Business Travelers Welcome First Tokyo Extended Stay.

Business Editors & Travel Writers

TOKYO--(BUSINESS WIRE)--May 10, 2000

Oakwood Worldwide has announced the opening of the luxurious Oakwood Residence Akasaka, a landmark new serviced apartment property in Tokyo, Japan.

Extended stay serviced apartments (a cousin of "corporate housing" and "extended stay hotels" in the U.S.) combine the spacious comfort of full size apartments with services and security similar to a hotel. U.S.-based Oakwood is the first international management company to open an extended stay property in Japan.

Oakwood Residence Akasaka will welcome extended stay travelers and relocating corporate executives, many of whom have been confined to conventional hotels due to an undersupply of housing in Tokyo.

"A Japanese government study of foreigners living in Tokyo found that one-third could not even find housing," said P.G. Mathew, managing director of Oakwood Asia Pacific.

Newest Lodging Option, Prime Tokyo Location

Oakwood Residence is located in Akasaka, Minato-ku, one of Tokyo's financial centers, in an area along the prime thoroughfare of Roppongi-dori. Oakwood is located behind the landmark Akasaka Twin Tower offices, across from the ANA Hotel and the U.S. Embassy.

Oakwood Residence Akasaka offers 41 beautifully furnished one, two and three bedroom apartments. Floorplans range from 721-1,431 sq. ft (67-133 sqm), among the largest in Tokyo and more than triple the size of most hotel rooms.

Each apartment blends Western styling with Japanese accents. Large furniture has been designed for an international clientele. A signature feature is the Oakwood Study Station, a handsome cabinet built to house personal computer equipment. Each apartment also offers multiple phone lines; high-speed Internet; washer/dryers; a private balcony; complete kitchen; and three-times-a-week maid service.

"Everything is designed to make Oakwood the choice for executives seeking the best residence in Tokyo," said Mathew.

Grand Opening rates for Oakwood Residence Akasaka begin at US$215 per day (Rates guaranteed in Japanese YEN). Reservations: USA Toll Free 800/888-0808, Tokyo 81-3-5572-8801, or www.oakwood.com.

About Oakwood Worldwide

A Los Angeles-based, privately held firm, Oakwood Worldwide is the global leader in serviced apartments with more than 20,000 units located throughout North America, Asia and Europe.

Oakwood Asia Pacific is a joint venture between Oakwood Worldwide and Colony Capital, an international investment firm, and now manages locations in Bangkok, Guangzhou, Manila and Tokyo.

Colony Capital is also the owner of Oakwood Residence Akasaka, which it acquired last year from Mitsui Fudosan , who developed the property and has overseen primary construction.

Colony Capital is a private, international investment firm. Since its formation in 1991, Colony has been one of America's most active and innovative investors, investing in excess of US$6 billion in more than 60 distinct corporate, property, and portfolio transactions.