Timeshare Company Buys Land for Resort

Bluegreen officials say they plan to construct a seven-story resort with approximately 240 luxury, two-bedroom timeshare units that will be made available to the Bluegreen Vacation Club beginning in the fourth quarter of 2007. In addition, the company has optioned another four acres of adjacent land that is entitled for another 240 luxury timeshare units

Along with the timeshare units, the resort will have 48,000 sf of commercial space for a restaurant, retail center, and 18,000-sf timeshare preview center. Other amenities include a pool, spa, game room, pool bar and a health club.

The initial sales office should open in July 2006 and be located in the Akita Plaza directly across the street from the Mandalay Bay Hotel. A company source tells GlobeSt.com the project will cost "more than $100 million," but declined to discuss the purchase price of the land and could not immediately provide the property address.

Bluegreen president George Donovan says establishing a presence in Vegas has been a key strategic growth initiative for the company. "Las Vegas attracts approximately 43 million visitors a year and is one of the top three prime western markets for timeshare sales. We are confident that the introduction of Bluegreen Resorts into Las Vegas will allow us to reach a broader pool of potential Bluegreen owners."