San Diego firm spends $122M on Warner Center Marriott

UPDATED, Nov. 1, 4:45 p.m.: Southwest Value Partners, a privately held investment firm based in San Diego, has paid $122 million to acquire the Warner Center Marriott in Woodland Hills, The Real Deal has learned.

The seller was Laurus Corp., a Century City-based real estate investment company that specializes in hotel development. Laurus paid $89.7 million for the property in 2014, property record show.

Located at 21850 Oxnard Street, the hotel includes 478 rooms, a lounge, restaurant, swimming pool and a fitness center. It also recently underwent a $10 million renovation.

Southwest did not respond to requests for comment. A spokesperson for Laurus confirmed the $122 million price.

HEI Hotels and Resorts, a hospitality firm and hotel operator, could also be involved with the new owners, the San Fernando Valley Journal reported. Earlier this month, the company put out a job listing seeking someone to fill a human resources position at the property.

Southwest, co-founded by Robert Sarver and Mark Schlossberg, owns several hotels and office buildings across the country. In California, the firm holds a DoubleTree Del Mar, First National Bank Building in San Diego, Del Amo Financial Center in Torrance, a 196-room hotel in Monterey, among others in its portfolio.

The recent deal, closed Oct. 23, is the latest investment in the revitalizing Warner Center. Much of the activity in the area is due to the Warner Center 2035 master plan, which passed in 2013 as a way to encourage more development in the neighborhood.

Earlier this month, another San Diego-based firm, MG Properties, paid $93 million to acquire a 264-unit multifamily complex at 6301 De Soto Avenue. Hanover Co., based in Houston, is also planning a 394-unit complex in the area, set to rise at 6636 Variel Avenue.