If blue-green makes you think of sunny breezes and tropical waters, then Bluegreen has a time-share for you. Through its Bluegreen Vacation Club, members use points to stay in one of nearly 30 Bluegreen Club Resorts or at some 30 other affiliated resorts (called "Club Associate Resorts"). Locations include such popular vacation spots as Florida, the Smoky Mountains, and Branson, Missouri. The Bluegreen Vacation Club has more than 170,000 owners. Bluegreen also provides financing for land and time-share purchases. Holding company BFC Financial acquired Bluegreen in 2013.
In addition to its nearly owned or managed 60 resorts, Bluegreen Resort owners have access to a third-party vacation exchange network of more than 4,000 resorts offered through Group RCI. Members also have access to about 20 resorts from Shell Vacation Club through through the company's Select Connections joint venture with Shell.
After struggling financially between 2009 and 2011, Bluegreen rebounded in 2012 when increased sales of its vacation ownership interests helped push the company's overall revenue up 13%. The company's net income climbed 330% the same year. Bluegreen attributes the increase to the uptick in revenue and the sale of its burdensome Bluegreen Communities unit, which incurred losses and a devaluation that negatively affected Bluegreen's bottom line.
The company formerly operated Bluegreen Communities, which developed upscale residential subdivisions and golf communities in Texas, Georgia, and North Carolina. In 2012 the company sold Bluegreen Communities to Southstar Development Partners for some $29 million in cash and certain other fees. It divested the business in order to focus on its core Resort operations, as Bluegreen Resorts accounted for more than 95% of the company's real estate sales, while Bluegreen Communities represented less than 5%.
Holding company BFC Financial has owned Bluegreen since early 2013.
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