MEMPHIS, Tenn - May 26, 1998-- ResortQuest International, Inc., the first branded company providing vacation rental and property management services in premier resort destinations throughout North America, today announced that the company has completed the acquisition of its 13 founding partner companies, as well as an initial public offering of 5.8 million shares of common stock. The company's stock is traded on the New York Stock Exchange under the symbol ``RZT.''
ResortQuest International is a new concept in the vacation rental and property management industry, with a branded network of more than 10,000 rental homes and condominiums available in locations that include Nantucket, Mass.; Bethany Beach, Del.; the Outer Banks of North Carolina; St. Simons Island, Ga.; Captiva Island and Sanibel Island, Fla.; Aspen, Breckenridge and Telluride, Colo.; Park City, Utah; Whistler, British Columbia; and Maui, Oahu, Kauai and the Big Island, Hawaii. The company was formed by a group of hotel, resort and real estate industry executives with senior management experience at companies such as Promus Hotel Corporation , Marriott International, Equity Inns and Insignia Financial Group.
According to David Sullivan, chairman and chief executive officer of ResortQuest International, ``Our mission is to create a new type of resource in the vacation rental market, by providing one-stop shopping for consumers who want high-quality homes or condominiums in the most desirable resort locations worldwide. Our partner companies represent the leading vacation rental and property management companies in their respective markets, and we plan to leverage their extensive expertise as we build the first brand name in this industry.''
In separate transactions, ResortQuest International has acquired all
of the common stock and ownership interests of 12 vacation rental and property
management companies, as well as one property management software company,
with each company becoming a founding partner company of ResortQuest International.
The 12 vacation rental and property management companies acquired by ResortQuest
|Aston Hotels & Resorts, Honolulu, Hawaii
Brindley & Brindley Realty and Development, Corolla, N.C.
Coastal Resorts, Bethany Beach, Del.
Collection of Fine Properties, Breckenridge, Colo.
Houston and O'Leary Company, Aspen, Colo.
Maui Condominium and Home Realty, Kihei, Maui, Hawaii
The Maury People, Nantucket, Mass.
Priscilla Murphy Realty, Fort Myers, Fla.
Resort Property Management, Park City, Utah
Telluride Resort Accommodations, Telluride, Colo.
Trupp-Hodnett Enterprises, St. Simons Island, Ga.
Whistler Chalets Limited, Whistler, British Columbia
In addition, ResortQuest International has acquired First Resort Software, Inc. of Aspen, Colo., the leading provider of integrated software to vacation rental and property management companies. Through First Resort, the company provides property management software and services to 650 separate resort management companies throughout the world.
For vacation travelers and travel intermediaries, including travel agents and wholesalers, ResortQuest International provides easy, one-stop access to an extensive collection of upscale resort rental properties, offering a level of quality, convenience and choice never before available in this industry. The company also offers property management services for owners of vacation homes and condominiums in most of its markets. In many markets, ResortQuest International provides traditional real estate brokerage services for property owners seeking to purchase or sell vacation homes and condominiums.
According to Sullivan, all of the acquired companies will maintain their local identities and business operations. ``The management teams at our founding companies have extensive experience in their respective resort markets, and we will operate ResortQuest International with a decentralized management strategy to allow them to utilize their local knowledge and expertise,'' he said. ``Along with the marketing, management and financial support provided by ResortQuest International, we have a winning combination that is destined to assume a leadership position in this growing business segment.''
The U.S. market for vacation property rentals generates more than $10 billion in annual revenues, representing more than 20 million vacation rentals of condominiums, homes and apartments each year. However, the industry is highly fragmented, with more than 3,000 geographically dispersed vacation rental and property management companies in the United States alone. According to Sullivan, this fragmentation provides significant opportunities for ResortQuest International to pursue additional targeted acquisitions in premier destination resort markets, and to expand its market share in existing markets.
The senior management team at ResortQuest International includes:
|David C. Sullivan, chairman and chief executive officer, who is the former executive vice president and chief operating officer of Promus Hotel Corporation, a leading hotel franchising, management and ownership company;|
|David L. Levine, president and chief operating officer, who is the former president and chief operating officer of Equity Inns, Inc., a real estate investment trust that specializes in hotel ownership and acquisitions;|
|Jeffrey M. Jarvis, senior vice president and chief financial officer, who is the former vice president, controller and principal accounting officer of Promus Hotel Corporation;|
|W. Michael Murphy, senior vice president and chief development officer, who is the former president of Footprints International, a company involved in the planning of resort properties in the Bahamas;|
|Jules S. Sowder, senior vice president and chief marketing officer, who is the former vice president of marketing for Promus Hotel Corporation;|
|John K. Lines, senior vice president, general counsel and secretary, who is the former general counsel and secretary of Insignia Financial Group, Inc., a fully-integrated real estate services company; and|
|Frederick L. Farmer, senior vice president and chief information officer, who is the former senior vice president for Internet and Desktop Services for Marriott International, a leading worldwide hospitality company.|
ResortQuest International has 1,200 total employees, and maintains corporate offices at 1355-B Lynnfield Road, Suite 245, in Memphis, Tenn.