Marriott And Bluegreen Report High Value In Organization

Women in the Industry (WIN) is pleased to announce two more of its initial corporate members have recommitted to another year of support. As a founding benefactor and sponsor of WIN’s recent Florida Regional Meeting, Marriott Vacation Club International (MVCI) has re-enlisted as a champion of the two-year old non-profit organization.

“We are impressed that WIN has kept many our key industry employees engaged and productive during these tenuous times,” said Lani Kane-Hanan, Sr. Vice President at MCVI.  “We support the concept of diversity that WIN so enthusiastically promotes, but as importantly we’ve seen some concrete benefits such as educational and training sessions held by the organization.”

Bluegreen Corporation, which also sponsored the WIN Florida event, has signed up once again as a corporate patron for 2010.  “The WIN group accomplished so much at a grass roots level in the past two years that we are proud to be established as one of its growing roster of corporate members.  Its education committee is formulating an impressive platform of research studies which will give us a body of knowledge to improve our product and the way it is marketed over the next few years,” said John M. Maloney, Jr, President and CEO.

Women in the Industry (WIN) advocates, educates and connects women in the vacation industry.  It is a dynamic, diverse, non-partisan global organization providing leadership, mentoring, philanthropic and educational opportunities to women and those who support women; connecting members locally, regionally, nationally and internationally.

The group will also hold their annual networking event during the annual American Resort and Development Association (ARDA) Convention in Las Vegas on March 16th from 5:30-7:30 at the Double Helix at the Venetian Resort.

For more information about becoming a sponsor, individual or corporate member of WIN, call Cathy Backus at 858.344.2139.

Robb & Stucky Interiors has been awarded a Silver award in the American Resort Development Association (ARDA) Awards Program.  Selected from a field of international entries, Robb & Stucky’s design work at Bluegreen Corporation’s Casa Del Mar vacation ownership resort in Ormond Beach, Florida and the fractional Resort at MarinaVillage in Cape Coral, Florida were selected as finalists in the Resort Architecture and Interior Design categories. The top award winner will be announced at a Gala held in conjunction with ARDA’s annual convention in Las Vegas on March 17.

Robb & Stucky is one of North America’s largest home furnishings and interior design companies and highly respected for its design work with hospitality properties.

The Casa Del Mar Resort was a finalist in the Refurbishment category. Robb & Stucky’s senior designer Ron Nowfel, IDS, directed design work on a portion of the 118-unit high-rise property. Explains Nowfel, “We are understandably delighted to learn that we had been selected for this prestigious award. The Casa Del Mar Beach Resort was originally built as a hotel in the 70s. Our goal was to transform it to modern standards adding a sophisticated, timeless look. We accomplished this by custom designing and manufacturing a major portion of the furnishings to fit the differing unit sizes.”

A 30-year veteran designer, Nowfel has been designing hospitality properties for Robb & Stucky for the past decade and has worked on resorts from Scotland to Scottsdale. Amy Coslet, ASID, was also a designer on the Casa Del Mar project.

Robb & Stucky’s additional ARDA design prize was awarded in the Common Area category for their work at the Resort at MarinaVillage, a 19-story fractional and whole ownership property located within a $150 million waterfront resort complex. Led by Design Consultant Jan Wallace, the design team was responsible for all common resort areas including the lobby, with a unique two-story water feature and sweeping staircase as well as the check-in area, hallways, ballrooms lobby area, owners’ lounge, gym, and outdoor pool bar.  Wallace has been an award-winning designer with Robb & Stucky for nearly three decades.

Commented Dan Lubner, President Resort Division for Robb & Stucky Interiors,  “This was our first year to enter this competition; we are extremely pleased and honored by this important recognition from ARDA.”

Founded in 1915 in Fort Myers, Florida, Robb & Stucky Interiors is an internationally respected interior design and premier furnishings retailer with one of the nation’s largest team of licensed interior designers. In 2009, the company was named an Alliance Partner for the internationally respected Preferred Hotel Group, providing interior design services for Preferred Hotel Group’s 700+ member hotels, resorts and fractional properties in more than 70 countries. The Interval International vacation exchange company recently named Robb & Stucky to its prestigious Interval Affiliate Advantage program, making its design services available to Interval International member resorts.  For more information, visit www.RobbStucky.com

RCI, the global leader in vacation exchange and one of the Wyndham Worldwide family of companies (NYSE:WYN), today announced the renewal of its affiliation with Bluegreen Vacations Unlimited, Inc. and Bluegreen Corporation, who are amongst the largest vacation ownership companies in the industry. This new agreement grants Bluegreen Club Members continued access to a broad array of exciting vacation experiences utilizing the RCI exchange networks.

