Bluegreen Finalizes Exclusive Agreement to Acquire the Manhattan Club, Opening a New Sales Center in the Big Apple
BOCA RATON, Fla.--(BUSINESS WIRE)-- Bluegreen Vacations Corporation (NYSE: BXG) announced today that it has entered into an exclusive agreement to acquire inventory and, by 2021, the resort management contract at The Manhattan Club, a residence-style boutique hotel in Midtown Manhattan, just steps away from Times Square, Broadway and Central Park. In addition to significantly expanding access to The Manhattan Club within the Bluegreen Vacation Club, Bluegreen is planning to open a 2,500-square foot sales center, reflecting the company’s strategy of expanding frontline sales capabilities in its most popular resorts.
“This is a milestone moment for Bluegreen,” said Shawn B. Pearson, President and CEO of Bluegreen. “The Manhattan Club has always been a favorite destination for our owners, and they now have more ways to enjoy this one-of-a-kind experience at a resort in the city that never sleeps. We believe investments in top destination properties for our owners and the significant expansion of our sales centers in 2018 will provide the foundation for incremental sales in years to come.”
Bluegreen is on pace to have its most significant sales center expansions in years with the addition of over 80,000 square feet of prime sales center space at 9 resorts expected to be open by summer of 2019. In addition to New York City, sales center expansions have occurred or are planned in Ridgedale, Missouri; San Antonio, Texas; St. Augustine, Florida; New Orleans, Louisiana; Chicago, Illinois; Orlando, Florida; Las Vegas, Nevada and Banner Elk, North Carolina.
The Manhattan Club is the latest project in Bluegreen Vacations’ recent lineup of new resorts and sales centers. Earlier this year, the company announced a new fee-based service arrangement at The Marquee located in the heart of New Orleans’ historic theater district. In April, Bluegreen acquired the Èilan Hotel and Spa in San Antonio, nested within the foothills of the Texas hill country. The Manhattan Club, The Marquee and Èilan are expected to expand Bluegreen’s frontline sales capacity, which in-turn is expected to support net owner growth.
The Manhattan Club is 31 stories, boasts a modern fitness center, state of the art Business Center, exclusive Owners’ lounge and 296 spacious Penthouse, One-Bedroom – two bath Suites, and Executive Suites. The agreement announced today provides Bluegreen the exclusive right, on a non-committed basis, to acquire the remaining timeshare inventory at The Manhattan Club under Bluegreen’s “capital-light” Secondary Market program through periodic purchases over time, and subject to the terms and conditions of the agreement, the exclusive right to acquire the management contract for The Manhattan Club resort in 2021.
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 212,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of March 31, 2018. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a Florida-based diversified holding company whose activities include its 90% ownership interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar impact. Forward-looking statements involve risks, uncertainties and other factors, many of which are beyond our control, that may cause actual results or performance to differ from those set forth or implied in the forward-looking statements. These risks and uncertainties include, without limitation, that the sales office expansions my not occur when planned or at all, new or expanded sales locations and FBS arrangements may not be successful, Bluegreen Vacation Club Owners and marketing guests may not desire to stay at acquired resorts, The Manhattan Club inventory and management contract may not be acquired when planned or at all, as well as additional risks and uncertainties described in Bluegreen's filings with the Securities and Exchange Commission, including, without limitation, those described in the “Risk Factors” section of Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2017 and the Form 10Q for the quarter ended March 31, 2018. Bluegreen cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.
Source: Bluegreen Vacations Corporation
Released June 22, 2018