CSX Corp., the Richmond-based company known for its transportation holdings, has named a new board of directors and a management team to run three resorts and a resort management firm it has acquired as part of a diversification effort.
CSX acquired two Caribbean resorts -- Caneel Bay and Little Dix Bay -- as well as a Jackson Hole, Wyo., resort, and the company that manages all three, Rockresorts Inc., from Laurance S. Rockefeller. Rockresorts will continue to manage several resorts that are not owned by Rockresort or CSX. They include the Woodstock Inn and Resort in Woodstock, Vt., and The Boulders in Carefree, Ariz.
"CSX formed a new properties group in December with the intent to expand the property-management area of activity," said Thomas E. Hoppin, assistant vice president of corporate communications for CSX. "Rockresorts is the first acquisition in this area, and we feel it's a good fit."
Robert L. Hintz, executive vice president of CSX, will become chairman and chief executive officer of the Rockresorts. Richard E. Holtzman, the former president, will be vice chairman of the company, and Fred J. Eydt, former vice president, will be president and chief operating officer.
Holtzman will concentrate on developing and expanding the resort management end of the company and Eydt will be responsible for daily operations. "Mr. Rockefeller was primarily concerned with the conservation of natural resources, and backed into the hotel management business," said Holtzman. "We are keenly looking forward to the association with CSX and think it's a splendid thing for both the company and the industry."
Rockefeller began the company in 1966 to manage Caneel Bay and Little Dix and has continued to open small, remotely located resorts. Holtzman said Rockresorts executives are looking forward to a "disciplined" expansion that could result in the acquisition of more properties of the same quality. The first joint venture will be the management of the Carambola Beach Resort & Golf Club on St. Croix in the U.S. Virgin Islands, which neither CSX nor Rockresorts owns. It will open in December.
CSX also owns and operates the Greenbrier Resort Hotel and Conference Center in White Sulphur Springs, W. Va. The Greenbrier will continue under its current management. Last year, CSX had revenue of $7.3 billion, $5.1 billion of which was generated from transportation holdings, and $2.2 billion from energy. The major transportation holdings are the Chessie System Railroads and the Seaboard System Railroad.
The Rockresorts board includes Eydt; James Ermer, senior vice president of finance, CSX Inc.; Clayton W. Frye Jr., senior associate of Rockefeller Family & Associates; P. Michael Giftos, general counsel-special projects, CSX Corp.; Hintz; Holtzman; William C. Pitt III, president of the Greenbrier Hotel Resort and Conference Center; and Hays T. Watkins, chairman of the board and chief executive officer of CSX Inc. Rockefeller was elected director-emeritus of the company.
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