The Greenbrier Hotel, owned by Governor Jim Justice’s family in West Virginia, has avoided going to auction thanks to a resolution of its loan troubles.
Initially set for auction on August 27, the hotel has settled its financial situation with Beltway Capital. They confirmed to West Virginia Watch that they’ve established a plan to pay off the overdue loan by October 24, which amounts to approximately $9.4 million.
The Justice family stated they have arranged the necessary funds to meet their obligations, and once payment is made, “all issues concerning The Greenbrier and Glade Springs are concluded.”
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Previously, it emerged that the hotel was in debt for employee health insurance contributions, falling behind by about $2.4 million over four months, with another $1.2 million due soon.
Concerns linger about how the outstanding payments to employees will be managed once the loan is repaid. Michael Ryan, a finance expert, pointed out that the financial struggles likely stemmed from ongoing cash flow issues, suggesting the hotel needs significant reforms.
“Sure, paying debts is critical, but regaining trust with employees and the community is essential,” he added.
Before the auction was halted, owners warned of severe consequences for the state economy if the hotel had to close, highlighting that local jobs and the reputation of Greenbrier County would suffer irreparably.