Owner of downtown L.A.’s Marriott Hotel files bankruptcy

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L.A. Hotel Venture filed for Chapter 11 bankruptcy protection today in an effort to stave off creditors, access cash and to keep its Marriott Hotel in downtown Los Angeles open for business.

The filing lists about $500 million of debt and about $100 million in assets for the company owned by businessman Ezri Namvar.

But today’s filing isn’t the only bankruptcy efforts Namvar is facing.

Court records show Namvar declared bankruptcy for his investment company, Namco Capital Group, in January and for himself in March as a result of petitions filed against him and his company in December by investors who say they are owed more than $400 million.

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

-- Nathan Olivarez-Giles