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Acquires Inventory at Club La Pension
Announces Plans to Establish Sales Presence in New Orleans
BOCA RATON, Fla.--(BUSINESS WIRE)--June 12, 2008--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has acquired vacation ownership intervals (weeks) at Club La Pension in New Orleans, La. Bluegreen(R) also acquired commercial space to establish sales and marketing operations and will manage and operate the resort. Terms of the acquisition were not disclosed.
Bluegreen expects to renovate the commercial space in the resort for its new Bluegreen Vacation Club(R) Preview Center. Sales in New Orleans are expected to begin in the third quarter of 2008, contingent upon meeting all applicable legal, licensing and registration requirements.
Surrounded by the flavor of the old world, Club La Pension is an intimate and charming resort located at the edge of the French Quarter. It is conveniently located within walking distance to most of the city's attractions (including Harrah's casino, the River Walk shopping complex and the aquarium), restaurants and shops, and the historic St. Charles Avenue Streetcar line.
Club La Pension is one of the oldest and most successful vacation ownership resorts in New Orleans. It consists of six historic buildings, one of which is Canal Street's oldest existing building and has played a vital role in the city's history and commerce. The complete remodeling of these buildings has generated awards for renovation and preservation, as well as "Resorts of Excellence" awards from Resort Condominiums International and Interval International.
The resort features studio, one-bedroom and two-bedroom vacation ownership units, many of which have balconies overlooking the French Quarter. The rooftop features two sundecks with hot tubs and views of the French Quarter, river and city. Although not a part of the acquisition, Club La Pension also houses a five-star new world Italian restaurant called Cafe Giovanni.
"We are very excited to add another new vacation destination to our expanding portfolio, especially one that has a similar but unique historical charm to what we created in Charleston, S.C., at The Lodge Alley Inn,(TM)" notes John M. Maloney, Jr., president and chief executive officer of Bluegreen. "We expect our initial investment in this market to yield meaningful future advantages in the areas of our sales and marketing, owner satisfaction and brand awareness. It's no surprise that the New York Times named New Orleans as the 'Comeback of the Year' and both Orbitz and Travel & Leisure chose it as one of their top destinations for 2007," he added.
Bluegreen expects to contribute to the local economy through increased tourism and employment. Approximately 15 personnel previously employed at the resort are expected to become Bluegreen employees, and the company expects to hire additional professionals for its resorts management, sales and marketing operations. 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.
Announces Plans to Establish Sales Presence in New Orleans
BOCA RATON, Fla.--(BUSINESS WIRE)--June 12, 2008--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has acquired vacation ownership intervals (weeks) at Club La Pension in New Orleans, La. Bluegreen(R) also acquired commercial space to establish sales and marketing operations and will manage and operate the resort. Terms of the acquisition were not disclosed.
Bluegreen expects to renovate the commercial space in the resort for its new Bluegreen Vacation Club(R) Preview Center. Sales in New Orleans are expected to begin in the third quarter of 2008, contingent upon meeting all applicable legal, licensing and registration requirements.
Surrounded by the flavor of the old world, Club La Pension is an intimate and charming resort located at the edge of the French Quarter. It is conveniently located within walking distance to most of the city's attractions (including Harrah's casino, the River Walk shopping complex and the aquarium), restaurants and shops, and the historic St. Charles Avenue Streetcar line.
Club La Pension is one of the oldest and most successful vacation ownership resorts in New Orleans. It consists of six historic buildings, one of which is Canal Street's oldest existing building and has played a vital role in the city's history and commerce. The complete remodeling of these buildings has generated awards for renovation and preservation, as well as "Resorts of Excellence" awards from Resort Condominiums International and Interval International.
The resort features studio, one-bedroom and two-bedroom vacation ownership units, many of which have balconies overlooking the French Quarter. The rooftop features two sundecks with hot tubs and views of the French Quarter, river and city. Although not a part of the acquisition, Club La Pension also houses a five-star new world Italian restaurant called Cafe Giovanni.
"We are very excited to add another new vacation destination to our expanding portfolio, especially one that has a similar but unique historical charm to what we created in Charleston, S.C., at The Lodge Alley Inn,(TM)" notes John M. Maloney, Jr., president and chief executive officer of Bluegreen. "We expect our initial investment in this market to yield meaningful future advantages in the areas of our sales and marketing, owner satisfaction and brand awareness. It's no surprise that the New York Times named New Orleans as the 'Comeback of the Year' and both Orbitz and Travel & Leisure chose it as one of their top destinations for 2007," he added.
Bluegreen expects to contribute to the local economy through increased tourism and employment. Approximately 15 personnel previously employed at the resort are expected to become Bluegreen employees, and the company expects to hire additional professionals for its resorts management, sales and marketing operations. 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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