Marriott bound for marina.The troubled owner of Marina del Rey's biggest hotel filed for Chapter 11 bankruptcy protection after a corporation said to be backed by Host Marriott Corp. purchased the hotel's defaulted mortgage and continued foreclosure actions already in progress. The new mortgage holder, a Delaware corporation called HMH HMH Marine heavy helicopter squadron (US DoD) HMH Harford Memorial Hospital (Havre De Grace, MD, USA) Marina Inc., has asked U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Judge Calvin K. Ashland to allow the foreclosure against the Doubletree Marina Beach hotel to proceed. That would presumably pre·sum·a·ble adj. That can be presumed or taken for granted; reasonable as a supposition: presumable causes of the disaster. open the way for Host Marriott to take over the property under the Marriott flag, sources familiar with the situation acknowledged. The nearby 287-room Marina del Rey Marriott, owned by Financial Security Assurance, will soon be converted to a Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. , the Business Journal has also learned. Ownership of 369-room Doubletree now controlled by a billionaire Saudi sheik - had already been restructured through a previous bankruptcy reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. Judge Ashland confirmed just two and a half years ago. The mortgage financing secured by the hotel at 4100 Admiralty Way was likewise substantially restructured through that plan. The hotel's owner since the April 1993 reorganization has been the MGC MGC Mammalian Gene Collection MGC Media Gateway Controller MGC Middle Georgia College MGC Museums and Galleries Commission (UK government) MGC Mississippi Gaming Commission MGC Manual Gain Control Marina Beach California general partnership, which is controlled by Sheik Abdul Aziz al Ibrahim, a member of the Saudi Arabian royal family. The plan also restructured ownership of the balance of the marina's biggest real estate portfolio - previously controlled by developer Abe Lurie's Marina International Group Ltd. As the Business Journal reported in June, the al Ibrahim-led MGC Commercial partnership that owns the rest of the former Lurie portfolio - a half-dozen multi-family and commercial/retail developments - recently sought Chapter 11 protection as well. Mortgage holders owed about $50 million in defaulted notes were about to take possession of those properties. The 1993 reorganization plan also restructured a $49 million Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). construction loan secured by the Doubletree - a loan which now carries a balance of about $27 million. After MGC Marina Beach defaulted on the mortgage, Bank of Montreal sued to foreclose fore·close v. fore·closed, fore·clos·ing, fore·clos·es v.tr. 1. a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made. b. , and last April Los Angeles Superior Court Judge Robert O'Brien appointed Larry Latt of Encino's Lawrence Properties Group to supervise the hotel's finances and operations. Latt continued to retain Encino's Outrigger outrigger, canoe-type vessel with a wood or bamboo float attached to the side of the craft and extending out over the water. The term outrigger also refers to the float itself. Lodging Services as the hotel's management company. Value declines MGC Marina Beach petitioned the bankruptcy court for Chapter 11 protection on Sept. 21 - two hours after HMH's purchase of the Bank of Montreal note recorded on title records and the day before MGC Marina Beach lost the property to the note-holder through a "trustee's sale." The petition estimates that the Doubletree is now valued at approximately $11 million. Based on that figure and the note's outstanding balance, MGC Marina Beach "admits it has no equity whatsoever in the hotel and ... cannot propose a confirmable" reorganization plan, HMH's attorneys argued in a "points and authorities" memorandum to the bankruptcy court. HMH's backers are said to include Bethesda, Md.-based Host Marriott Corp. as well as New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of real estate firm Bruce S. Brickman Co. A source familiar with HMH said the Brickman and Host Marriott groups are proceeding through a "complex" arrangement. "They have an interest in seeing this asset (the Doubletree) recovered," the source continued, referring to HMH's intent to own the property. Actually, the hotel's "owners" own the developed facilities, but not the underlying land. L.A. County leases Marina del Rey sites to developers/owners through long-term ground leases. MGC Marina Beach has remained current on its lease obligations to the county. Neither MGC Marina officials nor its bankruptcy attorneys returned the Business Journal's calls. |
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