Offering studio, one, two, and three bedroom apartments, Oakwood City Residence's rates will range $1,200 - 2,400 US dollars per month (44,000 - 89,000 Thai baht, based on the exchange rate of January 14, 1999). Effective immediately, Oakwood can take reservations at www.oakwood.com and 800-888-0808. On February 1, Oakwood can take local reservations in Bangkok at 662-672-0222.

Oakwood City Residence is located on the new Naradhiwas Rajanagarindra Road (pronounced Nara - teewat - Racha - nah - kah - rin) connecting the primary artery Surawong with Rama III Road. Oakwood City Residence is just a ten minute drive from the cosmopolitan business districts of Sathorn and Silom, and just a twenty-five minute drive to Don Muang Bangkok International Airport.

Oakwood City Residence is jointly owned by the Sophonpanich family (Thailand) and Rodamco (Netherlands). "We wish to see the best performance from our City Residence development, and we are pleased to welcome Oakwood as the new management," said Chali Sophonpanich, President of City Realty Co. Ltd., an affiliate company of Bangkok Bank. "City Residence offers spacious apartment suites much larger than standard hotel rooms. The Oakwood name is known as an exclusive brand for serviced apartments, and they have an international clientele. We believe they have the best technology to market the building internationally, and create a residence of distinction."

"Rodamco expects strong performance from our Asian serviced apartment investments in 1999," says Eoghan M. McMillan, Chairman of Rodamco Pacific. "We feel that the project, which will soon be the largest serviced apartment community in Bangkok, will be very successful."

"We are honored to partner with the prestigious Sophonpanich family, City Realty, and Rodamco," says Robert Grealy, managing director of Oakwood Asia Pacific.

Oakwood City Residence offers a range of services and activities for business travelers and their families, including a complete fitness center, resort swimming pool, business center, restaurant, and a resident activities program designed to make guests feel at home in Bangkok.

The spacious studio, one, two, and three bedroom apartments at Oakwood City Residence range from 45 to 140 square meters (484 to 1507 square feet). They are presented in an elegant contemporary Asian style and designed by the 1998 "Interior Designer of the Year," Carolyin Iu from New York. The project was featured in the Hospitality Design magazine (September 1998). The light, tranquil interiors are filled with clean, elegant colors and evoke a feeling of calm amidst Bangkok's rush. Well appointed kitchens are suited to the cooking needs of international residents. Guests delight in the beautiful hardwood floors and elegant shuttered windows. Oakwood City Residence is located within walking distance from the Central department store on Rama III Road, providing residents with easy access to supermarkets, shops, and a state-of-the-art multi-screen movie theatre, which plays predominantly English-language films.

"We look forward to creating the finest expatriate community in Bangkok, and continuing the growth of the Oakwood brand throughout Asia," says Grealy. Oakwood Asia Pacific is co-owned by privately held firms Oakwood International and Colony Capital. In the United States, the affiliated Oakwood Corporate Housing is the largest provider of serviced apartments, with an average daily occupancy of 18,000 units. Oakwood's clientele includes over 80% of the Fortune 500 corporations. Colony Capital, Inc., is a private, international real-estate-related investment firm based in Los Angeles, with offices in New York, Texas, Florida, Hawaii, Singapore and Paris, France.