WOODLAND HILLS, CA—Laurus Corp. has acquiredthe Marriott Warner Center hotelfor approximately $90 million from Cornerstone,which was advising a pension fund. The 16-storyhotel has 474 guestrooms with 28,000 square feet of meeting spaceand four dining options.

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

The buyer will perform $10 million in hotel renovations to theproperty's common areas and to the guestrooms. With the purchaseand the renovations, Laurus Corp. will have invested just over $100million in the project. The renovations will be complete in thefirst quarter of 2016.