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| MEMPHIS, Tenn - Jan. 19, 1999-- ResortQuest International,
Inc. (NYSE: RZT), the first brand name in the vacation rental and property
management industry, and its online booking service, resortquest.com,
today announced that the company has entered three new resort destination
markets and expanded its presence significantly in a fourth with the acquisition
of four property management companies for a total of $8.5 million in cash
and stock. The four companies are Ridgepine, Inc., Sunriver, Oregon; Ryan's
Golden Eagle Management, Big Sky, Montana; Cove Management Services, Inc.,
which operates Sunrise Vacation Rentals and Cove Condo Rentals, Palm Desert,
California; and Columbine Management & Real Estate, Inc., Dillon, Colorado.
The addition of more than 800 total condominium and home rentals represents a 6 percent  increase
in ResortQuest's current property management and rental portfolio of nearly
14,000 vacation properties in North America and represents approximately
$6.5 million in revenue on a trailing 12-month basis. ResortQuest's vacation
rental properties may be booked directly through the company's powerful
new Internet booking service, resortquest.com.
The four acquisitions bring to eight the total number of companies ResortQuest has purchased since its IPO in May 1998, representing a 35 percent increase in unit inventory and a 64 percent increase in pro forma annualized revenue. "These acquisitions support our strategic growth plans and extend our reach into key new resort destination markets with excellent growth potential," said David Sullivan, ResortQuest chairman and CEO. "The Palm Desert acquisition marks our entry into the important Southern California market, an area that attracts millions of vacationers annually. Ridgepine is our first resort in Oregon and expands our presence in the increasingly popular Pacific Northwest," Sullivan added. "The Montana acquisition broadens our exposure in the Western U.S., while the addition of Dillon, Colorado to our portfolio complements our properties in Aspen, Breckenridge and Telluride, giving us greater breadth in one of the nation's most popular ski resort markets. We continue to aggressively pursue acquisitions as part of our overall growth strategy." "These acquisitions bring to 22 the number of premier resort destination markets we serve and further increase the range of vacation experiences we offer our customers" said David Levine, ResortQuest president and COO. "All of these companies have solid operational management in place that have developed excellent relations with local homeowners, a key source of future growth for ResortQuest." Palm Desert, California The Palm Springs/Desert Resorts area of Southern California is located
in Riverside County, the state's fastest growing county. Situated east
of Los Angeles and northeast of San Diego, the region encompasses such
popular resort and travel destination towns as Palm Springs, Palm Desert,
Rancho Mirage and Indian Wells.
Sunriver, Oregon Sunriver is a 3,300-acre resort and residential community in central
Oregon that offers a variety of recreational activities. Developed in 1968,
the area consists of homes and condominiums, plus a shopping village, three
golf courses, numerous tennis courts, swimming pools, bicycle pathways,
a marina and riding stables. Ridgepine, Inc. currently manages 21 owner
associations in the Sunriver area, as well as 162 homes and condominiums.
"Ridgepine is minutes away from Mount Bachelor, a nationally recognized skiing facility. With its hiking, riding and outdoor orientation, Ridgepine also offers our Western destination leisure travelers a year-round option to an all-skiing vacation." Big Sky, Montana Big Sky, Montana, located approximately 50 miles south of Bozeman, is perhaps best known as the resort community created by newscaster and native Montanan, Chet Huntley. A year-round resort destination, Big Sky offers a variety of winter and summer activities, including skiing, hiking, fishing, horseback riding, golfing and biking. Ryan's Golden Eagle Management, Inc., founded in 1980, currently manages 207 rental units and one owner association. Dillon, Colorado The town of Dillon, where Columbine Management & Real Estate's business
is concentrated, is located approximately 75 miles west of Denver, close
to a number of world-class ski resorts, including Breckenridge, Keystone,
Arapahoe Basin and Copper Mountain. Dillon has a large and growing second
home market, with property owners originating from the Denver area and
beyond. Columbine presently manages a total of 141 vacation rental units
and 31 owner associations.
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 Securities and Exchange Commission. |
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