WHITE SULPHUR SPRINGS, W.Va. – A new company has acquired the past-due loans for West Virginia’s crown-jewel resort, The Greenbrier.
Carter Bank & Trust, based in Martinsville, sold more than $200 million in past-due loans connected to U.S. Sen. Jim Justice and his family businesses to an “unaffiliated third party,” according to a filing with the U.S. Securities and Exchange Commission.
The buyer has now been identified as a subsidiary of TRT Holdings, which owns Omni Hotels & Resorts.
In a statement, the company said, “A subsidiary of TRT Holdings, Omni Hotels & Resorts’ parent company, acquired the first-lien debt on The Greenbrier Resort in White Sulphur Springs, West Virginia, as an investment. This transaction was made as part of TRT Holdings’ broader business of investing across a diverse portfolio of assets.”
The SEC filing shows Carter Bank & Trust received $289.48 million in cash from the transaction, while the principal on the loans amounted to $209.48 million.
Justice, the former governor of West Virginia, purchased The Greenbrier in 2009 for $20.1 million in an effort to rescue and revitalize the iconic luxury resort, which had been facing bankruptcy and workforce reductions. Carter Bank was the major lender for the purchase.
Since then, the Justice family has been in a long-running dispute with Carter Bank & Trust over the loans, including a lawsuit filed in 2023. In the lawsuit, the family claimed Carter Bank had “blocked or sabotaged” efforts to transfer the loans when the family tried to move their banking business to other lenders. The bank denied the allegations and sought to recover more than $300 million in principal, interest and fees from companies owned by the Justice family. The lawsuit ended when a repayment agreement was reached.
The 710-room Greenbrier resort, which has hosted U.S. presidents, royalty and congressional retreats, dates back to 1778 and is considered a National Historic Landmark.