Las Vegas-Based Diamond Resorts to Buy Bluegreen for $500 Million

Las Vegas-Based Diamond Resorts to Buy Bluegreen for $500 Million

Las Vegas-based time-share company, Diamond Resorts, is buying a Boca Raton time-share company, Bluegreen Corporation, for nearly $500 million. Bluegreen Corporation issued a press release saying that it was intends to sell the company to Diamond Resorts. Diamond is the 2nd largest vacation ownership company in the world. In April 2007, Diamond bought time-share Sunterra Corporation for approximately $750 million. It now boasts 110 branded and affiliated resorts in 14 countries in the Americas, Hawaii and Europe, with more than 360,000 owners.

Diamond Resorts, LLC is a wholly owned subsidiary of Cloobeck Companies, LLC. Stephen Cloobeck is the Chariman and CEO of The Cloobeck Companies. Stephen Cloobeck is known in Las Vegas for developing the Polo Towers, the first purpose built, high-rise timeshare property in the industry.

John Laub is the President of the CEO-CFO Group.

1. "Las Vegas Time-Share Firm Buys Boca's Bluegreen." Doreen Hemlock. South Florida Sun-Sentinel. July 21, 2008.

2. www.diamondresorts.com