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Island Resorts Development, Inc. Appoints ResortQuest
to Manage Portofino, a Condominium Resort and Spa
on Santa Rosa Island in the Gulf of Mexico
MEMPHIS, Tenn., April 30, 2002 - ResortQuest International (NYSE: RZT), the world's largest vacation rental property management company, has been selected for another major management agreement that will expand its Florida inventory by more than 750 luxury vacation rental condominiums along the Emerald Coast.
 
Island Resorts Development, Inc. of Pensacola has chosen ResortQuest and its local operating company, Abbott Resorts, to manage Portofino, an exclusive Mediterranean-style condominium resort and spa on Santa Rosa Island in the Gulf of Mexico.

"Portofino will be one of the most spectacular projects ever built on the Gulf Coast. This new management contract is a cost-effective way to expand our vacation rental offerings, giving us a very upscale property with true resort amenities without the expense of owning or leasing property," said David L. Levine, Chairman and CEO of ResortQuest International.

Portofino is currently under construction 


Portofino
2200 Via De Luna Drive, 
Pensacola, Florida 
and will open its first 21-story tower of 153 luxury condominium units in December. Over the next three years, Portofino expects to build 765 condominiums in a total of five towers.

The addition of Portofino will push ResortQuest's inventory of beach condos, homes and villas to about 4,000 along Northwest Florida's Emerald Coast. Portofino developers chose ResortQuest because they wanted a management company that had a strong local and national presence to help market the property across the nation.

Island Resorts Development signed a 47-year on-site management deal with ResortQuest.

"We have designed the Portofino project to be an exclusive island residence. We needed a property manager that could give the residents and guests first-class service," said Portofino developer Allen Levin. "For many buyers, Portofino will be a second home, so owners want to see the best return on their investment. ResortQuest has a proven track record in the industry that is unmatched."

Portofino, adjacent to eight miles of undisturbed national seashore, offers an exclusive escape for residents and guests. Portofino's two- and three-bedroom condos will all have a panoramic view of the Gulf of Mexico or Intracoastal Waterway. To preserve the view, architects spaced buildings at least a football field apart in every direction. The condos range in size from 1,500 to 2,500 square feet.

The project will feature a 20,000-square-foot spa and fitness center, and each building will have its own heated lap pool. To protect the environment, Portofino is providing four floors of covered parking at the base of each of the five planned 21-story towers.

"Portofino will set the standard that people want in luxury vacation living," said partner Robert Rinke. "We have tried to plan for everything that a person would need for a wonderful getaway."

Pensacola-based Island Resorts Development, Inc. specializes in upscale resort development, and is currently developing the Portofino project on Santa Rosa Island in Northwest Florida. 

ResortQuest International specializes in vacation condominium and home rentals and sales.

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Contact
ResortQuest International
530 Oak Court Drive,  Suite 360
Memphis, TN 38117
www.resortquest.com
 www.theportofino.com

Also See Resortquest International Implements Quality Standards and Accommodation Categories for Vacation Rental Properties / Oct 1998 
ResortQuest International Agrees to Acquire Abbott Resorts, Inc. in Florida / Sept 1998 


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