The Greenbrier Enters New Era as Kennedy Lewis Takes 51% Control in $500 Million Deal
WHITE SULPHUR SPRINGS, W.Va. — One of West Virginia’s most recognizable landmarks is entering a new era after the Justice family and Kennedy Lewis Investment Management completed a roughly $500 million joint venture that gives the New York investment firm controlling interest in The Greenbrier.
Kennedy Lewis now holds a 51% controlling interest in the resort, while the Justice family will remain involved with a 49% minority interest.
The arrangement represents the most significant change in control at The Greenbrier since the Justice family purchased the historic resort out of bankruptcy in 2009.
The completed transaction follows months of financial uncertainty surrounding the property and brings new capital and a new ownership structure to one of West Virginia’s largest and best-known tourism destinations.
The Greenbrier said the transaction creates a stronger financial foundation for the resort while providing additional resources for future investment in the property and guest experience.
For the Justice family, Friday’s announcement was also a moment of celebration after a prolonged period of uncertainty surrounding the resort.
U.S. Sen. Jim Justice said the family remains committed to The Greenbrier and believes the combination of Kennedy Lewis’ experience and the Justice family’s connection to West Virginia can position the property for another period of growth.
“Our new partners bring tremendous experience and fresh ideas, while Jill and our family bring deep West Virginia roots and an understanding of the traditions and people that make this place so special,” Justice said in the announcement.
He said he believes The Greenbrier’s “best days are still ahead.”
Jill Justice, who has played a major leadership role at the resort, also emphasized the property’s importance beyond the hospitality industry.
“This property is so much more than a resort,” Jill Justice said. “It is part of the history of West Virginia, an economic anchor for this community and a place where generations of families have celebrated the most important moments of their lives.”
The ownership change also brings new leadership to The Greenbrier.
Kennedy Lewis has appointed Lloyd Nathan as chairman of The Greenbrier’s Board of Directors. Nathan brings decades of experience in hospitality, gaming, real estate and development, including previous leadership experience with MGM Resorts International.
Nathan said the goal is to build on The Greenbrier’s identity rather than fundamentally change it.
“Our intent is not to change what makes The Greenbrier special but to invest in its future, enhance what makes it exceptional and ensure America’s Resort continues to thrive for generations to come,” Nathan said in the announcement.
The deal also appears to close a major chapter in the financial and legal uncertainty that surrounded The Greenbrier in recent months.
White Sulphur Springs Holdings, an affiliate of TRT Holdings, had acquired hundreds of millions of dollars in Greenbrier-related loan debt earlier this year and later sought the appointment of a federal receiver.
Following completion of the Kennedy Lewis transaction Friday, that federal case was dismissed with prejudice. A separate lawsuit involving the Justice family, TRT Holdings and former lender Carter Bank was also dismissed.
Another immediate question involved The Greenbrier Casino Club.
Earlier in the week, the pending ownership change had raised the possibility that casino operations could be temporarily suspended while state regulators reviewed the new ownership structure.
The Greenbrier announced Friday that the West Virginia Lottery Commission has authorized casino operations to continue while regulators complete their review of the transaction.
That means the casino is expected to remain open during the process, avoiding an immediate disruption for employees and visitors.
The rest of the resort will also remain fully operational. Existing hotel reservations, conferences, meetings, weddings and other scheduled events are expected to continue as planned.
The completed transaction begins another significant chapter in the history of The Greenbrier.
For the Justice family, it means moving from majority control to a substantial minority ownership position after purchasing and reviving the resort 17 years ago.
For Kennedy Lewis, the deal places one of West Virginia’s most famous properties under new majority ownership with a stated commitment to investing in the resort while preserving the traditions that have made The Greenbrier one of the state’s signature destinations.
