The US-based Justice family has purchased the exclusive Greenbrier resort, an award winning luxury complex in West Virginia. The deal, the full details of which have not been made public, includes an 80% stake in The Greenbrier Sporting Club, which features three world championship golf courses.
Jim Justice, patriarch of the family and head of the Justice Family Group, said he was "very excited to become part of one of America's finest traditions."
The purchase will potentially save Greenbrier from bankruptcy after it was served with Chapter 11 proceedings. The resort's previous owners had agreed to sell the resort's assets to family-owned hotel operator Marriott International.
"Our near-term goal is to give The Greenbrier a fresh start," said Justice. "Even though the current economy is taking its toll on the resort, we are going to take a long-term view by focusing on reclaiming our five-star status and making the right investments for future growth."
Based in West Virginia's Allegheny Mountains, Greenbrier first opened its doors in 1778, but has seen bookings fall dramatically amid the financial turmoil. It is understood that it lost $35 million in 2008.
Jim Justice, a keen golfer, joined the family business in 1976 and recently sold the family's coal and mining businesses to Mechel OAO, one of the leading Russian mining and metals companies, for $436 million.
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