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The fabled but financially struggling Greenbrier resort in West Virginia has filed for Chapter 11 bankruptcy protection and unveiled a deal to sell itself to Marriott Hotel Services Inc. The plan calls for Marriott to receive $50 million over two years from current owner CSX Corp. to operate the resort. Marriott, in turn, would pay CSX between $60 million and $130 million to acquire the 720-room resort within seven years.
The deal is contingent on the Greenbrier negotiating a new pact with its union workforce. In addition, the bankruptcy court overseeing the resort's reorganization is expected to allow other potential buyers to make bids for the property.
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