Bluegreen Wilderness Club at Long Creek

“We are extremely pleased to renew our partnership with the Bluegreen family and their fantastic owners,” said Geoff Ballotti, CEO, RCI. “By building on our great relationship with Bluegreen, we can continue to offer RCI members around the world the opportunity to experience the wonderful collection of resorts that Bluegreen has to offer.”

As part of the multi-year agreement, RCI’s more than 3.7 million members will enjoy the opportunity to exchange into Bluegreen resorts across the globe. Similarly, Bluegreen Club Members will have access to vacations at a variety of destinations at RCI’s more than 4,000 affiliated properties worldwide in over 100 countries.

“By extending our existing relationship, we are continuing to give our owners the chance to enjoy all the opportunities that RCI offers,” said David L. Pontius, president of Bluegreen Management Services, Bluegreen Corporation. “RCI offers our Bluegreen Club Members access to terrific vacation resorts around the world and we’re glad to continue providing this service to our valued owners.”

About RCI
RCI is part of Wyndham Exchange and Rentals, the worldwide leader in vacation exchange and the European leader in vacation rentals, with exclusive access for specified periods to more than 73,000 vacation properties in approximately 100 countries. Wyndham Exchange and Rentals is comprised of vacation exchange, including RCI, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers and The Registry Collection program, the world’s largest luxury exchange program; vacation rentals, including Endless Vacation Rentals, Landal GreenParks®, Novasol®, and other renowned vacation rental brands, through which vacationers can rent a variety of property types, from city apartments to villas; and NorthCourse® Leisure Real Estate Solutions, an international leader in providing a full spectrum of advisory, research, and asset management services. Wyndham Worldwide Corporation is one of the world’s largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit www.grouprci.com or the media center of www.wyndhamworldwide.com.

For additional information on the services offered to developers by RCI and how they can add potential value to leisure real estate projects, visit www.grouprci.com.

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 4,000 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 home sites. 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 http://www.bluegreencorp.com.

Robb & Stucky Interiors, one of North America’s largest home furnishings and interior design companies, is preparing for the installation of furnishings for Bluegreen Corporation’s Harbour Lights Resort in Myrtle Beach, South Carolina.

Nancy Woodhouse, IDS

Robb & Stucky Senior Designer Nancy Woodhouse, IDS, selected a coastal design embracing an easy living lifestyle for the new furniture packages, inspired by the South Carolina shoreline including furniture pieces for dining, living and bedroom. Campaign-style furniture was created for the living areas, reflecting the resort’s existing nautical decor. Each bedroom is anchored with a custom-designed Sea Captain’s headboard with complementing nightstands and dresser for the 48 two-bedroom lockout villas in four of the buildings on the property. The larger units feature king-sized beds with living room, dining, full-sized kitchens and patios. Robb & Stucky provided the design and manufacturing of all furniture pieces used in the newly designed villas.

“Since the building’s exteriors feature pastel colors, we wanted to ensure that the new interiors reflected the feeling of this seaside community,” said Nancy. “We used warm wood tones, neutral backgrounds and added a few nautical fabric accents to ensure that the design remains contemporary and timeless.”

Added Woodhouse, “We applied a great deal of the Value Engineering concept to this project, creating several pieces of top-quality furniture keeping the intended function and fulfilling the client’s needs, while at the same time reducing overall costs. This was accomplished without sacrificing the appearance or function of each piece of furniture.  Utilizing the Value Engineering process can have a significant impact on overall costs, especially in the hospitality industry, when designing for multiple units.”

A major challenge was accomplished in the lock off bedroom, which required seating for dining in a smaller area as well as a custom-designed piece to hold a TV, DVD player, a set of drawers, a small refrigerator and microwave for a designated alcove. The custom piece was designed to have all appliances hidden behind shutter detailed door fronts. Robb & Stucky also designed and manufactured a game table that serves multiple functions including ottomans for additional seating. The custom table serves as: dining, family game area and desk for a computer.

Commented Dan Lubner, President of the Resort Division of Robb & Stucky Interiors, “Because of our vertical integration, we were able to custom design and manufacture the perfect product for this resort. We are honored to continue to provide our unique services to Bluegreen Resorts.”

Kathleen Palmer, General Manager of Harbour Lights Resorts adds, “During the entire design process, the Robb & Stucky team has been extremely well organized and flexible in adjusting to our changing needs. The staff was most conscientious and easy to work with.”

