We chose not to book blocks for the wedding because pricing ended up being more expensive than just booking independently, so the world is your oyster!
You can't really go wrong with most of the surrounding areas from the wedding venue (Thousand Oaks, Newbury Park, Camarillo, Westlake, etc). The surrounding areas are generally nice suburban areas that are quiet at night and spread out. In terms of convenience to the venue, we would recommend one of these options.
If you're looking for a beach option to get the most out of the area, we would recommend Ventura over Malibu. It is closer to the venue, easier to get around, and has a cute downtown area with many dining and shopping options. Oxnard is more of a boating area and has some areas that should be avoided for out of towners, so we would not recommend booking in Oxnard.
Here are some potential hotel options!