New Future Resorts

[BeerTentRich Member Find all posts View Profile Close BeerTentRich]

Last June we had our owner update at Harbour Lights. The Rep told us at that time that Bluegreen had a tentative deal to buy yet another beach front resort in Myrtle Beach. At the time he said if everything went through as planned that there would be an anouncement some time in either september or october of 2008. Obviously there has been no announcement made. I would assume between the Diamond Resort Buyout and the economy taking a dump that has all changed. I was just curious if anyone had heard about the Myrtle Beach rumor? I was also told Bluegreen had hired someone to search for resorts in the Northeast Area (The Poconos and other mountain or beach areas). Does anyone have any info on these or any other future aquisitions?????

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Given the economic downturn, Bluegreen has suspended most new resort development activities. All they are doing is finishing up projects that were already underway. At this time, Bluegreen has enough sales inventory for at least one or two years. So, until that inventory is reduced, new resorts will be put on hold.

That is not a policy. That is my prediction based on what was reported in the annual report.

[Tfish Member Find all posts View Profile Close Tfish]

They're not the only resort cutting back on their expansion plans.

Mike

[BeerTentRich Member Find all posts View Profile Close BeerTentRich]

Doesn't Bluegreen have enough capital to buy anymore new resorts??? There have got to be some great deals out there for them to buy since alot of resorts are hurting right now.

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

Costs don't end at purchase. BG puts their own identity into properties. And then there are sales - I would think you wouldn't want more FOR SALE until what they already have is moved.

I'm in favor of them laying low and taking care of what they have. Many resorts and other "travel products" have entered the lineup in the last few years. Don't worry, they will not stand still forever.

[vintner Super Moderator Find all posts View Profile Close vintner]

When I was at the owners update in March, I was told that the resort in New Orleans was not finished and there was no date when it would be finished and be fully opened. No point buying more properties when currently owned properties still need work.

[swirg53 Senior Member Find all posts View Profile Close swirg53]

Last June we had our owner update at Harbour Lights. The Rep told us at that time that Bluegreen had a tentative deal to buy yet another beach front resort in Myrtle Beach. At the time he said if everything went through as planned that there would be an anouncement some time in either september or october of 2008. Obviously there has been no announcement made.?

The Myrtle Beach deal was all set to close in September 2008 but in July 2008, DRI and BG signed an agreement in regards to DRI possibly purchasing BG. That caused BG to cancel out of the Myrtle Beach resort acquisition (as well as one in Gatlinburg). You can search the Bluegreen Yahoo group archives for more specifics about this.

As far as other acquistions: I'm sure Jim is accurate, with his vast knowledge and his informational network connections, that BG is not actively seeking acquiring new resorts but rather finishing projects already begun. However, that said, IMHO, Bluegreen is most likely still looking at expanding their portfolio of resort ownerships and keeping their eyes on what might be available now and in the future. It would not be very prudent to not be watching that market to be ready when and if the situation presents itself that they are able to acquire more real estate.

As far as what salespersons tell you: they can say ANYTHING they want to say! I don't agree that they should be telling lies but they can say anything they want to say. I also think they are fed with information that might be stretched truth that they then pass on to others. I'm still waiting for the March/April expansion West of Las Vegas (California, etc.) that we were told about at our "owner update" last December. We were also told that Bluegreen was not in any way in trouble. What economic planet she is living on, I still don't have a clue!