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Bluegreen to Acquire the Manhattan Club

nuwermj

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Bluegreen Finalizes Exclusive Agreement to Acquire the Manhattan Club
June 22, 2018

https://ir.bluegreenvacations.com/c...-finalizes-exclusive-agreement-to-acquire-the

BOCA RATON, Fla.--(BUSINESS WIRE)-- Bluegreen Vacations Corporation (NYSE: BXG) announced today that it has entered into an exclusive agreement to acquire inventory and, by 2021, the resort management contract at The Manhattan Club, a residence-style boutique hotel in Midtown Manhattan, just steps away from Times Square, Broadway and Central Park. In addition to significantly expanding access to The Manhattan Club within the Bluegreen Vacation Club, Bluegreen is planning to open a 2,500-square foot sales center, reflecting the company’s strategy of expanding frontline sales capabilities in its most popular resorts.
 

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bogey21

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If/when this happens, won't the ability of Blue Green Owners to trade into the Manhattan Club dry up Weeks for others?

George
 

nuwermj

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If/when this happens, won't the ability of Blue Green Owners to trade into the Manhattan Club dry up Weeks for other?

Yes, that can happen over time.

Here is some background if anyone is interested in such stuff. Bluegreen is a pure points system in the sense that deeded timeshare intervals are owned by a trust fund and Bluegreen Vacation Club members own the right to use those deeds. There are 14,872 weeks (286 units) at the Manhattan Club and the BG Vacation Club trust fund currently (before this agreement) owns 194 of them (about 3.7 units).

According to the press release, Bluegreen will "acquire the remaining [unsold?] timeshare inventory at The Manhattan Club under Bluegreen’s 'capital-light' Secondary Market program through periodic purchases over time ..." In Bluegreen's world, secondary market arrangements mean they "acquire VOI [Vacation Ownership Interests] inventory from POAs [Property Owners’ Associations] and other third parties on a non-committed basis, in close proximity to the timing of when Bluegreen intends to sell such VOIs. Such VOIs are typically obtained by the POAs through foreclosure in connection with maintenance fee defaults, and are generally acquired by Bluegreen at a significant discount." (from Bluegreen's Annual Report)

Thus, Bluegreen acquires the deed from the POA, deposits it into the trust fund, and sells the points it generates. Bluegreen Vacation Club members then have use rights to those intervals. The press release says this agreement will "significantly" expand access to The Manhattan Club for it's vacation club members, but no further specifics are offered. Be that as it may, for Bluegreen Corporate, it is the sales center and the management contract that makes the agreement most attractive.
 

MrockStar

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Yes, that can happen over time.

Here is some background if anyone is interested in such stuff. Bluegreen is a pure points system in the sense that deeded timeshare intervals are owned by a trust fund and Bluegreen Vacation Club members own the right to use those deeds. There are 14,872 weeks (286 units) at the Manhattan Club and the BG Vacation Club trust fund currently (before this agreement) owns 194 of them (about 3.7 units).

According to the press release, Bluegreen will "acquire the remaining [unsold?] timeshare inventory at The Manhattan Club under Bluegreen’s 'capital-light' Secondary Market program through periodic purchases over time ..." In Bluegreen's world, secondary market arrangements mean they "acquire VOI [Vacation Ownership Interests] inventory from POAs [Property Owners’ Associations] and other third parties on a non-committed basis, in close proximity to the timing of when Bluegreen intends to sell such VOIs. Such VOIs are typically obtained by the POAs through foreclosure in connection with maintenance fee defaults, and are generally acquired by Bluegreen at a significant discount." (from Bluegreen's Annual Report)

Thus, Bluegreen acquires the deed from the POA, deposits it into the trust fund, and sells the points it generates. Bluegreen Vacation Club members then have use rights to those intervals. The press release says this agreement will "significantly" expand access to The Manhattan Club for it's vacation club members, but no further specifics are offered. Be that as it may, for Bluegreen Corporate, it is the sales center and the management contract that makes the agreement most attractive.
This is exactly what has happened at many other bluegreen managed/purchased resorts, example: Dennsiport MA, Soundings resort.
 
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Isn't that the same one that Wyndham took over, then sold with promises of being able to stay there, only to have owners being unable to use their time at all?

TS
 
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