Bluegreen Expands Fee-Based Service Business Through Contracts With Four Resorts
July 16, 2009 by Perspective Magazine | Timeshare & Fractional ReviewsBoca Raton-based Company will manage resort, sales and marketing activities for properties in New Hampshire, Virginia, Massachusetts and the Bahamas
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 talents.”
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.
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