The Newport Beach-based Marwaha Group has purchased two hotels in Thousand Oaks under its hospitality division this month.
Both are Marriott properties – the Courtyard Thousand Oaks Ventura County and the TownePlace Suites Thousand Oaks Ventura County – and mark the third and fourth Marriott hotels the family-owned office has acquired in the 15 months.
CBRE brokers worked on the sale and financing of the two properties. The details of the sales were not disclosed.
“The hotels will be fully renovated in the next 12 to 18 months and updated to the latest Marriott designs,” Chief Executive Raghu Marwaha told the Business Journal.
The Marwaha firm now counts eight hotels in its investment portfolio. The firm is also developing a Residence Inn by Marriott in Thousand Oaks and expects to break ground on the project in the next few months, according to Marwaha.
The Marwaha Group also manages the development and franchising of nearly 1,900 Subway stores. They also invest in other real estate, medical and technology segments.
