February 20, 2018 12:30 PM, EST

CSX Sells Stake in Hotel Property

Company Will Reinvest Proceeds Into Railroad Operations

CSX Corp. sold its stake in the Westin Savannah Harbor Golf and Spa for $77 million, according to the railroad company.

The railroad carrier, along with Marriott and Troon Golf Management, bought and developed the 225-acre property in 1999 and sold it at the end of 2017.

The partnership agreed to sell the land for $77 million and CSX plans to put the money into railroad operations, according to a notice obtained by Transport Topics.

The property includes a 403-room, 16-story hotel, as well as an 18-hole golf course, clubhouse and spa.

“As part of its ongoing companywide review of all assets, CSX determined that selling the company’s share of ownership in the Westin Savannah Harbor Golf Resort and Spa is in the best interests of its shareholders,” a statement provided to TT said. “We remain intensely focused on becoming the best railroad in North America and on identifying opportunities to create a superior service product for our customers and long-term value for shareholders.”