The historic Greenbrier resort, which has gone from hosting presidents and royalty to posting losses, filed for Chapter 11 bankruptcy protection Thursday 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 of the resort, which blossomed from an 18th century sulfur spring retreat to a society hotspot in the roaring 1920s.
Under the sales plan revealed in the bankruptcy filing, Marriott would receive...[More]
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