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8/06/14
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In a major SoCal hotel buy, Laurus Corporation has acquired the Marriott Warner Center hotel in Woodland Hills. The 474-room hotel, located at 21850 Oxnard St, on the east side of Topanga Canyon Blvd, fetched around $90 mil.
The 16-story, full service hotel has four food and beverage outlets, including a signature restaurant, and more than 28k sf of indoor and outdoor meeting space. With its 11k sf Grand Ballroom, the hotel boasts the largest overall meeting space capacity and ballroom in the area, making it the ideal destination for corporate events and social gatherings.
Laurus is planning a $10 mil renovation of the property that will refresh the public areas and guest rooms. The work will also upgrade the hotel’s abundant amenities.
Woodland Hills is located in the heart of Los Angeles County’s San Fernando Valley region, an area that accounts for nearly 50 percent of the City of Los Angeles’ residents. In addition to a large and growing population, the Valley also boasts an extremely diverse economy, including corporate demand driven by the entertainment, financial services, education and healthcare, and insurance sectors, as well as aerospace/defense and high-technology firms.
The Marriott Warner Center is close to the 101 Fwy and is directly adjacent to the 614k sf Westfield Promenade mall and the 1.6 msf Westfield Topanga Shopping Center– the leading regional retail destination for North Los Angeles County. The hotel is also convenient to numerous Los Angeles landmarks and attractions, such as Universal Studios/Universal CityWalk, the Getty Center, the Ronald Reagan Presidential Library, California State University Northridge, Pepperdine University, and Six Flags Magic Mountain.
“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 , Chief Executive Officer 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.”
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