 2001.
Oakwood Worldwide Chairman Howard Ruby is in Seoul participating in a Signing Ceremony with Hanmoo Convention Chairman
Y.S. Kim.
Furnished ``serviced apartments'' combine the spacious comfort of a private residence with the furnishings, service
and security of a hotel. Leased primarily by business travelers, the accommodations are often known as ``corporate
housing'' or ``extended stay'' in the U.S.
The Oakwood Premier concept, similar to a five-star hotel (with full-size apartments instead of hotel rooms), is
Oakwood's luxury brand.
``The new global economy has a highly mobile workforce,'' says Oakwood's Ruby. ``Senior executives are requiring
top of the line housing to make their overseas assignments more successful.''
Oakwood Premier Coex Center has a superb location in Kangnam, Seoul's fastest growing commercial and financial
district. Part of Kangnam is Seoul's ``techno alley,'' a wide boulevard of futuristic highrises known as Teheranno.
Oakwood Premier is surrounded by the offices of many multinational corporations, such as Cisco, IBM, Samsung, Oracle,
and Motorola.
Kangnam is also the home of Korea's World Trade Center; and the Coex Convention and Exhibition Center. Coex will
also be the home of the 2002 ``Korea World Cup Town,'' welcoming journalists and visitors from around the world
for the global soccer extravaganza.
Oakwood Premier Coex Center will have studio, 1, 2, & 3 bedroom serviced apartments, a comprehensive business
center, state-of-the-art heath club and all of the luxurious appointments exclusive for Oakwood Premier, such as
all-cotton linens and marble bathrooms. Every apartment will have a washer/dryer and its own computer with high-speed
internet. Services will include 24 hour front desk, daily housekeeping, and limousine service. These services are
all firsts in the Korean housing market.
Privately-held Oakwood Worldwide is the global leader in serviced apartments and corporate housing, with more than
20,000 units located throughout North America, Asia and Europe. Oakwood's clients include more than 80% of the
Fortune Global 1,000 companies. The firm has 3,500 employees worldwide.
Reservations: 800-888-0808 (U.S.), www.oakwood.com
Media Contact: Robert Philips, Oakwood Worldwide, 1-310-444-2383, RP703@aol.com
SOURCE: Oakwood Worldwide