Bluegreen to acquire the Manhattan Club
Bluegreen Vacations Corporation has entered into an exclusive agreement to acquire inventory and, by 2021, the resort management contract at The Manhattan Club, a residence-style boutique hotel in Midtown Manhattan, just steps away from Times Square, Broadway and Central Park.
In addition to significantly expanding access to The Manhattan Club within the Bluegreen Vacation Club, Bluegreen is planning to open a 2,500-square foot sales centre, reflecting the company’s strategy of expanding frontline sales capabilities in its most popular resorts.
Shawn B. Pearson, president and CEO of Bluegreen, said: “This is a milestone moment for Bluegreen. The Manhattan Club has always been a favorite destination for our owners, and they now have more ways to enjoy this one-of-a-kind experience at a resort in the city that never sleeps.
“We believe investments in top destination properties for our owners and the significant expansion of our sales centres in 2018 will provide the foundation for incremental sales in years to come.”
Bluegreen is on pace to have its most significant sales centre expansions in years with the addition of over 80,000 square feet of prime sales centre space at nine resorts expected to be open by summer of 2019. In addition to New York City, sales centre expansions have occurred or are planned in Ridgedale, Missouri; San Antonio, Texas; St. Augustine, Florida; New Orleans, Louisiana; Chicago, Illinois; Orlando, Florida; Las Vegas, Nevada and Banner Elk, North Carolina.
The Manhattan Club is the latest project in Bluegreen Vacations’ recent line-up of new resorts and sales centres. Earlier this year, the company announced a new fee-based service arrangement at The Marquee located in the heart of New Orleans’ historic theatre district.
In April, Bluegreen acquired the Èilan Hotel and Spa in San Antonio, nested within the foothills of the Texas hill country. The Manhattan Club, The Marquee and Èilan are expected to expand Bluegreen’s frontline sales capacity, which in-turn is expected to support net owner growth.
The Manhattan Club is 31 stories, boasts a modern fitness center, state of the art Business Centre, exclusive Owners’ lounge and 296 spacious Penthouse, one-bedroom – two bath suites, and executive suites. The agreement provides Bluegreen the exclusive right, on a non-committed basis, to acquire the remaining timeshare inventory at The Manhattan Club under Bluegreen’s “capital-light” Secondary Market programme through periodic purchases over time, and subject to the terms and conditions of the agreement, the exclusive right to acquire the management contract for The Manhattan Club resort in 2021.