BOCA RATON, FL (September 10, 2014) — BFC Financial Corporation (OTCQB: BFCF) and BBX Capital Corporation (NYSE: BBX) announced that Bluegreen Corporation (“Bluegreen Vacations”), a sales, marketing and management company focused on the vacation ownership industry which is owned by BFC and BBX, has entered into agreements relating to the development of timeshare units at Big Bear Village.
Under the terms of the agreements, Bluegreen Corporation is selling BBV Phase I, LLC (“BBV”) undeveloped land at Bluegreen Vacations’ existing Club at Big Bear Village resort in Big Bear Lake, California. BBV intends to develop up to 60 two-bedroom timeshare units, subject to entitlements, on the property. In addition, BBV has engaged Bluegreen Vacations to sell the completed timeshare units under a fee-based service sales and marketing agreement and to service the consumer note receivables originated in the sales process for BBV. Bluegreen Vacations will also continue to perform resort management services for the Club at Big Bear Village resort.
“BBV is excited to participate with the assistance of Bluegreen Vacations in the timeshare space through our involvement at the Club at Big Bear Village,” said Michael Ochoa, Managing Member of BBV. “Bluegreen Vacations’ excellent reputation as a timeshare service provider, the experience of its management team, as well as the continued success of the Bluegreen Vacation Club were all factors in our decision to enter into these agreements with Bluegreen Vacations.”
The agreements with BBV represent the first time Bluegreen Vacations has utilized existing, undeveloped resort property to provide a third-party developer the opportunity to expand an existing Bluegreen Vacations resort and enjoy Bluegreen Vacations’ suite of fee-based services. The resort, which offers all-season activities in the San Bernardino Mountains and Big Bear Lake area, currently has 18 luxury three and four bedroom timeshare units and various on-site amenities.
“Bluegreen Vacations is very pleased about this new relationship with BBV,” said John M. Maloney, Jr., the President and Chief Executive Officer of Bluegreen Corporation. “The experience of BBV’s members in construction and development of new units will mean that more Bluegreen Vacation Club owners can experience the Club at Big Bear Village.”
“Ledcor Construction will partner with BBV and act as Construction Manager for the planned expansion of Club at Big Bear Village along with Bluegreen Vacations,” commented Mason Gorda, Vice President of Ledcor Construction Inc. “BBV, together with Ledcor Construction, currently expects to have the first 20 units completed for sale in 2015, an additional 20 units in 2016, and the remaining 20 units in 2018, subject to obtaining entitlements.”
Sean Deson, the Managing Member of BMD, LLC, who initiated the transaction and is an investor in BBV, said, “We believe that our partnership with Bluegreen and Ledcor Construction will lead to additional opportunities to develop Bluegreen Vacations resorts under the fee-based service and marketing model and look forward to a long, mutually beneficial relationship.”
BBX Capital Corporation and its parent company, BFC Financial Corporation, have a 46% and 54% indirect ownership interest in Bluegreen Corporation.
ABOUT BLUEGREEN CORPORATION:
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (“Bluegreen Vacations”) is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. For more information, visit www.BluegreenVacations.com.
About BFC Financial Corporation: BFC Financial (OTCQB: BFCF) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation (NYSE: BBX) and a 54% indirect ownership interest in Bluegreen Corporation.
As of June 30, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders’ equity attributable to BFC of approximately $252.5 million, and total consolidated equity of approximately $445.6 million. BFC’s book value per share at June 30, 2014 was $3.19.
About BBX Capital Corporation: BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital holds a 46% indirect ownership interest in Bluegreen Corporation.
As of June 30, 2014, BBX Capital had total consolidated assets of $399.3 million, shareholders’ equity attributable to BBX Capital of approximately $312.7 million, and total consolidated equity of approximately $314.1 million. BBX Capital’s book value per share at June 30, 2014 was $19.54.
For further information, please visit our family of companies:
Bluegreen Corp.: www.BluegreenVacations.com
BFC Financial: www.BFCFinancial.com
BBX Capital: www.BBXCapital.com
Renin Corp.: www.ReninCorp.com
BBX Sweet Holdings: Hoffman’s Chocolates: www.Hoffmans.com, Williams & Bennett: www.WilliamsandBennett.com, Jer’s Chocolates: www.Jers.com and Helen Grace Chocolates: www.HelenGrace.com
PRESS RELEASE SOURCE: Bluegreen Vacations
Director of Corporate Communication
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