Wrather Corp. will operate the Biltmore Hotel.

The Beverly Hills-based company said it had formed a hotel management subsidiary, Wrather Management Corp., to operate the downtown landmark that has just undergone a $40-million renovation. The subsidiary will operate separately from the parent company, which will continue to oversee such attractions as the Disneyland Hotel in Anaheim and the Queen Mary in Long Beach. Although the subsidiary has plans to manage more hotels in California and Arizona, it will not initially seek out properties as large as the 707-room Biltmore, said Roy M. Rawls, Wrather Corp.’s executive vice president of finance.