Bluegreen enters Caribbean timeshare market.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--May 28, 1997--Bluegreen Corporation (NYSE NYSE See: New York Stock Exchange :BXG) Wednesday announced that it has entered into a management agreement to operate sales and marketing at the La Cabana All-Suite Beach Resort and Casino in Aruba. Under the agreement, Bluegreen will initially oversee all timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. sales and marketing for La Cabana's first phase, which consists of 441 villas along Eagle Beach. This facility is more than 50 percent sold, and contains studio suites, as well as one-, two- and three-bedroom suites -- all sold as timeshares. La Cabana is owned by Casa Grande Casa Grande (kä`sä grän`dā), city (1990 pop. 19,082), Pinal co., S Ariz.; inc. 1915. It lies in an irrigated farm area near the Casa Grande Mts. , N.V., a subsidiary of Mansur International Development, and will maintain its present management team. George F. Donovan, President and Chief Executive Officer of Bluegreen Corporation, said, "We obtained this management contract because of La Cabana's excellent reputation, its success as a timeshare product and the opportunity to enter the Caribbean market." In recent weeks, Bluegreen has doubled its product offerings in the timeshare industry, adding to its three existing vacation ownership resorts with the purchase of The Falls Village Resort, a timeshare resort in Branson, Mo., and the development of Harbour Lights, the company's second resort in Myrtle Beach, S.C. Bluegreen also recently entered the golf segment of the resort industry, unveiling its newest offering -- The Winding River Plantation residential community featuring Carolina National Golf Club, designed by former Masters Champion Fred Couples Frederick Stephen Couples (born October 3, 1959) is an American professional golfer and former World No. 1 who competes on the PGA Tour. He has won numerous events, and is most famous for winning the 1992 Masters Tournament. . The company's land and timeshare owners will be able to play the course at discounted prices. La Cabana features villas with fully equipped kitchenettes and a Caribbean atmosphere. The resort offers owners and guests a deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. health and fitness center, three swimming pools, five tennis courts, "Camp Cabana" for fitness enthusiasts, the "Club Cabana Nana" children's program, casual theme nights, international cuisine, entertainment in the Tropicana Showroom and the Royal Cabana Casino (Aruba's largest gaming house). Bluegreen is engaged in the acquisition, development, marketing and sale of residential land and vacation ownership resorts, predominantly in the Southeastern and Southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company is headquartered in Boca Raton. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to various risks and uncertainties, including, but not limited to, demand and competition for the Company's real estate products, the availability of attractive new projects and the interest rate environment, which could cause actual results to differ materially. These and other risks and uncertainties are detailed in the Company's Securities and Exchange Commission filings. CONTACT: Bluegreen Corporation, Boca Raton Mary Jo Wiegand, 561/361-2700 |
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