Dallas-based TRT Holdings, the parent company of Omni Hotels, has quietly moved into a position of serious leverage over one of America's oldest resorts after buying senior loans tied to The Greenbrier, according to public filings and county records. The deal involved more than $200 million in distressed loans and gives the buyer significant legal muscle over the 11,000-acre resort if the Justice family cannot satisfy what they owe. In plain terms, the Dallas hotel operator is now very much within striking distance of the storied West Virginia property and its championship golf courses.
Debt sale recorded in SEC filing
According to a late March filing with the U.S. Securities and Exchange Commission, Carter Bank & Trust sold the first-lien debt tied to Justice-affiliated entities, including The Greenbrier, to an “unaffiliated third party” for about $290 million while the loans carried roughly $209 million in outstanding principal, as reported by The Dallas Morning News. The bank classified the loans as nonperforming and nonaccruing, and the transaction also shows up in Greenbrier County land records.
Buyer tied to Omni's parent
Those county records identify White Sulphur Springs Holdings LLC as the transferee and list the same Dallas address used by TRT Holdings. The transfer documents were signed by Michael G. Smith, TRT’s executive vice president of real estate and development, according to CoStar. CoStar also reports that a TRT spokesperson confirmed a subsidiary acquired the first-lien loan as an investment.
Why that gives leverage
Because TRT bought a first-lien loan, it now sits at the front of the repayment line ahead of other creditors. That position lets the lender push for foreclosure, a restructuring, or a sale if the Justice entities default, which could eventually shift control of the resort to the holder of the debt. The Real Deal notes that turning a distressed-debt position into full ownership typically requires either a borrower default or a negotiated settlement with several creditors.
Greenbrier's legacy and condition
The Greenbrier, a National Historic Landmark, traces its roots back to 1778 and sprawls across roughly 11,000 acres. It has hosted PGA Tour events as well as the Ryder Cup, according to the resort's own website. The property is not without scars, though. The Dallas Morning News reports the resort is still contending with lingering damage from floods that hit its golf courses in 2016.
Part of a longer debt drama
This loan sale is just the latest chapter in a long-running financial squeeze surrounding Sen. Jim Justice’s business empire. His companies have been hit with lawsuits, tax liens, and creditor actions that have periodically put The Greenbrier’s ownership on shaky ground, local coverage shows. WV News and other outlets documented 2024 threats to auction the resort before lenders and the Justice family struck interim arrangements to keep it off the block, at least for the moment.
What happens next
Despite the high-dollar maneuvering, ownership does not flip overnight. Buying the debt gives TRT options, not keys to the front door. Converting that creditor position into actual control of the property usually requires a default or a negotiated deal with the borrower and other lienholders. The Real Deal points out that TRT’s move resembles past plays in the hospitality world where investors buy troubled loans as a potential pathway to acquisition or a long-term management role.
Company response
Publicly, TRT is keeping things low-key and calling this a straightforward financial move. In a statement to CoStar, a company spokesperson said, A subsidiary of TRT Holdings acquired the first-lien debt on The Greenbrier Resort, adding that any future plans will depend on how the property performs. For now, at least, the famed resort is still in Justice family hands, even if the Dallas lender is now holding some very important cards.
