About Bluegreen Vacations

Bluegreen Vacations Corporation, a vacation ownership company, markets and sells vacation ownership interests (VOIs) and manages resorts in various leisure and urban destinations. The company is a subsidiary of Woodbridge Holdings Corporation. The company’s resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (Vacation Club) have the right to use majority of the units in connection with their VOI ownership) and 23 Club Associate Resorts (resorts in which owners in its Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Its Club Resorts and Club Associate Resorts are primarily located in high-volume, ‘drive-to’ vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through its points-based system, the approximately 220,000 owners in its Vacation Club have the flexibility to stay at units available at any of its resorts and have access to approximately 11,350 other hotels and resorts through partnerships and exchange networks. The company has a sales and marketing platform supported by exclusive marketing relationships with nationally-recognized consumer brands, such as Bass Pro and Choice Hotels. Segments The company operates through two segments, Sales of VOIs and Financing; and Resort Operations and Club Management. Sales of VOIs and Financing This segment includes the company’s marketing and sales activities related to the VOIs that it owns, sales of VOIs through fee-based arrangements with third-party developers, consumer financing activities in connection with sales of VOIs that it owns, and its provision of title services through a wholly-owned subsidiary. Resort Operations and Club Management This segment includes the company’s provision of management services to its Vacation Club and to a majority of the homeowners associations (HOAs) of the resorts within its Vacation Club. In connection with those services, the company also provides club reservation services, services to owners and billing and collections services to its Vacation Club and certain HOAs. Additionally, it generates revenue within its resort operations and club management segment from its Traveler Plus program, food and beverage and other retail operations, the provision of rental services to third parties, and the management of construction activities of certain of its fee-based clients. Products VOIs The company’s Vacation Club owners receive an annual or biennial allotment of?’points’ in perpetuity (supported by an underlying deeded VOI held in trust for the owner) that might be used to stay at any of its 45 Club Resorts and 23 Club Associate Resorts. Vacation Club owners could use their points to stay in resorts for varying lengths of time, starting at a minimum of two nights. The number of points required for a stay at a resort depends on various factors, including resort location, size of the unit, vacation season and the days of the week. Under this system, Vacation Club owners could select vacations according to their schedules, space needs and available points. Subject to certain restrictions and fees, Vacation Club owners are allowed to carry over any unused points for one year and to ‘borrow’ points from the next year. Vacation Club Resort Locations and Amenities The company’s Vacation Club resorts are primarily located on the U.S. East Coast and Midwest. The 46 direct-exchange resorts available to Traveler Plus members are concentrated along the West Coast and Hawaii. Vacation Club resorts are primarily ‘drive-to’ resort destinations as approximately 88% of its Vacation Club owners live within a four-hour drive of at least one of its resorts. The company’s resorts are located in popular vacation destinations, such as Florida, South Carolina, North Carolina, Tennessee, Virginia, Texas, Louisiana, and Nevada, and represent a mix of resort and urban destinations, allowing Vacation Club owners the ability to customize their vacation experience. In addition, the company offers its Vacation Club owners access to Aruba. The company also owns a 51% interest in Bluegreen/Big Cedar Vacations, which develops, markets and sells VOIs at three premier wilderness-themed resorts adjacent to Table Rock Lake near Branson, Missouri: The Bluegreen Wilderness Club at Big Cedar, The Cliffs at Long Creek and Paradise Point. The remaining 49% interest in Bluegreen/Big Cedar Vacations is held by Big Cedar, LLC (BC LLC), an affiliate of Bass Pro. Located next to Big Cedar Lodge, The Bluegreen Wilderness Club is a 40-acre resort overlooking Table Rock Lake. Vacation Club owners enjoy amenities, including a 9,000 square foot clubhouse, lazy river and rock-climbing wall, in addition to full access to the amenities and activities of Big Cedar Lodge. The Cliffs at Long Creek offers furnished homes that could accommodate approximately 13 people and other vacation villas while providing access to a clubhouse and amenities at The Bluegreen Wilderness Club. Paradise Point offers spacious vacation villas with direct access to Table Rock Lake and the Bass Pro Long Creek Marina. Strategy The key elements of the company’s strategy include improving VOI sales; continuing to improve its Vacation Club experience; and pursuing strategic transactions. Regulation The company is subject to the Fair Housing Act and various other federal laws, rules and regulations. It is also subject to various foreign laws with respect to La Cabana Beach Resort and Casino in Oranjestad, Aruba and Blue Water Resort at Cable Beach in Nassau, Bahamas. The development, management and operation of its resorts are also subject to the Americans with Disabilities Act. The company’s marketing, sales and customer financing activities are also subject to extensive regulation, which could include, but is not limited to: the Truth-in-Lending Act and Regulation Z; the Fair Housing Act; the Fair Debt Collection Practices Act; the Equal Credit Opportunity Act and Regulation B; the Electronic Funds Transfer Act and Regulation E; the Home Mortgage Disclosure Act and Regulation C; the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; Unfair or Deceptive Acts or Practices and Regulation AA; the Patriot Act; the Right to Financial Privacy Act; the Gramm-Leach-Bliley Act; the Fair and Accurate Credit Transactions Act; and anti-money laundering laws. Seasonality The company has historically experienced, and expects to continue to experience, seasonal fluctuations in its revenue and results of operations. This seasonality has resulted, and might continue to result, in fluctuations in its quarterly operating results. Due to consumer travel patterns, the company experiences more tours and higher VOI sales during the second and third quarters (year ended December 31, 2019). Competition In its fee-based services business, the company competes with Hilton Grand Vacations and Wyndham Destinations. History Bluegreen Vacations Corporation was founded in 1966.