Friday, March 20, 2009

Greenbrier resort files for bankruptcy

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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