Bluegreen Corporation Enters Atlantic City Vacation Ownership Market
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Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful
Places to Live and Play®,
today announced it has acquired vacation ownership inventory at Royal
Suites at Atlantic Palace (also known as Fantasea Resorts Atlantic
Palace) located at 1507 Boardwalk in Atlantic City, NJ. Bluegreen®
will also manage the Interval Owner Association and establish a new
sales office at the 31-story ocean-front resort. Terms of the deal were
not disclosed.
Atlantic Palace features approximately 197 studio, one-bedroom, and
two-bedroom timeshare units, of which Bluegreen purchased approximately
1,200 intervals (weeks). Bluegreen will manage the Interval Owner
Association at the resort which has approximately 9,000 owners. Atlantic
Palace is located beachfront on the Atlantic City Boardwalk and features
an outdoor pool, hot tub, game room, exercise room, steam room and sauna.
Bluegreen plans to renovate approximately 16,000 square feet of the
resort in order to establish a sales preview center. Bluegreen Vacation
Club sales in Atlantic City are expected to begin in the second quarter
of 2008 contingent upon meeting all applicable registration requirements.
"This new property expands our vacation
destination portfolio and establishes Bluegreen’s
sales and marketing presence in a location that is within easy driving
distance of a third of the population of the United States, "
noted John M. Maloney, Jr., president and chief executive officer of
Bluegreen. "This vacation ownership resort is
situated in the heart of the casino district and bordered by Atlantic
City’s world renowned beach and boardwalk.
Shopping, gambling, top-name entertainment, and world-class golf and
fishing are just a few of the reasons that more than 37 million people
visit Atlantic City each year.”
Bluegreen expects to contribute to the local economy through increased
tourism and employment. Forty-two personnel previously employed in guest
services at the resort are expected to become Bluegreen employees, and
the company expects to hire sales and marketing professionals for its
new sales preview center. Bluegreen will also be looking to develop
marketing alliances with area vendors to provide additional incentives
to its guests, including admission tickets to local attractions, and
restaurant and merchandise certificates.
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful
Places to Live and Play(R) through two principal operating divisions.
With more than 185,000 owners, Bluegreen Resorts markets a flexible,
real estate-based vacation ownership plan that provides access to over
40 resorts and an exchange network of over 3,700 resorts and other
vacation experiences such as cruises and hotel stays. Bluegreen
Communities has sold over 56,300 planned residential and golf community
homesites in 32 states since 1985. Founded in 1966, Bluegreen is
headquartered in Boca Raton, Fla., and currently employs over 6,000
associates. More information about Bluegreen is available at 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
and Litigation Reform Act of 1995. Use of words such as "plan”,
"plans”, "expects”,
"will,” and other
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, competitive and
other factors affecting the Company and its operations, markets,
products and services, that the new resort will not be as attractive a
destination as anticipated, there will be delays in the renovation, that
the renovation will not be completed as anticipated, the risk that sales
and marketing will not be as successful as anticipated, that marketing
alliances will not be identified or as successful as anticipated, and
the risk factors and other issues detailed in the Company's SEC filings,
including its most recent Annual Report on Form 10-K filed on March 3,
2008.
