James Justice now owns another recreation destination in the region.
Justice has bought the Wintergreen Resort in Nelson County. Justice already owns The Greenbrier Resort in White Sulphur Springs, West Virginia.
The official closing of the transaction is expected to take place some time before June 30.
The Wintergreen Resort is located about 45 miles southwest of Charlottesville. The resort has skiing, golf, a tennis center, full-service spa, fitness center, pools, a lake and several dining options.
"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 wrote in a news release. "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. The Wintergreen facilities are spectacular and the entire Resort has a tremendous impact on the local and regional tourism industry.”
Here is the news release about the acquisition:
James C. Justice, II, Chairman, President and CEO of James C. Justice Companies, Inc. and The Greenbrier Resort, along with L. Allen Bennett, Jr. , Chairman of Wintergreen Partners, Inc., today announce the signing of a Merger Agreement which provides for the acquisition of Wintergreen Resort by the Justice family.
The Agreement has been approved by the Wintergreen Partners, Inc. Board of Directors and will now be presented to the Class A Equity members of Wintergreen on June 24, 2012 for approval. The closing of this transaction will take place prior to June 30, 2012.
Commenting on the sale, Mr. Justice said, “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. 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. The Wintergreen facilities are spectacular and the entire Resort has a tremendous impact on the local and regional tourism industry.”
Wintergreen’s Mr. Bennett remarked, “We are delighted by the vision which the Justice family is bringing to the resort. While we’ve had our own challenges over the past several months, we are gratified to have found an excellent business partner who has provided Wintergreen with the opportunity to grow, while at the same time preserving the family-oriented nature of our community. We share a common outlook on the potential for growth in central Virginia, and look forward to working together to take Wintergreen to the next level.”
Wintergreen Resort, located 45 minutes southwest of Charlottesville, VA, is a four season mountain retreat with beautiful views on the eastern slopes of the Blue Ridge Mountains. Situated on 11,000 acres adjacent to the George Washington National Forest, the Resort offers a unique vacation, social, and conference setting with skiing, snowboarding, and tubing, 45 holes of championship golf, a tennis center with 3 indoor courts and 19 outdoor clay courts, a full-service spa featuring 13 treatment rooms, a fitness center, and multiple dining options. Additional amenities include a lake, swimming pools, a youth entertainment center, and 40,000 square feet of combined indoor/outdoor meeting space.
The Greenbrier is an award-winning resort located in White Sulphur Springs, Greenbrier County, WV, famous for its classic architecture, exquisite interior design, carefully sculptured landscape, impeccable service and outstanding amenities. It has hosted distinguished guests from around the world since 1778. Situated on 6,500 acres surrounded by the Allegheny mountains, The Greenbrier offers 682 guest rooms, 40+ meeting rooms, championship golf, world class dining, a 40,000 square foot Five Star spa, and a 103,000 square foot gaming and entertainment venue. The Greenbrier Sporting Club is a private, residential sporting community and equity club at The Greenbrier. Members enjoy access to an array of private amenities, including a Members’ Lodge, award-winning golf at The Snead Course®, spa, equestrian center, and sports complex, along with hiking and biking trails. The Greenbrier® will also be home to the Greenbrier Medical Institute®, opening in 2013. GMI will include the well-known Greenbrier Clinic, and will concentrate on sports medicine and rehabilitation, along with executive health and wellness.
The Resort at Glade Springs sits on 4,100 acres in Daniels, Raleigh County, WV and offers 215 guest rooms, a 15,000 square foot meeting facility, 3 championship golf courses, fine dining, Spa Orange, tennis, pools, and equestrian center. The Resort is located in a gated community with over 800 homes, most of which are year-round residences.
The James Justice Family has been active in Virginia since 1977 with extensive agricultural interests growing and marketing corn, wheat, soybeans and Christmas trees, along with Blueridge Farm Center, a John Deere Dealership in Buchanan, VA. The family’s coal mining operations began in 1971 in McDowell County, WV and have since expanded to Virginia, Kentucky, Tennessee and Alabama. The Corporate Office is located in Roanoke, VA and the Virginia Mining Operations are headquartered in Wise, VA.
Alvarez and Marsal served as Wintergreen’s financial advisor on the transaction, and McGuireWoods LLP served as its legal advisor.