Laurus Corporation, a U.S.-based private real estate investment and development firm, has acquired the Marriott Warner Center hotel in Woodland Hills, Calif., for an undisclosed amount. Plans call for a $10-million renovation of public areas and guestrooms.
Woodland Hills is located in Los Angeles County's San Fernando Valley region, an area that accounts for nearly 50 percent of the City of Los Angeles' residents.
The 474-room hotel is located in the center of the pre-planned Woodland Hills/Warner Center development, a corporate hub with more than 10.3 million square feet of office space, one of the largest office submarkets in the greater Los Angeles area. In addition, the hotel is directly adjacent to the 614,400 square-foot Westfield Promenade mall and the 1.6 million square-foot Westfield Topanga Shopping Center.
"The acquisition of Marriott Warner Center is another step forward executing Laurus' focused investment strategy – seeking prime value-add opportunities requiring complex structuring, active management, repositioning and significant renovation opportunities," said Phil Cyburt, CEO of Laurus Corporation. "With the influx of new businesses and expansion of corporate campuses in the area, along with the Valley's projected 3.5% population growth over the next four years, there is tremendous opportunity to maximize the asset's ability to generate revenues in both the corporate and leisure segments."
"The Marriott Warner Center is a prime business hotel in one of the country's top gateway markets, and Woodland Hills in particular continues to enjoy robust demand from the multitude of corporate headquarters and mission-critical offices located in the area. Coupled with Laurus' ability to consistently execute on value-add business plans and achieve attractive risk-adjusted returns, this acquisition represented an ideal opportunity to allocate capital from Laurus' private equity platform, Ethika Investments," added Douglas Kiel, CFO of Laurus Corporation.