Beltway Capital lists Greenbrier Hotel for auction a second time

By Stephen Baldwin, RealWV

On August 22, the Justice Companies announced a settlement with Beltway Capital (also known as McCormick) to satisfy a debt and avert a foreclosure sale of the famed Greenbrier Hotel.

At the time, they released a statement saying, “The Justice family…has reached an agreement with Beltway Capital. Under the agreement, Beltway Capital will receive a specific amount to be paid in full by October 24, 2024, which Justice has already secured. Beltway reserves its rights if Justice family fails to perform.”

Beltway seems to be exercising those rights, implying payment has not yet been received, by placing a new legal advertisement of auction with the WV Daily News. They notify the public of an auction on October 25, 2024, for the sale of more than 60 acres of the hotel. As before, the tract in question includes part but not all of the hotel.

Beltway says they intend to sell the hotel to the highest bidder on the steps of the Greenbrier County Courthouse at 2pm. The winning bidder must have “cash in hand.”

The auction is scheduled for the day after payment is due for the debt and only two weeks before the November 5 election, where Governor Jim Justice (whose family owns The Greenbrier) is the favorite to win election as US Senator from West Virginia.

Brad McElhinny of WVMetronews reported yesterday that Justice just listed more than 3,300-plus acres of land in Greenbrier and Monroe counties for sale. One large tract of land is adjacent to the hotel on Kate’s Mountain. McElhinny reports that the land sales are presumed to be a means to raise capital by selling collateral.

Last week, a Charleston-based columnist speculated online that The Greenbrier was on the verge of announcing a deal with Omni Hotels. RealWV reached out to Omni representative, Tiffani Cailor, for comment, who confirmed that no such announcement has been contemplated or planned, saying, “There are no plans.” The columnist’s tweets have since been deleted.

Steve Ruby, legal counsel representing the Justice Companies, released the following statement Thursday morning: “As The Greenbrier previously announced, its agreement with Beltway Capital provides for a final payment to be made by October 24, 2024. The Greenbrier remains on track to make that payment. 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.”

Stay tuned to RealWV for updates.