Laurus Corp. buys Marriott in Woodland Hills, Calif.

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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


"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.

 

 

Read more on

Suggested Articles

SVC plans to transfer the branding and management of 98 Marriott hotels to Sonesta.

Shortly after acquiring six hotel portfolios from Colony Capital, Highgate has assumed management of Trust Hospitality’s portfolio of 22 properties.

The Kelley House is one of the five oldest hotels in the U.S., taking up six buildings in Edgartown, Mass.