Famed Greenbrier Resort Files for Bankruptcy

The posh Greenbrier resort that has housed presidents and royalty in West Virginia has filed for Chapter 11 bankruptcy and signed a deal to sell itself to hotel giant Marriott International.

The four-star resort said Thursday its owner, Jacksonville, Fla.-based railroad company CSX Corp., would lend Marriott $50 million to operate the hotel for two years.

Bethesda, Md.-based Marriott would repay the loan and also pay CSX between $60 million and $130 million within seven years.

The Greenbrier has struggled with the poor economy and lost $35 million in 2008.

Guests have included President Eisenhower and Monaco's Prince Rainier and Princess Grace. It is also the site of a once-secret Cold War bunker to house Congress in case of a nuclear attack.

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