It looks as if the Greenbrier resort in Sulphur Springs, W.Va., could become part of the Marriott portfolio after all.
In March, Marriott had entered a purchase agreement for the Greenbrier, only to see the owners (CSX Corp.) then announce the sale of the resort to local businessman Jim Justice (See “Greenbrier Bought—But Not by Marriott,” C&RB, May 2009, http://clubandresortbusiness.com/news/6877/greenbrier-boughtbut-not-by-marriott).
The move surprised Marriott, but the company said it has since worked out a deal with Justice, according to a report in Travel Weekly magazine. The report said the two suitors recently reached an agreement that would allow Marriott to market the resort and then receive commissions for any bookings it creates; in return, the hotel company said it would not contest an earlier hearing to dismiss the bankruptcy filing. A federal judge did the rest, dismissing the Chapter 11 filing made on March 19 by CSX.
According to a statement issued by the Greenbrier, Justice assured the judge that his company, Justice Family Group, had the financial means to operate the resort and pay creditors.
If the two sides can’t work out details of the plan in the next 30 days, Marriott will receive a $7.5 million breakup fee from Justice, according to the Travel Weekly report.
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