Property Types Hospitality
Diamond Resorts to Acquire Bluegreen Corp.
July 22, 2008
By: Dees Stribling, Contributing Correspondent

Resort giant Diamond Resorts International has inked a letter of intent to acquire Bluegreen Corp., which also specializes in resort and vacation properties. The letter cited a price of $15 a share, which would value the deal at about $500 million, not counting Bluegreen’s outstanding debt.

Under the terms of the letter, Bluegreen has granted Diamond Resorts an exclusive right of negotiation through September 15, during which time Diamond Resorts will conduct more extensive due diligence. According to Bluegreen, the offer was unsolicited, but Bluegreen had been preparing for an eventual sale in any case.

Boca Raton, Fla.-based Bluegreen Corp. markets vacation ownership plans that provide access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences, such as cruises and hotel stays. Subsidiary Bluegreen Communities has sold over 56,300 planned residential and golf community homesites since 1985.

Las Vegas-based Diamond Resorts has 110 resorts properties in the continental United States and Hawaii, Canada, Mexico, the Caribbean and Europe, with more than 360,000 owners and members. In April 2007, the company acquired Sunterra Corp. for about $750 million.

 
Recent Hospitality Headlines
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
June 10, 2009
Plagued by the global recession that has slashed both business and pleasure travel, the hotel market is suffering on an international level and investors have backed away from buying or building in most locations, with a few exceptions--like Brazil. According to a new report by real estate services firm Jones Lang LaSalle Hotels, the positive long-term growth forecast for Brazil is popping up on the radar of those who are in the position to invest.
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
June 09, 2009
Plagued by the global recession that has slashed both business and pleasure travel, the hotel market is suffering on an international level and investors have backed away from buying or building in most locations, with a few exceptions--like Brazil. According to a new report by real estate services firm Jones Lang LaSalle Hotels, the positive long-term growth forecast for Brazil is popping up on the radar of those who are in the position to invest.
Hotel Construction Pipeline Sluggish Throughout EMEA Region
June 05, 2009
Not surprisingly, the global recession is negatively impacting hotel development throughout Europe, Middle East and Africa regions, according to Lodging Econometrics' Q1 2009 construction pipeline report for the region.
Amid Troubled Hotel Sector, Companies Look to Boost Management Portfolios
June 05, 2009
Many hotel owners are looking at a troubling two years or so, as a large portion of their loans are coming due for refinancing in an environment of declining RevPar. In other words, many owners will be asked by lenders to contribute more equity into their loans, just when that money may be very hard to come by.
 
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