Amid dispute, L.A. Hotel Venture files Chapter 11

L.A. Hotel Venture filed for Chapter 11 bankruptcy protection Wednesday in an effort to stave off creditors, access cash and restructure an agreement on a remodel of its Marriott Hotel in downtown Los Angeles.

The filing lists about $500 million of debt and about $100 million in assets for the subsidiary owned by businessman Ezri Namvar, who filed for bankruptcy for himself and his investment company, Namco Capital Group Inc., this year.

Although Namvar is the sole owner of L.A. Hotel Venture, the company’s filing has to do with a dispute over how to spend money remodeling the Marriott, said Ed Miller, a spokesman for the hotel owner.

Court records show Namvar declared bankruptcy for Namco in January, and himself in March, after petitions were filed against him and his firm in December by investors who say they are owed $400 million.

The 469-room Marriott at Figueroa and 3rd streets was purchased by Namco through its subsidiary in 2007. At the time of sale, Namvar wouldn’t say how much Namco paid for the 14-story building, but real estate experts valued the sale at about $115 million.

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nathan.olivarezgiles@latimes.com