BOCA RATON, Fla., Jun 10, 2004 (BUSINESS WIRE) -- Bluegreen
Corporation (NYSE: BXG), a leading U.S. developer and marketer of
vacation ownership resorts ("Bluegreen Resorts") and planned
residential and golf communities ("Bluegreen Communities") today
announced the acquisition of the Vacation Club & Resort of Hershey,
The acquisition expands the Company's vacation ownership presence
to the Northeast. It also adds inventory to the Bluegreen Vacation
Club(R), and expands sales and marketing efforts in areas such as
Philadelphia, Washington, D.C., and Pittsburgh. Terms of the
acquisition were not disclosed.
The 3.2 acre parcel acquired by Bluegreen(R) includes all unsold
vacation ownership interests in an existing 24-unit timeshare building
(approximately 685 intervals). The two-bedroom, two-bathroom units
feature nearly 1,200 square feet of living space. Other amenities
include a clubhouse, heated outdoor pool, hot tub, exercise room, game
room, children's playground and a sand volleyball court.
Bluegreen will rename the Resort "The Suites at Hershey, a
Bluegreen Vacation Club Resort." Bluegreen Resorts will manage the
resort. Sales of purchased inventory through the Bluegreen Vacation
Club and construction of 54 new two-bedroom vacation ownership
residences are expected to commence in the third quarter of 2004.
Bluegreen also expects to open offsite sales offices and preview
centers in the Northeast to support this new property and the
Bluegreen Vacation Club.
The former Vacation Club & Resort of Hershey, Pennsylvania, earned
Interval International's industry-renowned Five Star Award in 2003. It
is the only vacation ownership resort located in "America's sweetest
city," where Milton S. Hershey built his famous Hershey(R)'s chocolate
factory in 1905 and created the surrounding community.
Tourism is Hershey's primary economic base. Approximately four
million people visit annually. Nearby attractions include Hershey
Factory Outlet Stores; HersheyPark(R), a 90-acre amusement park;
Chocolate World; ZooAmerica(R) North American Wildlife Park, an
11-acre walk-through zoo; and Hershey Gardens, a 23-acre botanical
paradise. Harrisburg, the state capital, is 15 minutes away and
features historic tours, the National Civil War Museum, and the
Whitaker Science Center. The Amish Country in Lancaster and the
historic Gettysburg National Park are also popular tourist attractions
located approximately 45 minutes from the resort.
"Hershey has become a major year-round tourist destination for
families in the mid-Atlantic states and beyond," noted George F.
Donovan, President and CEO of Bluegreen. "We believe our new Suites at
Hershey resort will provide another exciting and family-friendly
vacation destination for our Bluegreen owners, members and guests," he
ABOUT BLUEGREEN CORPORATION
Bluegreen is one of the leading companies engaged in the
acquisition, development, marketing and sale of vacation ownership
resorts and residential homesites. Bluegreen Resorts are located in a
variety of popular vacation destinations, including: Marathon,
Florida; Orlando, Florida; Ormond Beach, Florida; St. Augustine,
Florida; Surfside, Florida; the Smoky Mountains of Tennessee; Myrtle
Beach, South Carolina; Charleston, South Carolina; Wisconsin Dells,
Wisconsin; Gordonsville, Virginia; Hershey, Pennsylvania; Branson,
Missouri; Ridgedale, Missouri; Boyne Falls, Michigan; and Aruba, while
its Bluegreen Communities operations are predominantly located in the
Southeastern and Southwestern United States.
This press release contains forward-looking statements and the
Company desires to take advantage of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 in connection
with these statements. Statements contained herein are not statements
of historical fact may be deemed forward-looking statements. The words
"believe," "expect," "intend," "anticipate," "project," "may,"
"should," "designed to," "estimate," "hope," "plan" and similar
expressions identify forward-looking statements, which speak only as
of the date the statement was made. The Company does not undertake and
specifically disclaims any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements are based on
current expectations and assumptions and are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified and many of which are beyond the Company's control. Future
events could differ materially from those set forth in, contemplated
by, or underlying such forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject to
include, but are not limited to, the following: that sales and
marketing strategies at the Suites at Hershey will not be as
successful as anticipated, and the other risks detailed from time to
time in the Company's filings with the Securities and Exchange
Commission, including its most recent Form 10-K filed on March 29,
2004 and its Quarterly Report on Form 10-Q filed on May 17, 2004.
(C) 2004 Bluegreen Corporation. All rights reserved. Bluegreen,
Bluegreen Resorts, Bluegreen Communities and the Bluegreen Vacation
Club are registered trademarks of Bluegreen Corporation. All other
trademarks are properties of their respective owners.
SOURCE: Bluegreen Corporation
John Chiste, 561-912-8010
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Lisa Thornhill, 561-912-8251
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