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Acquires Inventory at Royal Suites at Atlantic Palace and Plans to Establish New Sales Presence in New Jersey
BOCA RATON, Fla.--(BUSINESS WIRE)--April 22, 2008--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has acquired vacation ownership inventory at Royal Suites at Atlantic Palace (also known as Fantasea Resorts Atlantic Palace) located at 1507 Boardwalk in Atlantic City, NJ. Bluegreen(R) will also manage the Interval Owner Association and establish a new sales office at the 31-story ocean-front resort. Terms of the deal were not disclosed.
Atlantic Palace features approximately 197 studio, one-bedroom, and two-bedroom timeshare units, of which Bluegreen purchased approximately 1,200 intervals (weeks). Bluegreen will manage the Interval Owner Association at the resort which has approximately 9,000 owners. Atlantic Palace is located beachfront on the Atlantic City Boardwalk and features an outdoor pool, hot tub, game room, exercise room, steam room and sauna.
Bluegreen plans to renovate approximately 16,000 square feet of the resort in order to establish a sales preview center. Bluegreen Vacation Club sales in Atlantic City are expected to begin in the second quarter of 2008 contingent upon meeting all applicable registration requirements.
"This new property expands our vacation destination portfolio and establishes Bluegreen's sales and marketing presence in a location that is within easy driving distance of a third of the population of the United States, " noted John M. Maloney, Jr., president and chief executive officer of Bluegreen. "This vacation ownership resort is situated in the heart of the casino district and bordered by Atlantic City's world renowned beach and boardwalk. Shopping, gambling, top-name entertainment, and world-class golf and fishing are just a few of the reasons that more than 37 million people visit Atlantic City each year."
Bluegreen expects to contribute to the local economy through increased tourism and employment. Forty-two personnel previously employed in guest services at the resort are expected to become Bluegreen employees, and the company expects to hire sales and marketing professionals for its new sales preview center. Bluegreen will also be looking to develop marketing alliances with area vendors to provide additional incentives to its guests, including admission tickets to local attractions, and restaurant and merchandise certificates.
BOCA RATON, Fla.--(BUSINESS WIRE)--April 22, 2008--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has acquired vacation ownership inventory at Royal Suites at Atlantic Palace (also known as Fantasea Resorts Atlantic Palace) located at 1507 Boardwalk in Atlantic City, NJ. Bluegreen(R) will also manage the Interval Owner Association and establish a new sales office at the 31-story ocean-front resort. Terms of the deal were not disclosed.
Atlantic Palace features approximately 197 studio, one-bedroom, and two-bedroom timeshare units, of which Bluegreen purchased approximately 1,200 intervals (weeks). Bluegreen will manage the Interval Owner Association at the resort which has approximately 9,000 owners. Atlantic Palace is located beachfront on the Atlantic City Boardwalk and features an outdoor pool, hot tub, game room, exercise room, steam room and sauna.
Bluegreen plans to renovate approximately 16,000 square feet of the resort in order to establish a sales preview center. Bluegreen Vacation Club sales in Atlantic City are expected to begin in the second quarter of 2008 contingent upon meeting all applicable registration requirements.
"This new property expands our vacation destination portfolio and establishes Bluegreen's sales and marketing presence in a location that is within easy driving distance of a third of the population of the United States, " noted John M. Maloney, Jr., president and chief executive officer of Bluegreen. "This vacation ownership resort is situated in the heart of the casino district and bordered by Atlantic City's world renowned beach and boardwalk. Shopping, gambling, top-name entertainment, and world-class golf and fishing are just a few of the reasons that more than 37 million people visit Atlantic City each year."
Bluegreen expects to contribute to the local economy through increased tourism and employment. Forty-two personnel previously employed in guest services at the resort are expected to become Bluegreen employees, and the company expects to hire sales and marketing professionals for its new sales preview center. Bluegreen will also be looking to develop marketing alliances with area vendors to provide additional incentives to its guests, including admission tickets to local attractions, and restaurant and merchandise certificates.
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