Bankrupt Greenbrier Hotel Plans Sale To Marriott

Law360, New York (March 19, 2009, 12:00 AM EDT) -- After losing more than $90 million since 2002, the owner of West Virginia's posh Greenbrier resort announced Thursday that it was seeking Chapter 11 protection and had signed an asset purchase agreement with Marriott Hotel Services Inc.

In its bankruptcy petition with the U.S. Bankruptcy Court for the Eastern District of Virginia, Greenbrier Hotel Corp. listed up to $100 million in assets and up to $500 million in liabilities.

The luxury hotel lost $37 million in 2008 and has lost more than $90 million over the...
To view the full article, register now.