The Marriot Warner Center has sold to Laurus Corp., a Century City based real estate investment and development company. This particular Marriott is one of the largest hotels in the San Fernando Valley – the building provides 474 rooms of corporate lodging space for guests.

While the sale price was undisclosed, it is estimated that the hotel changed hands for upwards of $100 million. The seller, Teachers Retirement Fund of Illinois, purchased the hotel in 2003 for $85.3 million. Laurus has been aggressively acquiring hotel properties nationwide over the past 18 months. In total, the company has added 10 hotels under Ethika Investments LLC. The company has allocated $11 million in funds to renovate the rooms and exterior public areas of the hotel.

The Marriot Warner Center is a timely acquisition for the company because of rapid new construction and renewed interest in the area. The hotel is situated close to the Westfield Promenade and Westfield Topanga – which will soon be joined by the Westfield Group’s new Village at Westfield Topanga. The Village will feature a Costco (its anchor tenant), new shops and restaurants, and office buildings. 

Source: http://www.sfvbj.com/news/2014/jul/28/marriott-warner-center-sold/