Recession Swallows High-Profile Hotels
The tanking economy has taken down many a high-profile business with it, and hotels are no exception. The owner of the historic Greenbrier Hotel in West Virginia announced yesterday that it is filing for bankruptcy and will sell the renowned property to a unit of Marriott International. CSX Corporation, parent company of The Greenbrier Hotel Group, said the sale was necessary because the iconic landmark had fallen victim to the recession and had racked up close to $500 million in debt. The Marriott deal was signed yesterday, though several other potential buyers were reportedly approached prior to that, including Donald Trump.