RICHMOND, Va. - The owners of the Greenbrier Resort in West Virginia say they plan to acquire Wintergreen Resort in Nelson County.
The Daily Progress ( http://bit.ly/MDzaGc) says the announcement of the merger was sent Friday to Wintergreen members.
The Wintergreen Partners Inc. board of directors approved the agreement, which will be presented to Wintergreen's Class A Equity members on June 24 for approval, with an expected closing before June 30.
A telephone message left Friday for a Wintergreen spokeswoman wasn't immediately returned.
James Justice II, president and chief executive of James C. Justice Companies, Inc. and The Greenbrier Resort, and L. Allen Bennett Jr., chairman of Wintergreen Partners, Inc., made the announcement.
We are excited about this acquisition for two reasons. One being the obvious tie in with our other properties, The Greenbrier Resort and The Resort at Glade Springs, the other being what this means for the property owners and members of Wintergreen, along with the general public," Justice said in the announcement.
"We intend to take this property to the next level and see tremendous opportunities as we work with the Wintergreen management and staff in developing new membership programs and vacation packages."
Wintergreen Resort officials had considered several options to improve the resort's financial security, including selling all or part of the property.
The resort encountered financial problems earlier this year because of a mild winter, the loss of its $3 million line of credit with Bank of America and a tax-credit dispute with the state.
Wintergreen asked its members for help and sent renewal notices for 2013 about four months earlier than usual. Sullivan says that effort raised about $4.1 million. The resort also settled the tax-credit issue.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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