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, Pennsylvania.

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 added.

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

Investor Contacts:
Bluegreen Corporation
John Chiste, 561-912-8010
john.chiste@bxgcorp.com
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com
or
Media Contact:
Bluegreen Corporation
Lisa Thornhill, 561-912-8251
lisa.thornhill@bxgcorp.com

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