Bluegreen Corporation

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Bluegreen Corporation
Type Subsidiary
Industry Real estate
Founded 1966
Headquarters Boca Raton, Florida, USA
Area served United States
Key people John M. Maloney, Jr.
(President) & (CEO)
Products Real estate-based vacation ownership plans
Revenue IncreaseUS$366M (FY 2010)[1]
Operating income IncreaseUS$7.70M (FY 2010)[1]
Net income DecreaseUS$-44.0M (FY 2010)[1]
Total assets IncreaseUS$1.26B (FY 2010)[2]
Total equity DecreaseUS$284M (FY 2010)[2]
Employees 4,040+ (2013)
Parent BFC Financial Corporation (OTCQBBFCF)
Website www.bluegreenvacations.com

Bluegreen Corporation is a private vacation ownership (timeshare) company based in Boca Raton, Florida that employs more than 4,500.[3] It provides vacations to more than 170,000 users in the form of stays at company-managed resorts (more than 60) plus hotel, resort and cruise options available through upselling and third-party exchanges.[4] Since 2009, Bluegreen has made its development, management, sales and marketing, title, mortgage and financial services available to other resort operators on a fee-for-service basis.[5] Originally a land-sale company, Bluegreen until 2012 also developed purchased land into residential and golf course communities and sold home sites within the tracts directly to consumers.[5]

Bluegreen’s core business is the marketing, selling and servicing of vacation ownership interests (VOIs) known collectively as the Bluegreen Vacation Club. Club participants, or owners, purchase annually replenished “vacation points” backed in perpetuity by deeded real estate held in trust.[4]

In 2000, Bluegreen became one of the first vacation ownership companies to establish a cross-industry marketing agreement with Bass Pro Inc.[6] (It has since then built several such partnerships, significantly including a 2013 alliance with Choice Hotels International.) Additionally, the company is known as an industry pioneer in the practice of offering fee-based services.[7]

Bluegreen’s philanthropic efforts include support of such organizations as the American Red Cross and JDRF.

History[edit]

Shorecrest Villas at North Myrtle Beach on Ocean Drive in South Carolina, USA is one of Bluegreen Corporation's timeshare properties.

The Founding and early years The company later renamed Bluegreen was formed in Massachusetts in 1966 as Patten Realty. Harry Patten operated his company in a rural 25-room estate in Stamford, Vermont.[8] Patten’s original core business was regional in scope. He and a partner bought large tracts of undeveloped or lightly developed land, usually with token down payments, from farmers unable to market it themselves. Then he paid to have his land subdivided, and he resold the resulting 5- to 20-acre parcels to Bostonians, New Yorkers[9] and other city dwellers as recreational or potential property. In 1976, Patten incorporated his business as Patten Corporation, and in 1982 he opened a branch in Portland, Maine.[10]

Stock market boom and controversy Annual sales increased more than tenfold to $35 million between 1981 and 1984 as Patten expanded outside the Northeast.[10][11] In November 1985, Patten Corp. issued IPOs that returned $7.2 million and was listed the next year on the New York Stock Exchange.[12] Patten was featured in the Jan. 5, 1986 edition of Fortune as one of 1985’s “50 Most Fascinating Business People.”[13] By the end of 1986, Patten Corp. was the third-fastest growing company on the exchange. From the midpoints of fiscal 1986 through 1987, profits increased 175%.[14] In 1988, the company cleared $15.1 million. According to the 1988 edition of Nelson’s Directory of Investment Research, eight analysts tracked Patten Corp.[15]

The company also saw its reputation tarnish as detractors and adversaries emerged to promote negative publicity.[16][17] In September 1988, the attorneys general of Maine, Massachusetts, New Hampshire, New York and Vermont investigated complaints into Patten Corp. sales and advertising; the company agreed to a settlement in 1989 in which it refunded consumers without admitting wrongdoing.[18][19] In 1990, the Maine Supreme Court ruled against company interests and strengthened land regulation in a case originating in Limington, Maine.In March 1991, Patten Corp. was profiled on 60 Minutes.[18]

In 1994, Bluegreen Resorts was established with its first timeshare resort in the Great Smoky Mountains. Later that year, they established resorts in Myrtle Beach and Florida. In 1996, Bluegreen Communities began construction on its first daily-fee golf course.

Bluegreen acquired RDI Group in 1997, thereby adding resorts in Florida and Wisconsin, as well as management contracts with other resorts in the southeast. Because of this purchase, Bluegreen became one of the largest property managers of timeshare resorts in the U.S., and shortly thereafter began marketing vacation ownership at Bluegreen resorts under the Bluegreen Vacation Club name.

In 2000, Bluegreen established one of the timeshare industry’s first national retail alliances through a marketing agreement with Bass Pro Shops, Inc. The agreement provides the company opportunities to market Bluegreen resort vacation packages at Bass Pro retail locations, in their catalogs and on the company's web site.

