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Press Release: Bluegreen Corporation
November 28, 2006
BOCA RATON, FL -- Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®,
yesterday announced it has finalized the second phase of its resort property acquisition in Williamsburg, Va. less
than one block from the historic district of Colonial Williamsburg. The new Bluegreen® resort will be called
Patrick Henry Square(TM).
As announced on June 28, 2006, Bluegreen commenced the first phase of this project with the purchase of the Patrick
Henry Inn, and the Liberty Inn and Conference Center, located on approximately 4.6 acres of land in Williamsburg,
Va. The second and final phase of the project consisted of the purchase of the Colonial Capital Inn and a commercial
building, which are located on approximately 18 acres of adjacent land.
Bluegreen currently plans to build approximately 8 campus-style buildings containing 400 two-bedroom timeshare
units and an amenities building on the 18-acre site. The development is planned to be built in approximately 9
phases beginning in 2007.
"We're very excited to finalize plans for our Williamsburg resort," notes George F. Donovan, president
and chief executive officer of Bluegreen. "This new property, our second in Virginia, shows our continued
commitment to providing our owners and guests with access to some of the nation's most popular vacation destinations,"
he added.
Bluegreen expects to begin construction in the fourth quarter of 2006 to transform the 142-room Liberty Inn hotel
into approximately 76 one- and two-bedroom timeshare units. These units are estimated to be available for occupancy
in 2008. Approximately 11,000 square feet of the adjoining Conference Center and approximately 6,000 square feet
of the hotel are planned as a Bluegreen Preview Center, also estimated to be available in 2008. Bluegreen Resorts
Management, Inc. is currently operating the Liberty Inn and Conference Center. The Company plans to renovate and
continue to utilize the 158-room Patrick Henry Inn for overnight accommodations.
Williamsburg is 150 miles from Washington, DC; 50 miles from Richmond, Va. and 60 miles from Virginia Beach, Va.
In addition to Colonial Williamsburg, this latest Bluegreen Resort will be in close proximity to Busch Gardens,
an amusement park based around a European theme, and Water Country USA, the mid-Atlantic's largest water play park
with a 1950's and 1960's surf theme.
According to industry information in Virginia, timeshare owners spend an average of $1,591 on food, shopping and
tourist attractions during a typical one-week vacation stay. In addition to bringing additional tourists to the
area, Bluegreen expects to contribute to the local economy through the employment of guest services, construction,
and sales and marketing personnel, as well as through generation of state and local taxes and fees. The Company
hopes to establish marketing alliances with local vendors to provide incentives to its guests, including admission
tickets to local attractions, and restaurant and merchandise certificates.
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play® through two principal
operating divisions. With over 150,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation
ownership plan that provides access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation
experiences such as cruises and hotel stays. Bluegreen Communities has sold over 51,000 planned residential and
golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla.,
and employs nearly 5,000 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies
and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies. More information about Bluegreen is available
at www.bluegreencorp.com.
Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision
of the Private Securities and Litigation Reform Act of 1995. Use of words such as "plan", "plans",
"expects", "will," and other forward-looking statements are based largely on expectations and
are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated
with economic, competitive and other factors affecting the Company and its operations, markets, products and services,
that the Williamsburg resort will not be as attractive a destination as anticipated, there will be delays in the
initial timeshare sales operation in Williamsburg or in the construction of the Williamsburg resort, that the resort
will not be constructed as anticipated, the risk that sales and marketing strategies will not be as successful
as anticipated, that the additional parcel will not be purchased, that costs of construction will exceed budget,
that adequate labor sources will not be available in sufficient quantities or at reasonable wages or salaries,
and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report
on Form 10-K filed on March 16, 2006, and the Quarterly Report on Form 10-Q filed November 9, 2006.
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Contact: Investor: Bluegreen Corporation Tony Puleo, 561-912-8270 Chief Financial Officer tony.puleo@bluegreencorp.com or The Equity Group Inc. Devin Sullivan, 212-836-9608 dsullivan@equityny.com or Media: Bluegreen Corporation Lisa Thornhill, 561-912-8251 Director, Corporate Communications lisa.thornhill@bluegreencorp.com
Source: Bluegreen Corporation