CORRECTING and REPLACING Oakwood to Expand Serviced Apartments to India, Bangladesh

Business Wire, August 20, 2003

Business Editors

CORRECTION...by Oakwood Worldwide

SINGAPORE--(BUSINESS WIRE)--Aug. 20, 2003

In BW5749 issued Aug. 19, 2003, 23:06 ET (CA-OAKWOOD-ASIA-PACIFIC), second graph should include Hyderabad, India, among the cities; fourth graph also should include Hyderabad among the future sites under development.

The corrected release reads:

OAKWOOD TO EXPAND SERVICED APARTMENTS TO INDIA, BANGLADESH

The world's largest provider of serviced apartments, Oakwood Worldwide (www.oakwood.com), will expand to India and Bangladesh, its President said this past weekend. Jim Klein, President of Oakwood Worldwide, made the announcement while being interviewed in Singapore on CNBC's Managing Asia with host Christine Tan.

Oakwood's regional arm, Singapore-based Oakwood Asia Pacific, will enter into management agreements for serviced apartment properties in Mumbai, India (formerly Bombay); Banglalore, India; Hyderabad, India; and Dhaka, Bangladesh, with openings slated for 2005-2006. The properties will be operated with the firm's Oakwood Residence brand, and marks the entry of Oakwood onto the Indian subcontinent.

"Serviced apartments" are full sized apartment residences with hospitality services comparable to a fine hotel. The flats are popular with relocating executives as well as business and leisure travellers.

Singapore-based Oakwood Asia Pacific manages a regional portfolio of over 1,500 serviced apartments, with open locations in Tokyo, Seoul, Bangkok, Manila and Guangzhou, and future sites under development in Beijing, Mumbai, Bangalore, Hyderabad and Dhaka. Oakwood Asia Pacific is a joint venture between Los Angeles-based, privately held Oakwood Worldwide and Colony Capital, an international property investment firm.

Oakwood Worldwide is the largest global provider of serviced apartments, with locations throughout the U.S., the U.K. and Asia. Oakwood's award-winning lodging features a rich standard of personal service, guest comfort and apartment quality and reliability.