BOCA RATON: The good news is that Bluegreen Corporation’s losses narrowed in the fourth quarter as revenue grew 34 percent. The company lost $135,000 on revenue of $98 million, but it lost $23.7 million on revenue of $73.2 million in the same period a year ago. Its revenue increase was due to the sale of more timeshare units.
One big help in narrowing its losses was that Bluegreen’s expense to reserve for losses in its timeshare buyer loan portfolio was $3.7 million in the fourth quarter, down from a $31.9 million expense in the final quarter of 2010. As of Dec. 31, the company held $705 million in timeshare buyer loans, both securitized and non-securitized, with a loan loss reserve that covered 20 percent of that amount.
For the full year, Bluegreen lost $17.3 million on revenue of $403.4 million versus a loss of $44 million on revenue of $350.2 million in 2010.
Also good: Bluegreen has a pending deal to sell its Bluegreen Communities residential division for $29 million to Coral Gables-based Southstar Development Partners, which is led by former Bluegreen director J. Larry Rutherford. Southstar has put down a non-refundable $4.5 million deposit for the deal, which is set to close April 30. Bluegreen says it would need to pledge $25.9 million of the sales proceeds to pay off a lender, so stay tuned for more news about this transaction.
The not-as-good news is that BFC Financial Corp.’s proposed deal to acquire complete ownership of Bluegreen, announced last November, is still on hold as several groups of investors have filed lawsuits in Palm Beach County Circuit Court against Bluegreen, BFC and Bluegreen’s directors, seeking to block the deal. The complaint alleges that shareholders wouldn’t receive fair compensation, the interests of minority shareholders wouldn’t be protected and Bluegreen board members, including Levan, engineered the transaction to benefit themselves and not the other shareholders. Bluegreen and BFC filed a motion to dismiss that lawsuit and the judge has yet to rule on that motion.
And in case you wondered what the top execs of the company earned:
- President and CEO John M. Maloney Jr. earned total compensation of $1.87 million in 2011, up from $1.36 million in 2010.
- Senior VP and Chief Strategy Officer David L. Pontius earned total compensation of $1.23 million, down from $1.26 million in 2010.
- Senior VP and head of marketing David A. Bidgood saw his total compensation increase to $1.22 million from $1.03 million.
DOVER: There’s big news from the timeshare resale front. Jason Tremblay, founder and CEO of Sell My Timeshare NOW and Timeshare Broker Services, is rebranding its timeshare resale and rental services, licensed timeshare brokerage, and resort services as VacationOwnership.com.
But that’s not all. As part of VacationOwnership.com the company is also launching a recently acquired domain that will be uniquely for its for-sale-by-owner (FSBO) timeshare resale and rental ads: TimeshareResales.com
Those are two powerful domain names!
SellMyTimeshareNOW.com and Timeshare Broker Services are both owned by Vacation Hotdeal Companies. There are no immediate plans to discontinue the original brands, but Tremblay says he is “…very excited that going forward we will be representing the timeshare industry, specifically the secondary marketplace as VacationOwnership.com, a name that is compelling, memorable and comprehensively speaks to all aspects of timeshare vacationing.”
Although the company began in 2003 solely as an online advertising service for by-owner timeshare resales and rentals, in 2006 it added licensed timeshare brokerage to provide vacationers more choice in how they bought, sold, or rented timeshare. In 2008, the company took on $10 Million in growth capital from Edison Venture Fund to expand its services and the following year, began providing customized owner services to resorts HOAs, timeshare developers, and timeshare management companies.
You’ve come a long way, baby!
FYI, in 1996, after working almost twenty years in vacation ownership marketing, Frank Apuzzo co-founded a Web design and Internet marketing company in Orlando, Florida and helped grow that company into a million dollar plus business. In February of 2000, he went out on his own and started Apuzzo Internet Marketing. The company began by developing two of its own Web sites in the vacation ownership & timeshare resales industries. Guess what those two Web sites were? 😉
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