Marwaha Group has acquired two side-by-side Marriott hotels in Thousand Oaks for an undisclosed price.
The Anaheim-based family office led by Raghu and Rohit Marwaha bought the Courtyard Thousand Oaks Ventura County at 1710 Newbury Road and the TownePlace Suites Thousand Oaks Ventura County at 1712 Newbury Road, the Orange County Business Journal reported.
The seller of both properties was undisclosed. The broker handling the sales was CBRE.
The previous owner of both hotels was BRE Atlas Prop Owner, a limited liability company based in Chicago, according to a San Francisco Chronicle property database.
The assessed value of the 120-room Courtyard property in 2022 was $23.2 million, according to the Ventura County Assessor Office. The value of the 93-room TownePlace Suites was $15.9 million.
Combined, the assessed value of both hotels was $39.1 million. If Marwaha paid anywhere near that amount, the price would work out to $183,568 per room.
The purchase of the Courtyard and the TownePlace Suites, both built in 2006, marks the third and fourth Marriott bought by Marwaha in 15 months.
“The hotels will be fully renovated in the next 12 to 18 months and updated to the latest Marriott designs,” Raghu Marwaha, co-CEO of the namesake firm, told the Business Journal.
The Marwaha Group, founded by Raghu and his brother, Rohit, now owns eight hotels. The firm also expects to break ground on a Residence Inn by Marriott in Thousand Oaks this summer, according to Marwaha.
In addition to hotels, the family office manages the development and franchising of nearly 1,900 Subway stores, plus properties that serve medical and technology businesses.
— Dana Bartholomew
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