Oakwood, a wholly owned subsidiary of Mapletree Investments, announced its foray into the luxury hotel and serviced apartments segment in Australia with the signing of Oakwood Premier Melbourne, which is slated to open in the first quarter of 2022.

Set within a 40-storey tower, Oakwood Premier Melbourne has 392 hotel rooms and serviced apartments. Oakwood says 154 hotel rooms will cater to “transient travellers” looking for shorter stays, while the remaining 238 studio, one- and two-bedroom apartments that range from 35 to 65-sqm are reserved for guests looking for mid to long-term accommodation.

Proposed facilities within Oakwood Premier Melbourne include an all-day dining restaurant, meeting venues, a lobby bar and fitness centre, upscale retail spaces as well as Sky Bar Melbourne, a sky lounge offering views of the city.

“Oakwood Premier is ideal for C-suite executives, well-established business owners and distinguished travellers, defined by its uncompromising, tailored service standards and prime downtown address. We are extremely proud to have the opportunity to introduce this luxury product to Melbourne’s prestigious Southbank Promenade, with the project being part of Australia’s largest urban renewal project at Fishermans Bend,” said Dean Schreiber, interim chief executive officer of Oakwood and managing director of Oakwood Asia Pacific.

Located along the southern banks of the Yarra River, Oakwood says its new property will be in close proximity to corporate office buildings and key international and regional financial institutions, as well as the Melbourne Convention Centre. Those looking to explore the city will find the Crown Casino and Entertainment Complex, Sea Life Melbourne Aquarium and the National Gallery of Victoria within the convenience of a short walking distance.

Oakwood Premier is the accommodation provider’s luxury product. Oakwood’s other products include Oakwood Apartments, Oakwood Residence, Oakwood Studios and Oakwood Suites.

The serviced apartment group currently has Oakwood Apartments property in Brisbane.