Bluegreen Corporation Expands Presence in Myrtle Beach, S.C.
biz.yahoo.com
Monday December 5, 9:06 am ET
Carolina Grande Is Fourth and Newest Myrtle Beach Resort for Florida-based Developer
BOCA RATON, Fla.--(BUSINESS WIRE)--Dec. 5, 2005--Bluegreen Corporation (NYSE:BXG), a leading provider of Colorful Places to Live and Play®, today announced the completion and acquisition of a 20-story, 118-unit vacation ownership resort in Myrtle Beach, S.C. Bluegreen® entered into a Development Agreement earlier this year to complete this purpose-built turnkey resort which will be named Carolina Grande(TM). Terms of the deal were not disclosed.
Carolina Grande is located at 2503 N. Ocean Boulevard, directly across the street from the ocean, in the heart of Myrtle Beach. The new Bluegreen resort is expected to feature 97 one-bedroom timeshare units and 21 three-bedroom timeshare units as well as a sales and marketing facility. Sales are expected to commence in the first quarter of 2006 and occupancy is expected in the Spring of 2006.
Carolina Grande is ideally located near many entertainment and dining venues such as the Pavilion Amusement Park, Broadway at the Beach, Carolina Opry, Dixie Stampede, NASCAR Speed Park and Myrtle Waves Water Park, among others.
Amenities at Carolina Grande include beach access and a fifth floor outdoor pool and spa that overlook the ocean. Each unit includes a private patio or balcony offering a great view of the city or ocean, as well as a full kitchen, washer/dryer, stereo and DVD player.
"We're very excited to expand our presence in Myrtle Beach with our fourth Bluegreen resort," said George Donovan, President and Chief Executive Officer of Bluegreen Corporation. "Since January 1, 2005, we have fulfilled over 20,500 vacation experiences in Myrtle Beach. We look forward to increasing that number in 2006 when we expect to have over 700 timeshare units available in this area," he added.
In October, Bluegreen announced SeaGlass Tower(TM), a 144-unit oceanfront resort in Myrtle Beach that is expected to be available early in the second quarter of 2006. SeaGlass Tower joined Harbour Lights(TM) and Shore Crest Vacation Villas(TM) on the growing roster of Bluegreen resorts in Myrtle Beach. In addition, the company announced in January that it purchased four acres of land adjacent to Harbour Lights where it plans to add approximately 90 timeshare units and additional amenities.
"We believe our new Carolina Grande and SeaGlass Tower resorts position us to deliver desirable beach and golf vacation experiences in Myrtle Beach to meet the growing needs of our owners and guests," noted John Maloney, Executive Vice President and Chief Operating Officer of Bluegreen Corporation. "Our new sales and marketing center at Carolina Grande will serve the needs of both of these new resorts," he added.
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. |
