Expansion of Bluegreen Vacations’ Patrick Henry Square Resort Nears Completion
Posted on Uncategorized September 29, 2015
-Expansion to add a “Capital-Light” Fee-Based Service Arrangement To an Existing Bluegreen Resort Property-
BOCA RATON, FL, - September 29, 2015 – Bluegreen Corporation (“Bluegreen Vacations” or “Bluegreen”), today announced that the expansion of Bluegreen’s Patrick Henry Square property in Williamsburg, Virginia, is nearing completion under a developer relationship with PHI Redevelopment LLC ("PHI").
Under the terms of the agreements, Bluegreen sold undeveloped land at Bluegreen Vacations’ existing Patrick Henry Square resort to PHI, and in turn entered into a fee-based service relationship with PHI. PHI is in the process of completing the development phase of a single building comprising 25 one, two and three-bedroom units, as well as an indoor pool and check-in facility. Bluegreen Vacations is engaged to sell the completed vacation ownership units under a fee-based service sales and marketing agreement, and to service the consumer note receivables originated in the sales process for PHI. Bluegreen Vacations will also continue to perform resort management services for the Patrick Henry Square resort. The expansion is currently anticipated to be completed in October 2015, and occupancy is currently anticipated for spring 2016.
“The expansion of the Patrick Henry Square resort is another example of Bluegreen utilizing existing, undeveloped resort property to provide a third-party developer the opportunity to expand an existing Bluegreen Vacations resort and enjoy Bluegreen Vacations’ suite of fee-based services,” commented David Pontius, Executive Vice President, Chief Strategy Officer and President of Bluegreen Services. “The expansion of the property, located approximately a half-block from historic Colonial Williamsburg, provides more Bluegreen Vacation Club customers the opportunity to experience Williamsburg and the Patrick Henry Square resort.”
“We are happy to have the opportunity to develop the Patrick Henry Square resort expansion with these vacation ownership industry leaders and provide Bluegreen Vacations customers with an exceptional vacation experience in historic Williamsburg,” commented Andy Anderson, President of PHI.
For Patrick Henry Square resort details, please visit: http://www.bluegreenonline.com/explore/resortDetail.aspx?ResortID=96
BFC Financial Corporation (OTCQB: BFCF) and BBX Capital Corporation (NYSE: BBX) together hold a 100% ownership interest of Bluegreen Corporation.
About Bluegreen Corporation: Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 193,000 owners, over 64 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties. For more information, visit www.BluegreenVacations.com.
Bluegreen Vacations Contact Info:
Media Contact: Kimberly Wischnowski-Brandt, 561-912-8062
About PHI Redevelopment, LLC: PHI Redevelopment, LLC, is the expansion developer at Bluegreen’s Patrick Henry Square resort. Andy Anderson, President of PHI, has been a Bluegreen fee based service developer at Bluegreen’s Parkside Williamsburg Resort in Williamsburg since 2009.
This document contains forward-looking statements that involve a number of risks and uncertainties. All opinions, future plans or other statements, other than statements of historical fact, are forward-looking statements. The forward looking statements in this document are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to be correct. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management, and the Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of changes in circumstances, new information, subsequent events or otherwise; including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting Bluegreen Vacations and its operations, markets, products and services; and that the planned expansion of the resort may not be completed on time, as anticipated, or at all. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting Bluegreen Corporation, which are detailed in reports filed by BFC Financial and BBX Capital with the SEC, including their respective Annual Reports on Form 10-K and Quarterly Reports on Form 10Q, and are available to view on the SEC's website, www.sec.gov, or on BBX Capital’s website, www.BBXCapital.com, and on BFC’s website, www.BFCFinancial.com.