Bluegreen Finalizes Exclusive Agreement to Acquire the Manhattan Club, Opening a New Sales Center in the Big Apple | Financial Buzz

Bluegreen Finalizes Exclusive Agreement to Acquire the Manhattan Club, Opening a New Sales Center in the Big Apple

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

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

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 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.

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