BBX Capital Corporation (“BBX Capital” or the “Company”) (OTCQX: BBXT) (OTCQX: BBXTB) announced that its wholly-owned subsidiary, Bluegreen Corporation (“Bluegreen Vacations” or “Bluegreen”), recently welcomed its first guests to its newest resort, King 583, located in Charleston, South Carolina.
Newly built, Bluegreen’s King 583 offers timeshare owners and guests 50 luxurious units. Located on historic King Street, acclaimed as one of the Top 10 most famous streets in America, the resort is situated in Charleston’s revamped retail district. This site is within walking distance to restaurants, art galleries, chic boutiques, funky bars, and trendy nightlife.
Marked by a modern, sophisticated vibe, King 583 stands five stories high and features 22 studios, 19 one-bedroom accommodations, 5 two-bedroom units, and 4 two-bedroom luxurious presidential suites. Amenities generally include half-and-full kitchens, complimentary WIFI, flat-screen televisions, granite countertops, fireplaces, balconies, and a Zen-type courtyard.
“There is nothing our owners love more than an exemplary new resort,” said David Pontius, Bluegreen’s Chief Strategy Officer. “With the introduction of King 583, owners will be offered the terrific features synonymous with Bluegreen resorts. This new resort gem is well situated in the unique tourist area of Charleston, where the warmth of Southern Hospitality reigns supreme.”
Developed as part of Bluegreen Vacations’ “fee-based services” business model(1), this project follows Bluegreen’s Horizons at 77th, located in the neighboring town of Myrtle Beach. King 583 is Bluegreen’s second resort in Charleston; Bluegreen’s The Lodge Alley Inn™ is located nearby on the city’s historic waterfront.
(1) Bluegreen markets, sells and manages vacation ownership interests (“VOIs”) in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations. The resorts in which Bluegreen markets, sells or manages VOIs were either developed or acquired by Bluegreen, or were developed and are owned by third parties. Bluegreen earns fees for providing sales and marketing services to these third party developers. Bluegreen also earns fees by providing management services to the Bluegreen Vacation Club and property owners associations (“POAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to FICO® score-qualified individual purchasers of VOIs.
About BBX Capital Corporation:
BBX Capital Corporation (OTCQX: BBXT) (OTCQX: BBXTB), formerly BFC Financial Corporation, is a diversified holding company whose principal activities are its ownership of Bluegreen Corporation and, through its Real Estate and Middle Market Divisions, the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects and middle market operating businesses.
About Bluegreen Corporation:
Bluegreen, founded in 1966 and headquartered in Boca Raton, Florida, is a sales, marketing and management company, focused on the vacation ownership industry. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 200,000 owners, 66 owned or managed resorts, and access to more than 4,300 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, fee-based resort management, financial services, and sales and marketing services, to or on behalf of third parties.
As of March 31, 2017, BBX Capital had total consolidated assets of $1.4 billion, shareholders’ equity of $477.9 million, and total equity of $521.6 million.
For further information, please visit:
BBX Capital: www.BBXCapital.com
Bluegreen Corporation: www.BluegreenVacations.com
BBX Capital Corporation Contact Info:
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300
Email: LHinkley@BBXCapital.com
Media Contact:
Kip Hunter Marketing, 954-765-1329
Jodi Goldstein / Nicole Lewis
Email: jodi@kiphuntermarketing.com, nicole@kiphuntermarketing.com
This press release contains forward-looking statements based largely on current expectations of BBX Capital or its subsidiaries that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and can be identified by the use of words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of similar import. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to be correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. The Company’s investment in Bluegreen Corporation exposes the Company to risks and uncertainties, which include but are not limited to, the risks of Bluegreen’s operations, markets, products, services and business strategies; risks inherent in the vacation ownership industry; the risk that developments, including the King 583 resort, will not be as successful, attractive or popular as anticipated. Additional risks and uncertainties are described in BBX Capital’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 and BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2016, which are available to view on the SEC’s website, www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com. BBX Capital cautions that the foregoing factors are not exclusive, and we do not undertake, and specifically disclaim any obligation, to update or supplement any forward-looking statements whether as a result of changes in circumstances, new information, subsequent events or otherwise.
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