Boca Raton-based Company will manage resort, sales and marketing activities for properties in New Hampshire, Virginia, Massachusetts and the Bahamas
BOCA RATON, Fla.--(BUSINESS WIRE)--Jul. 15, 2009--
Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places
to Live and Play®, recently announced new agreements with
Parkside Williamsburg Resort in Williamsburg, VA; The Soundings Seaside
Resort in Dennis Port, Mass. (Cape Cod); Blue Water Resort in Nassau,
Bahamas; and South Mountain Resort in Lincoln, NH.
Under the agreements, Bluegreen will provide a customized suite of
timeshare services and product offerings. Bluegreen will manage
operations at each resort, as well as provide specialized, fee-based
services in the areas of sales and marketing, title and escrow, property
management, and risk management. In certain of these agreements,
Bluegreen will also provide design and development planning and mortgage
servicing and collections, also on a fee basis. All four properties will
become part of the Bluegreen Vacation Club® portfolio.
“With their considerable track record in all facets of the vacation
ownership industry, we believe Bluegreen is the ideal partner to help
independent developers succeed,” said Andy Anderson, President of the
Parkside Williamsburg Resort. “Bluegreen’s emphasis on the customer
coupled with a history of solid performance, geographic diversity and
scale of operations, allows my team to focus on project development and
financing at a local level. We think this is a wonderful marriage of
For Bluegreen, these agreements will add approximately 180 units of
resort inventory that will be sold through the Bluegreen Vacation Club.
In addition, each property brings with it the opportunity for additional
phased development, including the construction and end-loan financing.
“We think our size provides significant efficiencies at each property
while allowing us to do what we do best—managing the overall vacation
experience for Bluegreen Vacation Club members, ” said Bluegreen
Management Services President Dave Pontius.
“We announced in January that we would actively pursue growth through
fee-based services, which require minimal capital, if any. We couldn’t
be happier with the interest shown in our services and the quality of
properties we now have under contract,” said President and CEO John M.
Maloney, Jr. He added, “This benefits both independent developers and
their lenders. And for Bluegreen, it represents an opportunity to
further evolve our business model and strengthen our financial profile
while generating cash revenues and earnings.”
ABOUT BLUEGREEN CORPORATION
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen
Corporation (NYSE:BXG) is the leader in providing Colorful Places to
Live and Play® through its vacation ownership resort and
residential real estate business segments. Our more than 3,100 employees
are passionate about delivering extraordinary experiences for our
owners, travelers and business partners. Since 1996, Bluegreen has
managed, marketed and sold a flexible, real estate-based vacation
ownership plan with more than 208,000 owners, over 45 owned or managed
resorts, and access to more than 3,700 resorts worldwide. Since 1985,
Bluegreen Communities has developed master-planned residential and golf
communities primarily in the southern and southeastern U.S., and has
sold over 55,000 homesites. We also offer a portfolio of comprehensive,
turnkey, fee-for-service resort management, financial services, customer
generation and sales solutions to third-party developers and lenders.
For more information, visit www.bluegreencorp.com.
Statements in this release may constitute forward-looking statements and
are made pursuant to the Safe Harbor Provision of the Private Securities
Litigation Reform Act of 1995. Forward looking statements are based
largely on expectations and are subject to a number of risks and
uncertainties including but not limited to the risks and uncertainties
associated with economic, credit market, competitive and other factors
affecting the Company and its operations, markets, products and
services, as well as the risk that fee-for-service and other previously
announced corporate strategic initiatives may not be successful or
generate earnings, the risk that fee-for-service initiatives will not
prove beneficial for the Company or third parties with whom the Company
has agreements, and the risks and other factors detailed in the
Company’s SEC filings, including its most recent Annual Report on Form
10-K filed on March 16, 2009, Form 10K/A filed on April 30, 2009, and
Form 10-Q filed on May 11, 2009.
Source: Bluegreen Corporation
Tony Puleo, 561-912-8270
Equity Group Inc.
Devin Sullivan, 212-836-9608
Kristin Warner, 561-912-7928