I wrote an article on the Greenbrier for Golf World earlier this year. The storied resort in White Sulphur Springs, WV was popping up in a lot of stories about being in financial trouble. As I was doing my reporting it became clear to me that a new owner was the only medicine to cure a rather infected situation involving the owner, management and employees.
Here's a recent article from the Charleston Daily Mail:
The Greenbrier filed for Chapter 11 bankruptcy protection Thursday (March 19) and unveiled a plan to sell itself to hotel giant Marriott International Inc. for up to $130 million.
A recession-fueled drop in demand for luxury hotel rooms helped drive The Greenbrier to a deal that would end nearly a century of ownership by railroad company CSX Corp. and its predecessors at the resort, which blossomed from an 18th century sulfur spring retreat to a society hotspot in the Roaring 20s.
Under the sales plan revealed in the bankruptcy filing, Marriott would receive $50 million over two years from CSX Corp. to operate the resort. Marriott in turn would pay CSX between $60 million and $130 million within seven years, depending on the hotel's financial performance.
The deal is expected to close later this year, pending new labor agreements and approval from a bankruptcy court, which is expected to allow other potential buyers to make bids.
Gov. Joe Manchin said it was good news that a "world class'' buyer has emerged.
Click here for the rest of the article.
--Matty G.
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