In 2002, Bluegreen acquired TakeMeOnVacation, LLC. Since 2005, new Bluegreen resorts locations have been added in destinations including Las Vegas,[20] Williamsburg,[21] Phoenix,[20] Atlantic City,[22] New Orleans,[23] the Bahamas[21] and Cape Cod.[21]

Corporate structure[edit]

Bluegreen Corporation now consists of two divisions, Bluegreen Resorts and Bluegreen Vacations Unlimited. Bluegreen Vacations Unlimited was founded after a merger with BFC financial in January 2014. Under newly agreed upon contracts the company has increased partnerships from 3800 associate resorts in 2013 to over 16,000 associates in 2014.

2014 Merger[edit]

BFC Financial Corporation (OTCQB: BFCF) and Bluegreen Corporation ("Bluegreen") (NYSE: BXG) announced in March 2013 that Bluegreen shareholders approved the merger of Bluegreen with Woodbridge Holdings, LLC (“Woodbridge”), a wholly owned subsidiary of BFC, in an all-cash transaction at a price of $10.00 per share. The official date of the merger was January 16, 2014, at that time Bluegreen Resorts corporate structure and vacation club were completely revamped. Bluegreen Vacation Unlimited is the company's new name, all deeds under contract after January 17, 2014 will have access to BFCs new editions to the program. All current Bluegreen resorts contracts will not be able to access the Bluegreen Vacation Unlimited benefits unless a new minimum purchase is added to the account, BFC was not allowed to change the current owners programs because of the contractual agreement between the owner and Bluegreen Resorts. BFC's goal for Bluegreen Vacations Unlimited is expansion, with 65 new resorts projected by 2017. Bluegreen Vacations Unlimited will have access to a new direct exchange real time reservation system adding 1000's of Hotels, Resorts, and Vacation Homes across the world. Other new additions include the ability to book unlimited weeks for $294 or less, Discounts on Hotels, maintenance fees will be held in a high yield interest bearing account to help keep maintenance fees from rising, all new deeds will come with a Right of First Refusal that will help keep Bluegreen Vacation Unlimited deeds off the resale market, Bluegreen Vacations Unlimited will allow an authorized agent to broker deeds and all benefits will transfer with the sale. [24]

Locations[edit]

Bluegreen resorts are located in the following cities:

State/Location City Bluegreen Resorts
Arizona Peoria Cibola Vista Resort and Spa
Aruba Oranjestad La Cabana Beach Resort & Casino
Bahamas Nassau Blue Water Resort
California Big Bear Lake The Club at Big Bear Village
Florida Daytona Beach Shores Daytona SeaBreeze
Marathon The Hammocks at Marathon
Orlando The Fountains
Orlando Orlando's Sunshine Resort
Ormond Beach Casa Del Mar Beach Resort
St. Augustine Grande Villas at World Golf Village
Surfside (Miami) Solara Surfside
Louisiana New Orleans Bluegreen Club La Pension
Michigan Boyne Falls Mountain Run at Boyne
Missouri Branson The Falls Village
Ridgedale Bluegreen Wilderness Club at Big Cedar
Ridgedale The Cliffs at Long Creek
Nevada Las Vegas Bluegreen Club 36
New Jersey Atlantic City Bluegreen at Atlantic Palace
New York New York City The Manhattan Club
Pennsylvania Hershey The Suites at Hershey
South Carolina Charleston The Lodge Alley Inn
Myrtle Beach Carolina Grande
Myrtle Beach Harbour Lights
Myrtle Beach SeaGlass Tower
N. Myrtle Beach Shorecrest Vacation Villas
Tennessee Gatlinburg MountainLoft
Pigeon Forge Laurel Crest
Virginia Gordonsville Shenandoah Crossing
Williamsburg Patrick Henry Square
Wisconsin Wisconsin Dells Bluegreen Odyssey Dells
Wisconsin Dells Christmas Mountain Village

Philanthropy[edit]

Bluegreen Corporation supports non-profit organizations, charities and foundations through charitable giving programs, events and activities. Bluegreen's charitable giving program is predominantly focused on health issues, education and children. The BEAR (Bluegreen Employee Action Resource) Team was established in 2000 and encourages employee volunteerism, community service and philanthropic initiatives. Bluegreen supports many charities including Christel House International, the Cystic Fibrosis Foundation, the American Red Cross and JDRF (Juvenile Diabetes Research Foundation).

Christel House has been a Bluegreen Charity of Choice since 2000, contributing to the organization through voluntary payroll deductions, golf tournaments, raffles and resort activities.[25]

Bluegreen is a presenting sponsor of South Florida's Finest Couples, a gala that honors the area's top couples for their success in business, leadership in the community and in their fundraising commitment to the Cystic Fibrosis Foundation.[26]

Following Hurricane Sandy in 2012, Bluegreen made a $5,000 donation to American Red Cross Disaster Relief and pledged to match associates' personal donations up to $5,000.[27] Bluegreen is also a Super Hero Sponsor of the American Red Cross Heroes Campaign.

