The Real Deal Miami

Vegas-based developer buys Boca Raton timeshare company

July 29, 2008 11:11AM

Bluegreen Corp., the Boca-Raton seller of timeshares and land for planned communities has posted a profit of 11 cents per share as it prepares to be acquired by Las Vegas-based time-share developer and manager Diamond Resorts. Diamond paid $15 a share, a hefty premium to its pre-deal price of $6.25 a share. Diamond has been buying up time-share rivals to become one of the world’s largest vacation ownership companies. It now has 110 branded and affiliated resorts in 14 countries, with more than 360,000 owners. Last year, it bought heavyweight Sunterra Corp. for about $750 million.