BOCA RATON, Fla.--(BUSINESS WIRE)--
Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company"), a leading vacation ownership company, today announced a fee-based service agreement with Marquee Developer, LLC (“Marquee Developer”), owner and developer, of The Marquee – also known as 144 Elk Luxury Lofts – in New Orleans, Louisiana. The building, located in the heart of New Orleans’ historic theater district, currently operates as apartment homes and is expected to be a fully operational vacation ownership resort in the second quarter of 2019.
“With this latest addition to the Bluegreen resorts collection, we continue to expand our presence in this unique and popular vacation destination and provide our owners with more opportunities to experience New Orleans,” said Shawn Pearson, President and CEO of Bluegreen. “As the second Bluegreen property in New Orleans, it also allows us to grow our sales and marketing footprint. This acquisition aligns with our expansion strategy and further adds to our fee-based service business.”
Under the agreement, Bluegreen will provide a suite of fee-based services that include: vacation ownership sales and marketing, property management, and title and escrow services. Bluegreen will also provide the design and development planning as well as consumer receivable servicing for the Marquee Developer, also on a fee-basis. Marquee Developer is an affiliate of Second City Resorts LLC and I-Drive Resorts LLC, with whom Bluegreen has existing fee-based service relationships associated with resorts in Chicago and Orlando.
“The Marquee will mark Bluegreen’s second resort in New Orleans,” said Dave Pontius, COO of Bluegreen. “Our existing resort, Club La Pension is only a mile from The Marquee. As part of our expansion efforts, our goal is to add multiple resorts in select areas to promote operational efficiencies and to provide our owners with remarkable vacation experiences.”
This agreement will add approximately 94 units of resort inventory which will be sold through The Bluegreen Vacation Club. Additionally, Bluegreen has plans to add frontline and in-house sales centers in The Marquee by converting the building’s 5,800 square foot commercial space on the ground floor into a frontline sales center. The Company also has plans to convert one unit within the resort into an in-house sales facility to service existing owners. The sales centers are expected to be operational by fourth quarter 2018.
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.
Forward-Looking Statements:
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 Marquee sales offices may not be opened as planned, the sales location and FBS arrangements may not be successful, Bluegreen Vacation Club Owners and marketing guests may not desire to stay at the resort, 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.
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