The new owner will rename the property the Suites at Hershey, a Bluegreen Vacation Club Resort, and plans to add 54 two-bedroom vacation ownership units on the 3.2-acre parcel beginning in the third quarter of this year. The property currently contains a 24-unit condominium, of which Bluegreen acquires all unsold vacation ownership interests, or approximately 685 intervals.

The acquisition expands Bluegreen's vacation ownership presence in the Northeast and also adds inventory to its vacation club. The new owner's sales and marketing efforts also expand to Philadelphia, Washington, DC, Pittsburgh and other Northeastern locations. Bluegreen plans to open offsite sales offices and preview centers throughout the region to support the new property and its existing vacation club.

"Hershey has become a major year-round tourist destination for families in the mid-Atlantic states and beyond," says George F. Donovan, Bluegreen's president and CEO, in a statement. Coppetta founded the facility in 1998, and it received Interval International's five-star award last year. In addition to the residential condo building, it contains a clubhouse, pool, exercise room, game room, children's playground and other amenities. Rental rates for a two-bedroom, two-bath unit as the resort range from $890 a week to $1,949 a week, depending on the season.