Greenbrier Resort Files Bankruptcy

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The owner of the luxury Greenbrier Resort in White Sulphur Springs, WV, filed for bankruptcy and plans to sell what was once one of America's highest-rated hotels to a unit of Marriott International Inc.

Greenbrier Hotel Corp., a unit of transportation company CSX Corp., filed for protection from creditors and also said it plans to sell the famed resort to Marriott Hotel Services Inc. The sale is contingent on Marriott winning concessions from unions and getting $50 million of financing from a unit of CSX.

The Marriott unit would pay up to $130 million to the Greenbrier Hotel Corp. within approximately seven years, depending on its performance.

Travel Agent reported that the Greenbrier was up for sale earlier this week, but at that time no buyer had been confirmed.

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