WHITE SULPHUR SPRINGS, W.Va. — The Greenbrier Resort’s new board of directors’ chairman made his first public comments Wednesday since the $500 million financing deal for the historic resort was completed.
Last month, New York private credit and alternative asset firm Kennedy Lewis Investment Management entered into a joint venture with U.S. Senator Jim Justice and his family business, the Greenbrier ownership. The partnership resolved outstanding debt that the Justice family owed on the historic resort. Lloyd Nathan was tabbed as the new Greenbrier oversight board chair as part of the deal.
The drawn-out process involved what Justice described as many “cannonballs to the stomach.” The owners of the debt, White Sulphur Springs Holdings, an affiliate of national resort chain Omni Hotels, sought to take control over The Greenbrier by asking a federal judge to put the resort into a receivership. Upon completion of the deal, the court conflicts were deemed resolved.
“All of you know of the dogfight that we’ve been through for the last months,” Justice said. “It’s not been any good. In fact, it was really hard. But we prevailed.”
Kennedy Lewis assumed 51% control of The Greenbrier and a majority of seats on the hotel corporation’s 5-member governing board. The other 49% and two seats on the board are controlled by Justice and his family, who have owned The Greenbrier since 2009.
The iconic, 710-room Greenbrier in White Sulphur Springs features a private casino, four golf courses and a spa.
With Nathan as chair, the new-look board features two other Kennedy Lewis members Brian Dubin and Doug Gerowski, Justice’s daughter Jill, and a fifth board member yet to be announced.
Nathan addressed a large crowd during the first day of the 90th annual West Virginia Chamber of Commerce Business Summit at The Greenbrier.
“As many of you know, Kennedy Lewis has recently had the opportunity to partner with the Justice family on a venture that we believe will usher The Greenbrier into a bright, new future,” Nathan said. “We are very, very excited about that future.”
The historic resort is renowned all across the country for its rich history and beauty, Nathan said.
“Having spent my entire career living and working all over the world, I can confidently say that there really is no other place like The Greenbrier,” Nathan said.
“When the opportunity presented itself to further improve this already-extraordinary business, we welcomed the chance to be a part of that,” Nathan added. “From day one, one of the things that has come through to us most clearly is how proud West Virginians are of The Greenbrier, and for good reason.”
Following the resolution to the deal, Justice said a promising future is ahead.
“We have something now, a partnership,” Justice said. “A partnership with people that we were only able to get this across the finish line by one thing and one thing alone, and that’s trust.”
Last week, the West Virginia Lottery Commission approved The Greenbrier’s casino license under the new ownership structure. Justice was effusive in his praise for his new business partners.
“The Kennedy Lewis people are the greatest of the greatest of the greatest in my book,” Justice said. “We wish them and this great hotel, and the success here, the very best it could ever be. For David Chene, Brian Dubin, and Lloyd Nathan, we can never thank them enough.”
Justice noted that Greenbrier attorney Steve Ruby provided “great” legal work during the process. All in all, the senator said that everyone involved was aligned with a belief and a vision of what The Greenbrier’s future can be. Justice added that it’s going to be great for West Virginia.
During the uncertain period about the historic resort’s future, there was concern that the casino would close. Justice said it’s a relief to finally have resolution, especially for those who work at The Greenbrier.
“If you were here and you were getting ready to lose your job, and your dad’s dad’s dad’s dad worked here, that may have been very tough,” Justice said. “We’re on a good path right now.”
Nathan said he’s aware that many people have questions about what The Greenbrier’s future will look like. The exact vision is still being crafted, he said.
“First and foremost, we see extraordinary potential in this special resort, and we’re energized by the work of understanding how to bring it fully to life,” Nathan said. “We’ve already invested an enormous amount of time and resources to help understand what needs to happen to achieve that. That process of learning and strategy will continue over the coming weeks and months.”
MetroNews Statewide Correspondent Brad McElhinny contributed to this story.