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Oakwood Worldwide in $4-billion deal
Oakwood Worldwide in $4-billion deal

Oakwood Worldwide hopes to triple its pioneering extended-stay housing brand through a new joint venture that will spend $4 billion to buy and build furnished apartment buildings globally. The partnership that the Los Angeles company has struck with real estate developer Mapletree Group in Singapore expects to open about 100 buildings — with maid, concierge and gym services — over the next three to five years, the companies said Wednesday. Mapletree will provide the funding, half of which will be devoted to expanding in the U.S. "It's a great marriage for us," said Bill Foltz, Oakwood Worldwide's chief financial officer. Oakwood, a private company,...

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