The Marriott Warner Center, one of the Valley’s largest hotels, has been acquired by Laurus Corp., a Century City real estate investment and development company, the company announced on Monday.
The company acquired the 474-room corporate lodging for an undisclosed price – believed to be well over $100 million from the Teachers Retirement Fund of Illinois – which acquired the hotel for $85.3 million in 2003.
“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 Laurus Chief Executive Phil Cyburt.
Laurus has acquired 10 hotels nationwide over the 18 months through its Ethika Investments LLC affiliated private equity fund. It has budgeted $11 million for a renovation of the Marriott’s rooms and public spaces.
The acquisitions come at a time when the hotel market is heating up locally and nationwide, with rising occupancy rates and new construction. Laurus said it was particularly interested in the Warner Center market due to expected growth.
The 21850 Oxnard St. hotel is adjacent to the Westfield Promenade and Westfield Topanga Shopping Center, which Australian mall developer Westfield Group is connecting with its Village at Westfield Topanga, featuring a Costco, office buildings, restaurants and shops.
For more details please see the story in this week’s San Fernando Valley Business Journal: http://sfvbj.com/news/2014/jul/28/marriott-sale-checking-out/