Bluegreen CEO John M. Maloney Jr. serves as the President of the Palm Beach Chapter of JDRF.[28] In 2012, Bluegreen's team raised $50,014 for JDRF's Walk to Cure Diabetes.[29]

Bluegreen also supports local charities including the Junior Achievement BizTown Education Program [30] and Deliver the Dream. In 2011, Bluegreen’s The Fountains hosted 15 children living with a blood disorder illness and their families, free of charge, through Deliver the Dream. The retreat allowed families to relax, enjoy time together, forge new friendships and create support groups with the other families suffering from the same disease.[31]

References[edit]

  1. ^ a b c Bluegreen (BXG) annual SEC income statement filing via Wikinvest.
  2. ^ a b Bluegreen (BXG) annual SEC balance sheet filing via Wikinvest.
  3. ^ "Bluegreen Vacations". Retrieved 5 August 2013. 
  4. ^ a b "Share Happiness: ‘Bluegreen Vacations’ aims to transform public perception of the vacation ownership industry". RCI Ventures Q2: 34. 2-13. 
  5. ^ a b "BLUEGREEN CORP (BXG) SEC Filing 10-K Annual report". Retrieved 5 August 2013. 
  6. ^ "Our Story". Bluegreen Corporation. Retrieved 5 August 2013. 
  7. ^ Lennon, Marge. "Developers Adding Fee-Based Services to Generate Revenue, Share Expertise". The Resort Trades. Retrieved 5 August 2013. 
  8. ^ "Bluegreen Corporation - Company Profile, Information, Business Description, History, Background Information on Bluegreen Corporation". Reference for Business. Retrieved 6 August 2013. 
  9. ^ "Harry Patten Honored By Horatio Alger Association". The Land Report: The Magazine of the American Landowner. Retrieved 6 August 2013. 
  10. ^ a b "Bluegreen Corporation - Company Profile, Information, Business Description, History, Background Information on Bluegreen Corporation". Reference for Business. Retrieved 6 August 2013. 
  11. ^ "Patten Family Foundation". Patten Family Foundation. Retrieved 6 August 2013. 
  12. ^ "Patten Family Foundation url=http://www.pattenfamilyfoundation.org/". Patten Family Foundation. 
  13. ^ Perry, Nancy (1/5/1986). "THE YEAR'S 50 MOST FASCINATING BUSINESS PEOPLE HARRY PATTEN EX-HICK SELLS STICKS, IS MARKET PICK". Fortune. 
  14. ^ Perry, Nancy (1.5.1986). "THE YEAR'S 50 MOST FASCINATING BUSINESS PEOPLE HARRY PATTEN EX-HICK SELLS STICKS, IS MARKET PICK". Fortune. 
  15. ^ Sedore, David (December 9, 1991). "The comeback trail: Boca-based Patten Corp. rallies from heavy losses on recreational land.". South Florida Business Journal. 
  16. ^ Patten Corporation Annual Report. 1986. p. 2. 
  17. ^ Patten Corporation Annual Report. 1991. p. 2. 
  18. ^ a b "Bluegreen Corporation - Company Profile, Information, Business Description, History, Background Information on Bluegreen Corporation". Reference for Business. Retrieved 6 August 2013. 
  19. ^ Jarrett, Dick. "When Patten Came to Town". Retrieved 6 August 2013. 
  20. ^ a b http://phx.corporate-ir.net/phoenix.zhtml?c=112002&p=irol-newsArticle&ID=1328888&highlight=
  21. ^ a b c http://phx.corporate-ir.net/phoenix.zhtml?c=112002&p=irol-newsArticle&ID=1307917&highlight=
  22. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=112002&p=irol-newsArticle&ID=1133466&highlight=
  23. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=112002&p=irol-newsArticle&ID=1165446&highlight=
  24. ^ Bluegreen. "Bluegreen Corporation Shareholders Approve Merger with subsidiary of BFC Financial Corporation". Retrieved 10 April 2013. 
  25. ^ Colorful Places Website. http://www.colorfulplaces.com/blog/bluegreen-charity-of-choice-christel-house. Retrieved 10 April 2013.  Missing or empty |title= (help)
  26. ^ Cystic Fibrosis Foundation. "South Florida's Finest Couples". Retrieved 10 April 2013. 
  27. ^ Colorful Places Website. http://www.colorfulplaces.com/press-release/bluegreen-red-cross-disaster-relief. Retrieved 10 April 2013.  Missing or empty |title= (help)
  28. ^ http://www.colorfulplaces.com/bluegreen-ceo-named-juvenile-diabetes-research-foundation-president-of-palm-beach-chapter
  29. ^ Colorful Places. "Bluegreen Corporation Raises $50,000 for JDRF". Retrieved 10 April 2013. 
  30. ^ http://www.colorfulplaces.com/bluegreen-corporation-leads-hospitality-industry-in-2010-junior-achievement-biztown-education-program
  31. ^ Deliver the Dream. http://www.deliverthedream.org/blog/entry/bluegreen-hosts-families-of-deliver-the-dream. Retrieved 10 April 2013.  Missing or empty |title= (help)

External links[edit]