Posted 3/20/2009 - 1:26:30 PM
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WHITE SULPHUR SPRINGS, WV— The historic 721-room Greenbrier Resort here has sought protection under Chapter 11 of the bankruptcy code.
The resort, which dates from 1778, is owned by CSX Corp. and has reportedly been losing more than $30 million a year.
As part of the bankruptcy petition, the resort said it is trying to renegotiate its costly union labor agreements.
CSX, which is primarily a railroad company, also intends to sell the property to Marriott Hotel Services, Inc., a subsidiary of Marriott International. As part of the reorganization plan, Marriott would begin managing the property now and acquire it within five to seven years.
