ResortQuest International, Inc. (NYSE: RZT), the first brand name and online booking service (ResortQuest.com) in vacation condominium and home rentals, sales and property management services, announced that the company has agreed to acquire the assets of Arizona-based Fischer Villa Management. The acquisition marks ResortQuest`s entry into the growing Tucson vacation resort market, where Fischer Villa Management manages 60 newly constructed resort casitas on the Rancho Vistoso golf course, ranked among the top 10 golf resorts in the state.
The transaction will represent ResortQuest`s second acquisition in Arizona. In addition to the Tucson properties, the acquisition includes management contracts in Scottsdale, where ResortQuest already has a presence with its purchase in March of Scottsdale Resort Accommodations.
The all-cash acquisition will bring to eight the number of resort property management companies ResortQuest has purchased in 1999, aggregating more than 4,600 units, for a total of 13 acquisitions since the company`s IPO in May 1998. Including the Fischer Villa Management assets, ResortQuest now offers more than 15,000 vacation rentals in 32 premier resort destinations across the U.S. and in Canada.
“With this purchase, ResortQuest enters an important new growth market, Tucson, which has similar dynamics and growth potential as the Scottsdale and Phoenix areas,” said David Sullivan, ResortQuest chairman and chief executive officer. “The 60 resort casitas in Tucson represent the first of three planned phases of development, which ultimately will total more than 300 units. We expect to manage the majority of those units.”
“Southern Arizona, and especially Tucson, is one of the fastest growing areas in the country,” said David Levine, ResortQuest president and chief operating officer. “Arizona is a strong winter market, and we`re delighted to have the opportunity to broaden our exposure there. With some 40 local golf courses, Tucson is among the premier golf vacation sites in the U.S.”
Memphis-based ResortQuest International provides the first one-stop resource for vacation home and condominium rentals in 32 premier resort destinations in North America. ResortQuest`s total portfolio now comprises more than 15,000 vacation rental properties. 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.; Phoenix, Scottsdale and Tucson, Ariz.; Palm Desert and Palm Springs, Calif.; Aspen, Breckenridge, Crested Butte, Dillon and Telluride, Colo.; Bethany Beach, Del.; Captiva Island, Destin, Ft. Myers, 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.
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.