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
ROEL Completes Agua Caliente Casino Resort Spa Construction
Aug. 21, 2008
ROEL Construction Co. Inc. has completed construction of The Agua Caliente Casino Resort Spa located on Bob Hope Drive in Rancho Mirage, Calif.
JLL Arranges Sale of Sheraton Gateway Hotel at LAX
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Jones Lang LaSalle Hotels is pleased to announce the sale of the fee simple interest in the Sheraton Gateway Hotel at Los Angeles International Airport on behalf of its owners, Kor Hotel Group and its partners.
Prime Income to Build $733M Resort in Germany
Aug. 21, 2008
Dallas-based Prime Income Asset Management and Port Olpenitz GmbH are ready to break ground on the approximately $733 million, 425-acre Port Olpenitz, a holiday resort located in the northeastern section of Schleswig-Holstein, Germany.
South Pacific Development Group Secures Land Lease for $450 Million Samoan Resort
Aug. 20, 2008
Hawaii-based South Pacific Development Group has obtained a 120-year lease for 600 acres of prime oceanfront land on Savaii Island in Samoa to develop the Sasina Village Resort.
U.S. Hotel Deals Down 81 Percent Mid-2008: JLL Report
Aug. 20, 2008
The volume of U.S. hotel transactions for the first six months of 2008 plunged 81 percent from the year-ago period, to $6 billion, according to a Jones Lang LaSalle Hotels. The firm based the conclusion on its proprietary database, which tracks transactions $10 million deals and above. In the first quarter 2008 transaction volume was relatively stronger at $3.4 billion.
 

 

Pacific Office Properties Nabs $195M Portfolio
August 21, 2008
By Michael Fickes, Contributing Correspondent -- Pacific Office Properties Trust Inc. and an institutional co-investor have acquired a portfolio of seven Southern California office complexes for $195 million. The combined properties contain more than 1 million leasable square feet across...

$167M Construction Loan in Place for Brooklyn M-F Project
August 21, 2008
By Barbra Murray, Contributing Editor -- Forest City Ratner Cos. has closed on a $167 million construction financing deal for 80 DeKalb, a 365-unit apartment project in Downtown Brooklyn. The New York State Housing Finance Agency approved the project for...

Prime Income to Build $733M Resort in Germany
August 21, 2008
By Amanda Marsh, Associate Editor -- Dallas-based Prime Income Asset Management and Port Olpenitz GmbH are ready to break ground on the approximately $733 million, 425-acre Port Olpenitz, a holiday resort located in the northeastern section of Schleswig-Holstein, Germany. The...

Grubb & Ellis Realty Investors Nabs 199,000SF Atlanta Office
August 21, 2008
By Barbra Murray, Contributing Editor -- One Live Oak, a 199,000-square-foot office property in Atlanta, has just been snapped up by Grubb & Ellis Realty Investors L.L.C., which made the purchase on behalf of tenant-in-common investors. Crescent Real Estate Equities...

220-Acre Mixed-Use in Works Near University of Missouri
August 20, 2008
By Barbra Murray, Contributing Editor -- A 220-acre parcel near the University of Missouri's Discovery Ridge research park in Columbia is on tap to sprout a gargantuan mixed-use project. Forum Development Group, the owner of the land, recently wrapped up...

Is Family Business a Good Idea?
August 15, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Oh what a conundrum! Family business: Should I, or shouldn't I? In my opinion there really isn't a right or wrong answer to this question. It is simply a matter of personal preference....

What to Do When Marketing Goes Wild
August 08, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Have your company's marketing initiatives wandered astray? Is the proverbial tail starting to wag the dog with respect to your current marketing campaigns? How do you know when marketing is out of control?...

Six Mistakes Real Leaders Avoid
August 01, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --I recently had a reader ask: "Is there a simple test that can be used to quickly determine an executive's leadership ability?" The short answer is yes. There are, in fact, a great...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...

Know Thy Customer
July 11, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --How well do you really know your customer? Let me put this as simply as I can. If you want to succeed in business you must be in touch with the demands of...