Oakwood Postpones Sale of Global Solutions Business to Dwellworks
Lodging company also suspends new bookings through its agency arm >>
by: Harvey Chipkin
Oakwood, the long-term lodging company, has postponed the sale of its global solutions business to Dwellworks and is suspending new bookings though that agency arm. The sale of the agency business has been in the pipeline for several months but has been put on hold due to the impact of the coronavirus pandemic and other factors. Oakwood said it continues to operate more than 80 properties worldwide and is committed to growing its management portfolio. In an open letter to partners, CEO Dean Schreiber said the impact of COVID-19 has been devastating and is likely to get worse. He said a letter of intent had been signed with Dwellworks, but talks have now been paused. He said it was a disappointing decision for both companies but they agree that they cannot move forward at this time due to current market conditions. Oakwood said it will no longer offer an end-to-end housing option to clients and has ceased accepting new sourcing requests for bookings into its global supply channel.
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