Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOCA RATON, FL-Locally headquartered Bluegreen Corp., timeshare owner and developer, has signed a non-binding letter of intent to sell the company to Las Vegas-based Diamond Resorts International for $500 million. Diamond Resorts has been granted an exclusive right of negotiation through Sept. 15 to conduct more extensive due diligence.

Bluegreen has also been granted a “go shop” period to pursue offers that might be higher, after which the company would be subject to a definitive agreement, a Bluegreen spokesperson tells GlobeSt.com. No additional information was issued beyond the company’s Monday afternoon release.

The acquisition would also be subject to approvals by Bluegreen’s board of directors and the company’s shareholders. Alan B. Levan, chairman and CEO of Woodbridge Holdings Corp., a company that owns 9.5 million shares of Bluegreen’s outstanding common stock, has indicated that Woodbridge would be supportive of the transaction.

“Bluegreen had previously announced that we were positioning the company with a view towards pursuing strategic alternatives at some point in the next three to five years,” stated Levan, who is also chairman of Bluegreen’s board of directors. “When Diamond presented our board with this unsolicited, attractive offer, we believed that it was in the best interest of our shareholders to pursue this transaction at this time.”

Bluegreen currently provides access to an exchange network of over 3,700 resorts in the US and Aruba, which would be added to Diamond Resort’s vacation ownership–110 branded and affiliated resorts located in 14 countries. Last year, the company acquired Sunterra Corp., an international owner and manager of vacation ownership resorts, for approximately $750 million, according to a release.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.