ResortQuest International Signs New Management Deal For Celadon Beach In Panama City

ResortQuest International (NYSE: RZT), the world`s largest vacation rental property management company, has been selected for another major property management assignment along Florida`s Emerald Coast.
ResortQuest International`s local operating company Abbott Resorts has been named the exclusive on-site manager and vacation rental marketer for the new 193-unit luxury Celadon Beach Condominium project in Panama City.

“Celadon Beach is the latest example of how we are efficiently building market share in existing destinations. In the past three months, we have announced new management contracts in Hawaii and Florida that are expected to add more than 2,000 units of top-quality vacation rental inventory across our growing network,” said ResortQuest International Chairman and CEO David L. Levine.

“Through each of these contracts we have added outstanding high-end properties that continue to provide tremendous new experiences for our vacation rental customers and opportunities for our homeowners,” Levine added. “These additions to our portfolio have been accomplished with a very limited investment on our part.”

“Celadon Beach Development Inc. selected ResortQuest because of its extensive experience in managing condominium and vacation rentals,” said Rick Rushing, Celadon Beach`s developer.

“ResortQuest and Abbott Resorts are the undisputed leaders on the Emerald Coast in condo management and professional vacation rental management. ResortQuest`s national brand and industry-leading website will help us draw a wider base of vacationers.” Rushing added. “Their service is simply outstanding. Having ResortQuest as a partner is a real plus for our homeowners and investors.”


ResortQuest has signed a three-year property management and on-site vacation management agreement, with the option for two three-year extensions.

Celadon Beach Condominiums is a planned 22-story tower on Panama City`s more secluded west end. The resort complex on the Gulf of Mexico will feature spacious one, two and three-bedroom units priced from $182,900 to $370,000. Celadon has 283 feet of beachfront and will include such amenities as a two- story gulf front lobby, covered parking, heated pool and spa, and meeting space.

Construction is expected to start this summer with completion slated for May 2004.

Celadon Beach Condominiums is the latest in a string of property and vacation rental management assignments for ResortQuest and Abbott Resorts. ResortQuest has already announced that it will manage two other upscale properties on the Emerald Coast: the 542-unit Tidewater Beach project also in Panama City and the 765-unit Portofino, an exclusive community and spa on Santa Rosa Island, just off Pensacola Beach.

ResortQuest currently manages more than 3,000 vacation condos, homes and villas along the Emerald Coast. ResortQuest`s inventory is expected to grow to more than 4,000 units along the beaches of Northwest Florida in the next two to three years.