Saturday, October 29, 2005


Boca Timeshare Company Buys S.C. Resort

A Boca Raton resort company has bought a Myrtle Beach, S.C., oceanfront hotel that it will convert into timeshares.

Bluegreen Corp. (NYSE: BXG - News) announced Tuesday that it acquired the 19-story Yachtsman Resort Hotel. The property's 72 studio and 72 one-bedroom units will be converted into 142 one-bedroom timeshares by second quarter 2006.

The Yachtsman will become part of the Bluegreen Vacation Club network and will be renamed SeaGlass Tower. As part of the acquisition, Bluegreen also said it bought additional unsold timeshare inventory in South Carolina and the Gulf Coast of Florida

Also acquired were:
287 weeks of unsold timeshare inventory in buildings adjacent to the Yachtsman; 28 weeks of unsold timeshare inventory at Island Gulf Resort in Madeira Beach and Sand Pebble Resort in Treasure Island management contracts at the Island Gulf and Sand Pebble timeshares.

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