Bluegreen Vacations Provides Hurricane Florence Update

Bluegreen Vacations has just released their initial assessment of the impact Hurricane Florence has had on their operations. They have nine Club Resorts and two Club Associate Resorts that were in the direct path of Hurricane Florence in North and South Carolina.

This physical damage appears to have been limited to water intrusion on the rooms and common areas of the resorts. With the mandatory evacuations, resort and sales office closures, the disruption of owner and guest travel, Bluegreen Vacations experienced many cancellations in reservations, sales tours, rentals, and other various services.

The impacted resorts in North Carolina were: Blue Ridge Village, Club Lodges at Trillium, Waterwood Townhouses, and Sandcastle Village II.

The impacted resorts in South Carolina were: King 583, Lodge Alley Inn, Horizons at 77th, Harbour Lights, Shore Crest Vacation Villas, Carolina Grade, and Seaglass Tower.

From these resorts, only Lodge Alley Inn in Charleston, Shore Crest Vacation Villas in Myrtle Beach, and Carolina Grande in Myrtle beach have sales centers. The off-site sales center in Myrtle Beach was also impacted by the hurricane.

Fortunately, as of September 30, 2018, all of Bluegreen Vacations resorts and sales centers are fully operational with the exception of the two Club Associate resorts in Bern, North Carolina, both which are expected to reopen in October.

“As we assess the aftermath of Hurricane Florence, our hearts go out to all who have been impacted by the storm. Our first priority was to ensure the safety and well-being of our owners, guests and associates,” stated Shawn B. Pearson, President and CEO of Bluegreen Vacations. “We are now focused on resuming normal operations and getting back to what we do best, making memories for our owners and guests. We’d like to thank our team for their hard work and dedication during this difficult time.”

Any damage that was caused was repaired prior to the reopening of the rooms to owners and guests. Bluegreen Vacations and the resort homeowners’ associations have insurance coverage for the property, business interruption, and other risks with respect to all its facilities, with industry standard deductibles in each of the locations.

Hurricane Florence also disrupted travel plans of owners and marketing guests staying at other Bluegreen Vacations resorts and reduced vacation package sales at marketing locations in the various affected areas.

Bluegreen Vacations estimates that Hurricane Florence caused a loss of system-wide sales in the $5.0 million to the $5.8 million dollar range. The related EBITDA impact is estimated between $2.0 million and $2.3 million. There will also be additional impact on the system-wide sales and EBITDA as we move into the fourth quarter of 2018 from the ongoing flooding and the reduced vacation package sales. This information will be released with the earnings for the third quarter of 2018.

Bluegreen Vacations resorts in Myrtle Beach are currently accepting donations including non-perishable food items, new or gently-used clothing as well as personal hygiene and household products. Guests staying in these Myrtle Beach properties can participate in a Give and Getaway program to help the impacted community through volunteer opportunities.

Learn more about Bluegreen Vacations on their Bluegreen Vacations.