CHARLESTON, W.Va. - The historic Greenbrier resort, which has gone from hosting presidents and royalty to posting losses, filed for Chapter 11 bankruptcy protection Thursday and unveiled a plan to sell itself to hotel giant Marriott International Inc. for up to $130 million.

A recession-fueled drop in demand for luxury hotel rooms helped drive The Greenbrier to a deal that would end nearly a century of ownership by railroad company CSX Corp.

Under the sales plan revealed in the bankruptcy filing, Marriott would receive $50 million over two years from Jacksonville-based CSX Corp. to operate the resort. Bethesda, Md.-based Marriott in turn would pay CSX $60 million to $130 million within seven years, depending on timing and the hotel's financial performance. The deal is expected to close this year, depending on new labor agreements and approval from a bankruptcy court, which is expected to allow other potential buyers to make bids.

The fabled resort is on the National Register of Historic Places, and guests have included 26 U.S. presidents; Monaco's Prince Rainier and Princess Grace; and the Duke and Duchess of Windsor.

The 6,500-acre 721-room resort in southeastern West Virginia also is the site of a once-secret Cold War bunker built to house Congress in case of a nuclear attack.

"The Greenbrier is an historic national treasure, and we are excited by the opportunity," Marriott spokesman Thomas Marder said.

Marder said Marriott plans to retain the Greenbrier name.