GREENBRIER, WV (WOAY) – Sen. Jim Justice and his family have closed a deal with New York investment firm Kennedy Lewis for the Greenbrier hotel in a half-billion-dollar joint venture.
In a press release, the Justices said the transaction will bring long-term investment and stability to the hotel.
“Today marks an exciting new chapter for The Greenbrier and an important moment for everyone who loves this resort,” Jill Justice said. “This property is so much more than a resort. It is part of the history of West Virginia, an economic anchor for this community and a place where generations of families have celebrated the most important moments of their lives. Our collaboration provides the financial strength, expertise and long-term investment needed to protect everything that makes The Greenbrier special.”
In a statement, Gov. Patrick Morrisey said Kennedy Lewis now holds majority ownership.
“With Kennedy Lewis now officially controlling the resort, I welcome them to West Virginia. I also want everyone to know – especially those in Greenbrier County – that I will do everything in my power to protect this historic West Virginia jewel and its employees. I have asked the Lottery Commission to take all necessary steps to prevent the loss of Greenbrier employees during this transition of ownership. I’m hopeful that Kennedy Lewis and the entire Greenbrier team will help restore the beauty of the resort to its former glory,” Morrisey said.
The deal comes after an affiliate of Omni Hotels and Resorts sought to take control of the resort over unpaid debt it purchased from Carter Bank.
Although the Justices no longer hold a majority ownership, they will still serve on the board of directors, hold partial ownership, and collaborate on the resort’s future.
“The Greenbrier is a truly unique American institution, with a remarkable history, dedicated employees and a special connection to West Virginia and its guests,” David Chene, Managing Partner, Kennedy Lewis Investment Management, said. “By combining Kennedy Lewis’s financial, strategic and operational resources, Lloyd Nathan’s thoughtful and proven oversight as Chairman and the Justice Family’s deep local roots, we have built a powerful platform to invest in the property’s long-term future, and reinforce its standing among the premier destination resorts in the world.”
Kennedy Lewis said it does not plan to change the Greenbrier’s core identity but rather invest in its future.
“The Greenbrier is one of the truly irreplaceable destination resorts in the United States,” Lloyd Nathan, newly appointed Chairman of the Greenbrier board, said. “Very few properties can match its history, natural beauty, scale, amenities and emotional connection with generations of guests. Our intent is not to change what makes The Greenbrier special but to invest in its future, enhance what makes it exceptional and ensure America’s Resort continues to thrive for generations to come.”
Senator Jim Justice released a statement of his own this afternoon.
“This is a great day for The Greenbrier and all of West Virginia.
When our family stepped forward to save The Greenbrier in 2009, plenty of folks thought we had lost our minds. The resort was in bankruptcy, people had lost their jobs and many believed the glory days of America’s Resort were over. But we knew what The Greenbrier meant to West Virginia, and we knew it was worth fighting for.
For nearly two decades, our family has put our own money, our hearts and our lives into The Greenbrier and into West Virginia. We invested here, created jobs here, took risks here and fought like crazy to keep this treasure alive when it would have been a whole lot easier to walk away. I’m incredibly proud of that record, and nobody can ever take it away.
Our new partners bring tremendous experience and fresh ideas, while Jill and our family bring deep West Virginia roots and an understanding of the traditions and people that make this place so special. That is a powerful combination. I truly believe The Greenbrier’s best days are still ahead, and Cathy and I could not be more excited about what comes next.”
