The Greenbrier’s new owner and Marriott International have reached a tentative agreement that allows the hotel giant to market the historic resort.
In exchange, Marriott won’t challenge the resort’s sale, said Jim Justice, who purchased the Greenbrier’s stock earlier this month.
Justice worked out the deal with Marriott executives late Friday night at the Greenbrier Valley Airport.
“It can be a wonderful marriage,” Justice told the Gazette this morning. “Marriott will be an integral player in sending us guests. There are so many advantages that can come from this.”
Two weeks ago, Marriott questioned The Greenbrier’s sale, saying it had a contract to purchase the resort from Jacksonville, Fla.-based CSX.
Under the tentative deal struck Friday, Marriott will receive a special fee for every Greenbrier guest booked through the hotel chain’s marketing network.
Justice would have to pay Marriott a $7 million “break-up fee” if he ends Marriott’s marketing partnership.
Justice said no written agreement has been signed, and many details must be worked out.
On Tuesday, a U.S. Bankruptcy judge in Richmond, Va., is expected to consider whether to dismiss The Greenbrier’s Chapter 11 bankruptcy case.
“I’m cautiously optimistic that the dismissal of the bankruptcy is imminent,” Justice said.
Also today, Justice announced he has reached a new collective bargaining agreement with The Greenbrier’s union workers. The union overwhelmingly approved the new contract. The agreement includes significant improvements in health benefits for employees, Justice said.