About Robb & Stucky Interiors
Founded in 1915 in Fort Myers, Florida, Robb & Stucky Interiors is a nationally respected interior design and premier furnishings retailer with showrooms in Florida, Texas, Arizona, Nevada and Costa Rica and one of the nation’s largest team of licensed interior designers. In 2009, the company was named an Alliance Partner for the internationally respected Preferred Hotel Group, providing interior design services for Preferred Hotel Group’s 700+ member hotels, resorts and fractional properties in more than 70 countries. The Interval International vacation exchange company recently named Robb & Stucky to its prestigious Interval Affiliate Advantage program, making its design services available to Interval International member resorts.  For more information, visit www.RobbStucky.com

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.

Robb & Stucky has recently begun the total custom design renovation of Bluegreen Corporation’s Casa Del Mar vacation ownership resort in Ormond Beach, Florida. Robb & Stucky is one of North America’s largest home furnishings and interior design companies and highly respected for its design work with hospitality properties.

Design work on the 118-unit high-rise property is being led by Robb & Stucky’s senior designer Ron Nowfel, IDS. Explains Nowfel, “The Casa Del Mar Beach Resort was originally built as a hotel in the 70s.

Our goal was to transform it to modern standards adding a sophisticated, timeless look. The work has involved total design for four different room types, requiring custom manufactured furnishings. The challenge has been to schedule installation of every item for the first design phase within two weeks to coincide with guests’ vacation schedules.”

Installation of furnishings for 34 one- and two-bedroom units on the first two floors of the resort was completed in October and included custom designed and manufactured dining room tables, chairs, dressers, desks, headboards, and wardrobes. The wood items were custom manufactured in a pine finish featuring a striping with a bold color to accent the doorfronts. Robb & Stucky also supplied carpeting, sofas, artwork, and lighting.

Added Nowfel, “When we work on assignments like this where we are basically doing everything from top to bottom, it is critical to program manage the project to ensure proper installation on the timelines required by the client. Not only is design involved, so is the tracking of incoming products and their installation by various trades people. This requires careful planning and coordination, especially when we are installing carpeting, drapery and kitchen appliances. Since the work will be completed in phases, we may also need to warehouse furnishings for future installations.“

A 30-year veteran designer, Nowfel has been designing hospitality properties for Robb & Stucky for the past decade and has worked on resorts from Scotland to Scottsdale. Amy Coslet, ASID, is also a designer on the Casa Del Mar project.

In its continuing relationship with Bluegreen Resorts, earlier this year, Robb & Stucky Interiors completed the total furnishing of 84 two-bedroom units and 12 Presidential suites in a new phase of development at The Fountains in Orlando. They are also providing design guidance for Bluegreen’s Casa Del Mar Beach Resort in Ormond Beach.

Commented Dan Lubner, President Resort Division for Robb & Stucky Interiors,  “We were privileged to provide our unique interior design services to Bluegreen Resorts. When working with a hospitality/resort client, we provide design, installation, warehousing of furniture and coordination fees without charge, focusing on the creation of the furnishings needed and manufacturing specifically what the developer needs with our own in-house capabilities.”

Founded in 1915 in Fort Myers, Florida, Robb & Stucky is a nationally respected interior design and premier furnishings retailer with showrooms in Florida, Texas, Arizona, Nevada and Costa Rica. For more information, visit www.RobbStucky.com

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. Their 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. For more information, visit www.bluegreencorp.com <http://www.bluegreencorp.com> .

Cibola Vista Resort and Spa Now Available to Bluegreen Vacation Club® Members

Bluegreen Corporation, a leading provider of Colorful Places to Live and Play®, today announced that it has entered into agreements to manage the operations, sales and marketing, and loan servicing activities for Cibola Vista Resort and Spa, beginning in October 2009. As part of the relationship between Cibola and Bluegreen, the Cibola Vista Resort and Spa, located in the Phoenix suburb of Peoria, Arizona, will become part of Bluegreen’s portfolio of vacation destinations.

Cibola Vista Resort and Spa is a luxury vacation ownership resort located between the popular Lake Pleasant recreational area and the city of Phoenix, and is in close proximity to the Arizona Cardinals’ stadium and numerous Major League Baseball spring training venues. The resort boasts amenities including a spa, fitness center, two pools, meeting rooms and equestrian programs, in a western village-themed environment. A total of 204 units, including studio, one-bedroom, two-bedroom and penthouse accommodations, are offered in Spanish Colonial-designed buildings.

“Our property was designed to appeal to travelers looking for an Old West vacation experience with the comforts and amenities of today,” said Neil Cumsky, President and CEO of Princeton Resorts Group, the developer of Cibola Vista. “Combining Bluegreen service with this unique resort experience will further establish Cibola Vista as one of the premier destination resorts in the Southwest, while at the same time provide our owners with the breadth of services offered by Bluegreen.”

