Chatham Lodging Trust has announced the opening of the 170-suite Home2 Suites by Hilton Woodland Hills.
Located at 21110 W. Oxnard St., the hotel will be managed by Island Hospitality Management, which is owned by Jeffrey Fisher, Chatham’s chief executive.
“This beautiful asset is an ideal addition to our industry-leading portfolio of premium-branded, extended stay hotels,” Fisher said in a statement. “This hotel provides the best all-around lodging experience in the market with an awesome public space that includes a full-service, indoor/outdoor bar and restaurant, state-of-the-art gym and the largest rooms in the market equipped with kitchens. The Home2 Suites by Hilton Woodland Hills will appeal to any traveler coming to the area for business, leisure or both.”
Chatham Lodging Trust is a hotel real estate investment trust focused on investing in upscale, extended-stay hotels and premium brands.
The new hotel aligns with the Warner Center 2035 Plan, the development blueprint for urbanizing the zoning district. The Warner Center 2035 Plan facilitates the creation of a Regional Center where people can live, work and play. The plan encompasses approximately 1,100 acres and allows for a net increase of 12.5 million square feet of office, 2.3 million square feet of retail and 23.5 million square feet of new residential apartments.
“The Warner Center market is poised to boom over the next decade, and components of the Warner Center 2035 Plan are already underway, including the massive Westfield Mall redevelopment, a lot of newly constructed retail space and the opening of several new residential communities,” said Dennis Craven, Chatham’s chief operating officer, in a statement. “The opening of this hotel concludes the successful recycling of the proceeds from the sale of an older hotel in San Diego for $67 million into this trophy asset with an investment of $70 million. … In 2022, we will continue to recycle capital out of older assets into newer hotels with higher growth prospects. We have emerged from the pandemic with a stronger balance sheet and have the capacity to make value-enhancing acquisitions and generate incremental cash flow.”