|MEMPHIS, Tenn - April 5, 1999--ResortQuest International,
Inc. (NYSE:RZT), the first brand name and online booking service (resortquest.com)
in vacation rentals, resort property management and real estate sales,
today announced that the company has acquired two management companies--High
Country Resort Services, Ltd., dba High Country Resorts, in Crested Butte,
Colo., and Mountain High Management, Inc. in Whistler, British Columbia--for
a total price of US$3.7 million in stock.
Crested Butte is ResortQuest's fifth resort destination in Colorado, and Mountain High Management, Inc. is the company's third vacation property management operation in Whistler, British Columbia.
Since its IPO in May 1998, ResortQuest has made 12 acquisitions--seven since the beginning of the year. The 12 acquisitions, aggregating more than 4,500 total units, represent a 44 percent increase in ResortQuest's initial portfolio of vacation rental homes. It is anticipated that both acquisitions will be accounted for as a pooling of interests and are expected to be immediately accretive to 1999 earnings.
Incorporated in 1980, High Country Resorts is the largest rental management company in the Crested Butte area and manages more than 130 rental properties. Located 230 miles from Denver, Crested Butte is widely recognized as a top quality destination for expert skiers and families alike, and is the site of the U.S. Extreme Ski Championships.
Incorporated in 1989, Mountain High Management is a leading provider of vacation property rentals and management services in the Whistler ski resort community and manages more than 275 units, which are predominantly condominiums and townhomes.
"Among the property management companies in North America, we are concentrating on only the best ones in the top markets," said David Sullivan, ResortQuest chairman and chief executive officer. "Crested Butte is our fifth destination resort in Colorado and further solidifies our leadership in this key region. The Whistler purchase provides us with added depth in a market where we already have a strong presence and brings our market penetration to more than 50 percent of the area's condominium, townhome and private home rentals. We also continue to actively pursue strategic acquisitions in new resort locations."
"Crested Butte expands and diversifies our portfolio in this important U.S. ski destination and the range of vacation experiences we offer," said David L. Levine, president and chief operating officer. "Whistler, British Columbia is recognized as one of the top-rated mountain resorts in North America, and the purchase of Mountain High Management gives ResortQuest additional marketing and operational synergies in this rapidly growing market."
ResortQuest provides the first one-stop resource for vacation home and condominium rentals in premier resort destinations in North America. ResortQuest's total portfolio now comprises nearly 15,000 vacation rental properties in 30 premier resort locations across North America. ResortQuest also is the first branded vacation rental, property management and real estate sales company to offer online booking through resortquest.com.
ResortQuest's current locations include Gulf Shores, Ala.; Scottsdale, Ariz.; Palm Desert, Calif.; Aspen, Breckenridge, Crested Butte, Dillon and Telluride, Colo.; Bethany Beach, Del.; Captiva Island, Destin, Ft. Walton Beach and Sanibel Island, Fla.; St. Simons Island, Ga.; Hawaii, Maui, Oahu, and Kauai, Hawaii; Nantucket, Mass.; Big Sky, Mont.; the Outer Banks of North Carolina; Sunriver, Ore.; Hilton Head Island, S.C.; Park City, Utah; and Whistler, British Columbia. ResortQuest maintains corporate offices in Memphis, Tenn.
The matters in this press release include "forward looking statements"
within the meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934 and are qualified by cautionary statements contained herein and in
ResortQuest International's filings with the
|Also See:||Paul Manteris Named Vice President of Operations at ResortQuest International / Sept 1998|
|Resortquest International Implements Quality Standards and Accommodation Categories for Vacation Rental Properties / Oct 1998|