CSX Buys Resorts in Caribbean, Wyoming
Jan. 09, 1986
RICHMOND, Va. (AP) _ The CSX Corp., furthering its move into profitable businesses, said Thursday it has agreed to buy resorts in the Caribbean and in Jackson Hole, Wyoming, as well as a resort management company from Laurance S. Rockefeller.
Hays T. Watkins, chairman of the Richmond-based transportation and natural resources company, said in a press statement that the purchases are part of a ''long term strategy of CSX to broaden its resort hotel interests.''
The management company, Rockresorts Inc., would continue to run the resorts.
The resorts include Caneel Bay on the Island of St. John in the U.S. Virgin Islands and the visitor facilities in Grand Teton National park, both owned by Jackson Hole Preserve Inc., and Little Dix Bay on the Island of Virgin Gorda in the British Virgin Islands.
Rockefeller is president of Jackson Hole Preserve. He personally owns Little Dix Bay.
The terms of the deal were not disclosed.
CSX, which runs one of the country's largest railroads serving 22 states with about 27,000 miles of track, launched a reorganization in December aimed at boosting profitability. It already owns the Greenbrier resort hotel in White Sulphur Springs, W.Va.
Watkins said Richard E. Holtzman, president of Rockresorts, and William C. Pitt III, president of the Greenbrier and CSX Hotels, will work together exploring growth opportunities in the industry.
He said Rockresorts also would continue to manage The Woodstock Inn and Resort in Woodstock, Vt., and The Boulders in Carefree, Ariz. and would manage any resorts that might come under CSX control in the future.
The CSX reorganization includes a reduction of its rail work force, the sale of some unproductive holdings and the restructuring of its railroad management into three units that will operate as independent companies.