Bluegreen Corporation Acquires Additional Resort Property in Wisconsin Dells

BOCA RATON, Fla. | Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, today announced it has acquired a seven-acre parcel of land adjacent to the Treasure Island Water and Theme Park Resort in Wisconsin Dells, Wis. Bluegreen® also purchased 24 unsold existing vacation ownership units at the Resort and established a strategic marketing partnership with Treasure Island, LLC, the Resort owner/operator. Terms of the transaction were not disclosed.

Bluegreen currently plans to develop approximately 75 two- and three-bedroom vacation ownership units on the seven-acre parcel of land estimated for phased delivery in 2008 and 2009. Bluegreen plans to reconfigure and renovate the 24 acquired vacation ownership units with new furnishings. Construction on the existing units is currently planned to begin in the fourth quarter of this year with occupancy estimated in the third quarter of 2007.

Under the terms of the acquisition, Bluegreen will market its vacation ownership products to Treasure Island Resort and Theme Park guests. Bluegreen Vacation Club Owners staying at the Resort will have certain use rights to the amenities at the Resort. Bluegreen also acquired the property management rights to the existing vacation ownership product at the Resort.

“Our partnership with this major indoor water park developer in the Dells allows us to provide more unique fun-filled vacation experiences and amenities to our owners and guests,” noted George F. Donovan, president and chief executive officer of Bluegreen. “It also augments our sales and marketing efforts in the region. These efforts are supported by our existing resort and Preview Center in Wisconsin Dells, as well as our Preview Centers in Minneapolis and Chicago,” he added.

Treasure Island Water and Theme Park is the third largest theme park in the area and is dubbed Wisconsin Dells "ONLY" Mega Park. It features over 35 acres of outdoor and 80,000 square feet of indoor water activities, as well as the Midwest’s only children’s indoor wave pool, onsite dining, gift shops and four arcades. It is within walking distance of most major attractions in Wisconsin Dells.

Wisconsin Dells is located in South Central Wisconsin: three hours northwest of Chicago; three hours southeast of Minneapolis; and two hours northwest of Milwaukee. With over 18 indoor water parks, Wisconsin Dells has been recognized as the “Indoor Water Park Capital of the World.” Nearly 3 million people visit this popular Midwestern tourist destination each year. Other attractions in "the Dells" include golf, mini-golf, go-karts, water sports, horseback riding and snow skiing.

According to a new study released by the American Resort Development Association International Foundation, the average timeshare visitor spends 8.6 nights per vacation in the resort area where their timeshare is located. The average timeshare visitor party spends $1,334 per timeshare vacation. In addition to bringing additional tourists to Wisconsin Dells, Bluegreen expects to contribute to the local economy through the employment of guest services, construction, and sales and marketing personnel, as well as through generation of state and local taxes and fees. The company hopes to further expand its marketing alliances with area vendors to provide additional incentives to its guests, including admission tickets to local attractions, and restaurant and merchandise certificates.