The Greenbrier Files Chapter 11, Makes A Deal With Marriott

Back in January, I wrote about the trouble befalling the historic Greenbrier resort in West Virginia. The luxury resort, which is a National Historic landmark property, lost $35 million last year and filed for Chapter 11 bankruptcy amid heavy debt.

The Greenbrier, which is owned by railroad company CSX has worked out a deal with the Marriott hotel chain. CSX will lend Marriott $50 million to operate the luxurious four-star resort for two years and then Marriott will repay that loan and give CSX between $60 million and $130 million within seven years depending on the resort's financial performance. The deal allows the resort to stay open and saves it from a worse fate, it could have ended up in Donald Trump's hands.