“This turnkey relationship extends the Bluegreen Vacation Club® footprint into another new, high-demand vacation destination,” said Bluegreen’s President and CEO John M. Maloney, Jr. “Resort options in the Southwest, especially in popular golf and outdoor destinations like Phoenix, are an attractive alternative for our vacation club owners.”

Mr. Maloney continued, “We remain focused on expanding our business and introducing new experiences to our owners and guests, while at the same time conserving our capital. We believe our fee-based service initiatives, such as our agreement with Cibola Vista, demonstrates our continuing success in these endeavors.”

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.

InnSeason Resorts®, creators of the Northeast Experience® and leading providers of resort vacation and ownership opportunities, recently announced that Bluegreen Corporation based in Boca Raton, Florida has contracted to manage the sales, marketing and operations of InnSeason Resort South Mountain, located in Lincoln, NH.

Bluegreen Corporation, a leading provider of Colorful Places to Live and Play, recently announced new agreements with resorts in Williamsburg, VA; Dennis Port, MA; Nassau, Bahamas and InnSeason Resorts South Mountain in Lincoln. These agreements add approximately 180 units of resort inventory and the opportunity for additional development.

InnSeason’s Chief Financial Officer, Scott MacGregor says- “Bluegreen wanted a presence in New Hampshire and our South Mountain Resort was a perfect fit. It affords them the opportunity to step into an established, successful resort and to enhance their portfolio of over 45 owned or managed resorts. For us, the timing was ideal. It allows us to expand in other areas of New England, so we can offer alternate destinations to members of the InnSeason Vacation Club.”

InnSeason Resorts™ was created as a regional brand of family-oriented resorts that combine the development and operations expertise of Dennis M. Ducharme, RRP, president; and the marketing resources of Curran Management Services (CMS®), and its founder, William E. (Billy) Curran, chief executive officer.
InnSeason Resorts®, include: InnSeason Resorts Pollard Brook, Lincoln (NH); InnSeason Resorts The Falls at Ogunquit (ME); InnSeason Resorts HarborWalk, InnSeason Resorts Captains Quarters, InnSeason Resorts Surfside, Falmouth (MA), and Mountainview Resort in Jackman, (ME).

InnSeason Resorts®, delivers “best-in-class” management, advisory and marketing services to resorts and developers nation-wide. For more information, visit www.InnSeason.com.

Q2 2009 Overview

– Net income rose to $6.8 million, or $0.22 per share, from $3.4 million, or $0.11 per share, in Q2 2008 — Q2 2009 net income included a one-time income tax benefit of $4.6 million, or $0.15 per share

– Pre-tax income was $5.7 million in Q2 2009 as compared to $6.9 million in Q2 2008

– Resorts sales of $52.0 million in Q2 2009 as compared to $107.1 million in Q2 2008 — Reflects the deliberate reduction of Bluegreen-financed Resort sales in light of the challenging commercial credit markets

– Despite lower sales, Resorts Field Operating Profit (1) increased to $6.0 million in Q2 2009 as compared to $5.4 million in Q2 2008

– Bluegreen Communities sales decline to $4.6 million in Q2 2009 compared to $13.0 million in Q2 2008

– Rollout of fee-for-service business model progressing

– Unrestricted cash and equivalents of $66.3 million at June 30, 2009

– Book value of $12.80 per share

Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced financial results for the second quarter ended June 30, 2009.

John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, “We believe that our strong second quarter results both validate and reflect the success of our previously announced corporate strategic initiatives, which were implemented to mitigate the effects of significantly contracted commercial credit markets and weak general economic conditions. Although Resorts sales were lower, reflecting the deliberate downsizing of our sales and marketing operations, expenses declined, sales efficiencies improved, and we maintained pre-tax and after-tax profitability. Our Resorts owner base increased, sales to existing owners rose, and prospect conversion rates improved compared to the same period in 2008. We continue to focus on generating and preserving cash in light of the current credit environment. As previously announced, we reached separate agreements with lenders that extended the maturities of existing credit facilities with an aggregate of approximately $130.1 million outstanding, and also extended the revolving advance period under an existing $150 million revolving timeshare receivables purchase facility. We continue to work with current and potential lenders to extend the maturities of our debt and to secure additional financing. We are also continuing to explore various potential alternative avenues to obtain new sources of liquidity. Cash sales at Resorts — either at closing or within thirty days — represented 42% of our Resorts sales during the second quarter of 2009, up significantly from the same period last year and further improved compared to the 40% generated in the first quarter of 2009. We also benefited from decreased cash requirements as a result of lower sales and marketing expenses, and reduced our capital spending for inventory and fixed assets without compromising the customer experience.

