The historic Greenbrier resort in West Virginia has filed for bankruptcy and has agreed to be purchased by Marriott.
The resort, which struggled with labor problems long before the economic downturn pummeled the luxury sector, said its owner, railroad company CSX Corp., has agreed to lend Marriott $50 million to operate the hotel for two years.
Marriott would repay the loan and also pay CSX between $60 million and $130 million within seven years.
The Greenbrier lost $35 million in 2008. Earlier this year it laid off 650 employees, or about half of its workforce.
The Greenbrier is a National Historic Landmark; since 1778 it has hosted guests, including a number of presidents and kings.
The Greenbrier has 721 rooms, 10 lobbies, more than 40 meetings rooms and a conference center. It also has three golf courses, indoor and outdoor tennis courts and a 40,000-square-foot spa.
The resort includes an underground bunker that was built during the Cold War to house the U.S. Congress in case of a nuclear attack. The relocation center remained a secret until the Washington Post exposed it in the early 1990s, after which it was decommissioned.