Second Greenbrier auction averted; Justice family refinances debt
The Greenbrier resort in White Sulphur Springs, W.Va., is owned by Gov. Jim Justice, and ran by his children, Jay and Jill. (Chris Jackson | West Virginia Watch)
The public auction of The Greenbrier Hotel, owned by the family of West Virginia Gov. Jim Justice, is off again after the company "satisfied its obligations" with the bank that owned the loan, the Justice family announced Tuesday.
Portions of the historic resort, located in White Sulphur Springs, West Virginia, had been slated to be auctioned Oct. 25 for a second time since August.
The family announced Tuesday it has refinanced the loan, completely satisfying its debt to Beltway Capital. The statement said the family "made all required payments well in advance of their due dates under the settlement agreement. This proactive approach has not only strengthened the Justice family's financial position, but also reaffirmed their dedication to the future of The Greenbrier resort and Glade Springs resort."
"We are excited to have successfully paid in full our obligations to Beltway Capital and look forward to the future of The Greenbrier and Glade Springs," Justice's children, Jill and Jay Justice, said in the news release. "This will allow us to invest further in our operations and enhance the experiences we provide to our guests. We appreciate the continued support from our partners, the patience of our valued team members, for whom we know this was a stressful period, and we look forward to welcoming visitors for many years to come."
The Greenbrier Hotel was originally set to be auctioned on the Greenbrier County Courthouse steps on Aug. 27 after a loan with JP Morgan was sold to Beltway Capital, which then foreclosed on the loan due to nonpayment by the family.
Justice, a Republican who is expected to win a seat in the U.S. Senate next month, at the time, attributed the foreclosure to "another political stunt by the Democrat machine."
That foreclosure was averted after the family reached an agreement with Beltway to make a payment by Oct. 24. The Greenbrier Hotel Corporation owed at least $9.4 million on the loan, according to previous statements.
A second public auction of the property was announced last week and scheduled for Oct. 25. An attorney for the Greenbrier Hotel Corporation at the time said the second auction, previously set for 2 p.m. on the Greenbrier County Courthouse steps, was "merely a procedural matter."
"As The Greenbrier previously announced, its agreement with Beltway Capital provides for a final payment to be made by Oct. 24, 2024. The Greenbrier remains on track to make that payment," Steve Ruby, attorney for The Greenbrier Hotel Corporation, wrote in the statement. "Today's advertisement is merely a procedural matter. It in no way reflects any change in the parties' relationship or The Greenbrier's plans regarding payment."
Asked on Wednesday about his family's deal with Beltway, Justice again called the foreclosure political. He declined to give details about the deal, but said his family's businesses are in "good, solid, solid condition."
"The net of the whole thing is it's all paid off," Justice told a reporter during his administration briefing. "It's all taken care of. Beltway is gone."
The hotel is a crucial part of The Greenbrier resort which is the largest tourist attraction in the Greenbrier County region. With 1,500 to 2,000 workers employed depending on the season, it is Greenbrier County's largest employer.
