Robert Rowling’s Firm TRT Holdings Snaps up The Greenbrier

Texas billionaire Robert Rowling is making a quiet play on one of the country’s most storied resorts, acquiring more than $200 million in debt tied to the Greenbrier and other properties linked to West Virginia Sen. Jim Justice’s business empire.

Carter Bank & Trust offloaded the loan package last month, according to a Securities and Exchange Commission filing, selling all outstanding debt tied to Justice-affiliated entities to an unnamed third party. Public records and company confirmation later revealed the buyer as TRT Holdings, the Dallas-based investment firm led by Rowling, CoStar reported.

The portfolio includes debt secured by The Greenbrier, the sprawling luxury resort in White Sulphur Springs, West Virginia, that Justice purchased in 2009. The property, a National Historic Landmark with its roots as a resort destination dating back to the 18th century, according to its website, has long been a crown jewel of Appalachian tourism and a marquee property in Justice’s holdings.

An entity tied to TRT, White Sulphur Springs Holdings LLC, acquired the first-lien loan on the resort, according to Greenbrier County records. The entity shares an address with TRT’s Dallas headquarters, and the transaction was executed by the firm’s real estate chief, signaling a direct link to Rowling’s investment firm, according to the publication.

TRT framed the deal as part of its broader investment strategy. A spokesperson said in a statement to CoStar that the transaction is an investment, and that the hotel’s financial performance will dictate any future plans, stopping short of outlining whether the firm intends to take control of the property.

Now controlling the resort’s senior debt, TRT gains leverage over the future of the resort, including the possibility of a takeover if the loans fall into distress or are restructured, according to the outlet.

Rowling has built TRT into a major hospitality player since acquiring Omni Hotels & Resorts in 1996, expanding the brand to more than 50 properties across North America. The Greenbrier, with its scale and legacy status, would mark a notable addition to that portfolio if the firm ultimately converts its debt position into ownership, according to the outlet.

— Eric Weilbacher