The public auction of the Greenbrier Hotel, owned by the family of West Virginia Gov. Jim Justice, is once again halted after the company “fulfilled its obligations” to the bank that held the loan, Justice announced. Family announced on Tuesday.
Portions of the historic resort in White Sulfur Springs, West Virginia were scheduled to go up for auction on October 25 for the second time since August.
The family announced Tuesday that it had refinanced the loan, fully paying off its debt to Beltway Capital. The statement said the family “made all required payments well in advance of the due dates pursuant to the settlement agreement.” This proactive approach has not only strengthened the Justice family’s financial position, but also their commitment to the future of the Greenbrier Resort and the Glade Springs Resorts reiterates.”
“We are pleased to have successfully settled our obligations to Beltway Capital in full and look forward to the future of The Greenbrier and Glade Springs,” Justice’s children Jill and Jay Justice said in the press release. “This will allow us to further invest in our operations and improve the experiences we offer our guests. We appreciate the continued support of our partners, the patience of our valued team members, for whom we know this has been a stressful time, and we look forward to welcoming visitors for many years to come.”
The Greenbrier Hotel was originally scheduled to be auctioned off on the steps of the Greenbrier County Courthouse on August 27 after a loan from JP Morgan was sold to Beltway Capital, which then foreclosed on the loan due to non-payment by the family.
Justice, a Republican who is expected to win a U.S. Senate seat next month, attributed the foreclosure at the time to “another political ploy by the Democratic machine.”
That foreclosure was averted after the family reached an agreement with Beltway to make a payment by Oct. 24. Greenbrier Hotel Corporation owed at least $9.4 million on the loan, according to previous testimony.
A second public auction of the property was announced last week and is scheduled for October 25. An attorney for the Greenbrier Hotel Corporation at the time said the second auction, previously scheduled for 2 p.m. on the steps of the Greenbrier County Courthouse, was “merely a procedural matter.” Object.”
“As The Greenbrier previously announced, its agreement with Beltway Capital calls for final payment by October 24, 2024. “The Greenbrier remains on track to make this payment,” Steve Ruby, attorney for Greenbrier Hotel Corporation, wrote in the statement. “Today’s complaint is purely a procedural matter. It in no way reflects a change in the parties’ relationship or The Greenbrier’s payment plans.”
When asked Wednesday about his family’s deal with the Beltway, Richter again described the foreclosure as political. He declined to provide details about the deal but said his family’s businesses were in “good, solid, solid shape.”
“The bottom line of the whole thing is that it all paid off,” Justice told a reporter during his government briefing. “Everything is taken care of. Beltway is gone.”
The hotel is an critical part of the Greenbrier Resort, the largest tourist attraction in the Greenbrier County region. With With 1,500 to 2,000 employees depending on the season, it is the largest employer in Greenbrier County.