(1) Field operating profit (loss) is defined as operating profit (loss) prior to the allocation of corporate overhead, interest income, sales of notes receivable, other income (expense) net, interest expense, non-controlling interest, restructuring charges, goodwill impairment charges and income taxes.

“Our plan to increase revenues from fee-based businesses is also beginning to gain traction. As announced in July, we signed contracts with four third-party resort developers to provide a broad range of timeshare services and product offerings, leveraging our expertise in sales and marketing, resort management and administration.”

Lower Resorts sales during the second quarter of 2009 reflected the deliberate downsizing of the Company’s sales and marketing operations in connection with strategic initiatives implemented in the fourth quarter of 2008 to better position Bluegreen in the current credit and economic environment. During the second quarter of 2009, Bluegreen operated 18 sales offices as compared to 28 sales offices in the second quarter of 2008.

Gross profits from other resort services in the second quarter of 2009 was $6.3 million, or 46.8% of the related revenues, as compared to $6.5 million, or 43.1% of the related revenues, in the same period last year. As referenced above, Bluegreen is continuing to focus on growing its resorts management services business, which is cash-based and therefore has historically not been dependent on the credit markets.

Field Operating Profit rose to $6.0 million, or 10% of contract sales, from $5.4 million, or 4% of contract sales, in the second quarter of 2008.

Bluegreen’s owner base increased to 213,000 at June 30, 2009 from 209,300 at March 31, 2009. As expected, VOI (Vacation Ownership Interest) sales transactions and tour flow declined reflecting the impact of the strategic initiatives; however, total prospect conversion rates and new prospect conversion rates increased compared to the prior year period. Bluegreen believes this is a reflection of the quality of its products and services, the professionalism of its sales associates and its focus on what it believes to be its most efficient and effective marketing channels.

Selling and marketing expenses in the second quarter of 2009 declined to 47% of gross sales of real estate from 62% in the second quarter of 2008. Total field operating expenses also declined to 56% of gross sales of real estate from 67% in the same period one year ago. Bluegreen believes that these efficiencies primarily resulted from the implementation of the strategic initiatives, as well as from a higher percentage of sales to existing owners during the second quarter of 2009 (53%) as compared to the second quarter of 2008 (44%), which generally require lower associated marketing costs compared to new prospects.

Delinquencies over 30 days on the total serviced timeshare receivables portfolio at June 30, 2009 were 4.9% of a serviced portfolio of approximately $846 million in receivables, compared to 5.7% of a serviced portfolio of approximately $879 million at March 31, 2009. The average annual default rate rose to 11.6% for the 12 months ended June 30, 2009 from 8.2% for the 12 months ended June 30, 2008. Although Bluegreen believes that the increase in the default rate is primarily a function of the growing unemployment rate in the United States, the Company expects that the performance of loans originated in 2009 will reflect our newly-implemented initiatives, which included new underwriting standards and a focus on obtaining increased down payments at the time of sale.

(2) It is expected that these amounts will be recognized in future periods ratably with the development of Communities projects.

Sales at Bluegreen Communities continue to be adversely impacted by the deterioration of the general economy and the real estate markets, in particular. There has been a decline in demand for the Company’s homesites, especially for higher priced premium homesites. Traditional media-based advertising channels have proven to be less effective in the current market environment, and therefore Bluegreen Communities has transitioned its marketing focus primarily to regional, Internet-based programs. During the second quarter of 2009, the Company experimented with various promotions, including price reductions on completed homesites at certain communities. While these promotions generated sales volume during the quarter, it was the primary reason why cost of sales of real estate increased as a percentage of sales. Bluegreen Communities continues to focus its efforts on reducing its costs in response to declining sales volumes.

SELECTED OTHER FINANCIAL INFORMATION
Net interest spread (interest income minus interest expense) was $9.6 million for the second quarter of 2009 compared to $11.5 million in the same period last year, reflecting higher interest expense due to a higher average aggregate balance of debt, primarily related to the Company’s accounting for all receivable financing transactions as “on-balance sheet” since March 2008. Higher interest expense was partially offset by higher interest income earned on notes receivable, both as a result of having more notes receivable on Bluegreen’s balance sheet and due to an interest rate increase on loans originated after November 1, 2008.

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(R) 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 1994, Bluegreen has managed, marketed and sold a flexible, real estate-based vacation ownership plan, currently with more than 213,000 owners, 50 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.

Boca 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.