Laurus Buys Marriott Warner Center Hotel in Los Angeles

Proquest LLC

Laurus Corp. reported that it has acquired the Marriott Warner Center hotel in Woodland Hills, Calif.

Woodland Hills is located in the heart of Los Angeles County'sSan 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 a 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.

According to a media release, the Marriott Warner Center is a 16- story, full service hotel that features 474 guestrooms, four food and beverage outlets, including a signature restaurant, and more than 28,000 square feet of indoor and outdoor meeting space.

"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 Corp. "With the influx of new businesses and expansion of corporate campuses in the area, along with the Valley's projected 3.5 percent 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, Chief Financial of Laurus Corp.

The Marriott Warner Center is located at 21850 Oxnard Street, Woodland Hills, CA.