Bluegreen Acquires Oceanfront Resort in Myrtle Beach, South Carolina
biz.yahoo.com
Tuesday October 4, 8:30 am ET
Also Expands Presence along Florida's Gulf Coast
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 4, 2005--Bluegreen Corporation (NYSE:BXG), a leading provider of leisure products and lifestyle choices, today announced that it has acquired a 19-story, 144-unit oceanfront resort in Myrtle Beach, South Carolina, along with additional unsold timeshare inventory in South Carolina and the Gulf Coast of Florida. Terms were not disclosed.
Bluegreen acquired the 19-story tower building at The Yachtsman Resort Hotel ("Yachtsman") located at 1400 N. Ocean Boulevard, in the heart of Myrtle Beach. As part of the acquisition, Bluegreen also acquired: 287 weeks of unsold timeshare inventory in buildings adjacent to the Yachtsman, which are currently operated as vacation ownership residences; 28 weeks of unsold timeshare inventory at Island Gulf Resort in Madeira Beach, FL and Sand Pebble Resort in Treasure Island, FL, both located on Florida's Gulf Coast; and resort management contracts at the Island Gulf and Sand Pebble resorts.
Bluegreen plans to convert the 72 studio and 72 one-bedroom units at the Yachtsman into 142 one-bedroom vacation ownership residences for availability early in the second quarter of 2006. The resort will become part of the Bluegreen Vacation Club® network of premier owned and managed Club Resorts, and will be renamed SeaGlass Tower(TM).
All vacation ownership residences at SeaGlass Tower(TM) will feature a private balcony, fully-equipped kitchens and a whirlpool bath. Amenities will include an indoor swimming pool, spa and two saunas, as well as access to two outdoor swimming pools.
The resort is conveniently located near: the Pavillion Amusement Park; Broadway at the Beach(sm), a 350-acre complex featuring over 100 specialty shops, 20 restaurants, 15 attractions and 10 nightclubs; the Myrtle Beach Convention Center; the Myrtle Beach International Airport; and numerous outlet and shopping malls.
"We continue to focus on expanding our network of Bluegreen Vacation Club resorts in both our target markets, as well as in our established markets such as South Carolina and Florida," notes George Donovan, President and Chief Executive Officer of Bluegreen Corporation. "We strive to meet the needs of the growing number of Bluegreen Vacation Club owners who desire oceanfront and ocean view inventory, and new vacation experiences," he added.
Bluegreen remains focused on the South Carolina timeshare market. In January 2005, the Company acquired 4 acres of land adjacent to its Harbour Lights(TM) resort in Myrtle Beach, South Carolina, where it plans to add approximately 90 timeshare units and additional amenities. A recent study conducted by PricewaterhouseCoopers for the American Resort Development Association's International Foundation revealed that the timeshare industry in South Carolina made a $1.9 billion economic impact on the state's economy in 2002. |
