Marriott Warner Center Fetches $90M

WOODLAND HILLS, CA—Laurus Corp. acquires the 16-story, 474-room hotel and plans to invest an additional $10 million in upgrades and renovations to the hotel's common areas and guestrooms.

By Kelsi Maree Borland | Updated on July 29, 2014

WOODLAND HILLS, CA—Laurus Corp. has acquired the Marriott Warner Center hotel for approximately $90 million from Cornerstone, which was advising a pension fund. The 16-story hotel has 474 guestrooms with 28,000 square feet of meeting space and four dining options.

“This is a great addition to our portfolio: a property in a first-year market and our first acquisition close to home in Los Angeles,” Philip Cyburt, CEO of the Laurus Corp., tells GlobeSt.com. “We feel that there is opportunity to come in and add value with the refresh or renovation of the hotel. We are also excited to have an opportunity in the Warner Center market. In this next cycle, the market will be pretty dynamic and pretty exciting.”

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