Bluegreen Corporation Acquires Oasis Lakes Resort in Orlando, Fl.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 17, 2003

Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare resorts ("Bluegreen(R) Resorts") and planned residential and golf communities ("Bluegreen(R) Communities"), today announced the acquisition of Oasis Lakes Resort in Orlando, FL. Bluegreen acquired Oasis Lakes from MyTravel Group plc, a United Kingdom-based travel service company, for a combination of cash and debt totaling approximately $20.5 million.

The acquisition included the unsold timeshare inventory in two six-story buildings that house a total of 72 vacation residences, additional land that can accommodate the construction of approximately 576 new vacation residences and a 20,000 square-foot sales center located on International Drive. Bluegreen expects to begin first phase vacation residence construction at Oasis Lakes in its 2004 first quarter. Also included in the acquisition was an adjoining parcel of land that is zoned for a 450-room hotel and retail construction.

Sales through the Bluegreen Vacation Club(R) are expected to commence during the fourth quarter of 2003. Bluegreen has also assumed management responsibilities for the entire property.

George F. Donovan, President and CEO of Bluegreen, commented, "The acquisition of Oasis Lakes is the largest in Bluegreen's history, in terms of, among other things, size, amenities and potential build out. This property will join our existing resorts in the area - Orlando's Sunshine I and II - and expands our portfolio of amenity-rich properties in Florida. We are attempting to stay ahead of increasing consumer demand for vacation residences in Florida and are very excited to offer this upscale property to our owners."

This 54-acre resort, situated on beautiful Lake Eve, is just minutes from a variety of Central Florida's fun-filled, family attractions, including Disney World(R), SeaWorld(R) and Universal Studios(R). Amenities include a clubhouse with a heated indoor/outdoor swimming pool, pool bar, massage room, steam and sauna, family activity room, and tennis and basketball courts. All units at this RCI-rated Gold Crown Resort include, among other things, fully equipped kitchens, washer and dryers, stereo systems, televisions, VCR, lake views and private patios.

About Bluegreen Corporation

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation ownership resorts and residential home sites. Bluegreen Resorts are located in a variety of popular vacation destinations including Orlando, Florida; St. Augustine, FL; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; Boyne Mountain, Michigan; and Aruba, while its Bluegreen Communities operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-looking statements and the Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements contained herein are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," "may," "should," "designed to," "estimate," "hope," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Future events could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the following: that construction, sales and marketing strategies related to Oasis Lakes will take longer or may not be as successful as anticipated and the other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, including its most recent Transition Report on Form 10-KT filed on March 31, 2003, and its Quarterly Report on Form 10-Q filed on August 14, 2003.

(C) 2003 Bluegreen Corporation. All rights reserved. Bluegreen, Bluegreen Resorts, Bluegreen Communities and the Bluegreen Vacation Club are registered trademarks of Bluegreen Corporation. All other trademarks are properties of their respective owners.