A New York-based investment firm will now have controlling ownership in The Greenbrier, one of West Virginia's top tourist attractions, company officials announced Friday.
The family of U.S. Sen. Jim Justice and Kennedy Lewis Investment Management announced that the two had agreed to a joint venture for the facility.
West Virginia MetroNews reporter Brad McElhinny, who has closely followed the resort's financial strife, reported the amount was $500 million.
The transaction "provides The Greenbrier with a robust financial foundation and underpins long-term investment in the resort, its facilities and the guest experience," the companies said in the news release.
"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, Kennedy Lewis's managing partner, said in a statement Friday. "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."
"Today marks an exciting new chapter for The Greenbrier and an important moment for everyone who loves this resort," Jill Justice, daughter of Sen. Jim Justice, said in the news release. "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."
Kennedy Lewis appointed Lloyd Nathan to chair The Greenbrier's board.
"The Greenbrier is one of the truly irreplaceable destination resorts in the United States," Nathan said in the news release. "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.
The Greenbrier has also been authorized to continue operating its casino while the West Virginia Lottery Commission reviews the transaction, the news release says. Earlier this week, the Justices indicated they may close the casino and lay off 90 employees rather than wait for the Lottery commission to sign off on the deal, MetroNews reported.
The resort will remain open and fully operational throughout the transition, the news release says. Existing reservations, meetings, conferences, weddings and other scheduled events will continue as planned.
The Justice family has owned The Greenbrier since 2009, when now Sen. Jim Justice bought it out of bankruptcy. Over the last several years, financial challenges related to the property have mounted for the Justices, who have owed millions in loan repayments as well as taxes on The Greenbrier and several other nearby properties.
Earlier this year, the Justices alleged in a lawsuit that Texas-based TRT Holdings, parent company of Omni Hotels, conspired with Carter Bank to stop the Justices from making payments on their loans. Carter Bank & Trust was a major lender for the Justices when they bought The Greenbrier. In recent years, the relationship between the family and the bank has become fraught, as the bank claims that numerous loan and interest payments have gone unpaid.
The hotel, facing foreclosure due to the Justices' unpaid debt, came close to being auctioned at the Greenbrier County Courthouse in 2024.
Along with the transaction, the Justice family and TRT agreed to settle the civil lawsuit, according to court documents.
The resort employs 1,500 to 2,000 workers, depending on the season.
In a statement Friday, Gov. Patrick Morrisey said he welcomed the investment firm to West Virginia.
"With Kennedy Lewis now officially controlling the resort, I welcome them to West Virginia," he said. "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."
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