Greenbrier goes bankrupt
The historic Greenbrier resort in West Virginia filed for bankruptcy and agreed to be purchased by Marriott March 19, 2009. The Greenbrier lost $35 million in 2008 and laid off 650 employees earlier this year.
The owner of the resort, railroad company CSX Corp., agreed to lend Marriott $50 million to operate the hotel for two years. After Marriot repays the loan, they will also owe CSX between $60 million and $130 million within the next seven years.
The Greenbrier has hosted guests since 1778 and is a National Historic Landmark. The resort has 721 rooms, 10 lobbies, 40 meeting rooms and a conference center. It also features an underground bunker built during the Cold War to house the U.S. Congress in case of a nuclear attack.
