Sunday, March 05, 2006


Bluegreen Acquires Oceanfront Resort In Myrtle Beach, South Carolina; Expands Timeshare Real Estate Presence Along Florida's Gulf Coast

Bluegreen Corporation (NYSE:BXG), a leading provider of leisure products and lifestyle choices, today announced that it has acquired a 19-story, 144-unit oceanfront resort in Myrtle Beach, South Carolina, along with additional unsold timeshare inventory in South Carolina and the Gulf Coast of Florida. Terms were not disclosed.

Bluegreen acquired the 19-story tower building at The Yachtsman Resort Hotel ("Yachtsman") located at 1400 N. Ocean Boulevard, in the heart of Myrtle Beach. As part of the acquisition, Bluegreen also acquired: 287 weeks of unsold timeshare inventory in buildings adjacent to the Yachtsman, which are currently operated as vacation ownership residences; 28 weeks of unsold timeshare inventory at Island Gulf Resort in Madeira Beach, FL and Sand Pebble Resort in Treasure Island, FL, both located on Florida's Gulf Coast; and resort management contracts at the Island Gulf and Sand Pebble resorts.

Bluegreen plans to convert the 72 studio and 72 one-bedroom units at the Yachtsman into 142 one-bedroom Carolina vacation time share residences for availability early in the second quarter of 2006. The resort will become part of the Bluegreen Vacation Club(R) network of premier owned and managed Club Resorts, and will be renamed SeaGlass Tower(TM).

All vacation timeshare ownership residences at SeaGlass Tower(TM) will feature a private balcony, fully-equipped kitchens and a whirlpool bath. Amenities will include an indoor swimming pool, spa and two saunas, as well as access to two outdoor swimming pools.

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