Oakwood Foresees Higher Temporary Housing Demand in London

LONDON, June 2, 2011 -

- Company Secures Master Lease on New 48-Unit London Property

Anticipating rising demand for corporate housing in the United Kingdom
this year, Oakwood Worldwide recently secured the master lease of a new
48-unit apartment building in Farringdon/Clerkenwell, City of London. Oakwood
Farringdon is one of the newest and most sought after serviced apartment
developments to open in this highly desirable location, near London's
financial district, The Square Mile and London's popular Theatreland, West
End. It's Oakwood's 24th property in London to offer furnished and serviced
apartments for corporate housing and extended-stay rentals.

"With the economy improving, we are expecting to see employee relocations
increase somewhat in Europe, particularly in London, causing higher demand
for quality serviced apartments," said TJ Spencer, Vice President of
Relocation and Managing Director, International, Oakwood Worldwide. "This new
property is part of our inventory strategy and it's proving to be a much
needed resource as several corporations, including global banks, have already
signed leases for relocating employees."

In fact, more employees have been relocating to Europe than other parts
of the world, according to Atlas Van Lines' recently released 44th Annual
Corporate Relocation Survey. It reported that 41 percent of survey
respondents said Europe was the most frequent destination for an employee
transfer among international relocations in 2010. In addition, 28 percent
said they expect international relocation volumes to improve in 2011.

Offering a Few Extras

When employees accept short-term assignments, they're looking for a
seamless transition into housing in a desirable location that includes
everything they need to settle in quickly. Oakwood Farringdon helps meet the
unique needs of transferees - and then some.

"Oakwood Farringdon is pretty unique for executive housing in London,"
said Ian Merrick, Oakwood's General Manager - Europe, Middle East and Africa.
"Our penthouse executive apartments are air conditioned and come with large
furnished terraces, which isn't typical of apartment buildings in London. The
rest of our apartments are spacious with modern furnishings, colorful artwork
and energy-efficient appliances. Tenants are thrilled with the convenience of
quality grocery retailers onsite and a vibrant, exciting area with many
trendy shops and restaurants just a short walk away. This area is fast
becoming the new Notting Hill of London."

The property, located at 2 Brewhouse Yard, St. John Street, London, also
features:

    - Twenty-eight one-bedroom apartments, ranging in size from 48-
      to 59-square-meters, and 20 two-bedroom apartments, ranging in size
      from 60- to 90-square-meters - all fully serviced and furnished with
      fully integrated kitchen appliances, washer/dryer units, 32-inch plasma
      televisions and full-height windows. Many of the units also come with
      their own balconies.
    - Concierge service provided 12 hours a day.
    - Custom-designed furniture and fittings.

Merrick also said Oakwood plans to support the local economy as much as
possible.

"We really try to integrate with the local community by recommending to
our tenants many of the local shops and services, including nearby fitness
centers, dry cleaners and pubs," Merrick said. "We also purchase many
supplies from local businesses."

To reserve apartments, please call the Oakwood London office:
+44-(0)20-7749-4471, or e-mail: oakwooduk@oakwood.com.

About Oakwood Worldwide

Oakwood Worldwide is the global leader and provider of furnished and
serviced apartments. For one need or many, local or around the globe -
Oakwood offers flexible, easy-to-use custom solutions to meet any temporary
housing requirement.

A wide range of inventory and supplier management options allows Oakwood
to provide the optimal housing solution whenever and wherever needed. With
more than 3,000 Oakwood Associates worldwide, nearly 25,000 apartments, and
more than 400 network partners, Oakwood delivers the service and reliability
clients can trust.

Oakwood's worldwide staff of trained professionals, innovative
technologies and unparalleled customer service have made Oakwood the premier
choice in temporary housing solutions for more than 50 years.

To learn more about Oakwood, visit www.oakwood.com.

    U.S. Media Contacts:
    Judy Wohlt
    Visible Ink for Oakwood
    +1-630-991-6942
    judy@visinkcom.com

    Kim Miranda
    +1-310-444-2204
    kmiranda@oakwood.com

NOTE TO EDITORS: Photographs of Oakwood Farringdon are available at www.oakwood.com/cms/PHOTO-GALLERY-FARRINGDON