ResortQuest International Enters Popular Lake Erie Vacation Market; Company Announces Third Acquisit

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 acquired Shoreline Properties, Inc. in Port Clinton, Ohio for a combination of cash and stock.

The acquisition—the third in the last three weeks—marks ResortQuest`s entry into the popular fishing and boating vacation resort market along the southern shore of Lake Erie.

The acquisition brings to 10 the number of resort property management companies ResortQuest has purchased in 1999, aggregating nearly 5,000 units. Since the company`s IPO in May 1998, ResortQuest has acquired a total of 15 property management companies. Including Shoreline Properties, ResortQuest now offers more than 15,000 vacation rentals in 34 premier resort destinations across the U.S. and in Canada.

 

Founded in 1985, Shoreline Properties in Port Clinton, Ohio, is located in the heart of Lake Erie Islands, a popular regional resort and recreation area featuring beaches, boating, sailing, fishing and waterskiing. Shoreline provides property management services for more than 200 predominantly condominium and townhouse properties and manages three owner associations in this established lakefront community.

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“The Port Clinton acquisition adds a new destination with a distinct, regional flavor to our portfolio of vacation resorts,” said David Sullivan, chairman and chief executive officer. “Port Clinton and the whole Lake Erie Islands area is a Midwest Mecca for boating and fishing enthusiasts. Port Clinton also is within 20 minutes of one of the nation`s most popular amusement parks, Cedar Point, making it a particularly appealing vacation spot for families.”

 

“Shoreline Properties is a strong addition to our summer resort destinations and increases the geographic and experiential range of our resort offerings,” said David Levine, president and chief operating officer. “With revenues totaling more than $2 million last year, Shoreline Properties is the largest vacation property management company in the area. This is our first acquisition in Ohio, and we`re delighted Shoreline Properties will be joining the ResortQuest family. In addition, the Lake Erie purchase increases our universe of feeder markets, providing enhanced cross-selling opportunities to our other 33 resort locations.”

 

Memphis-based ResortQuest International provides the first one-stop resource for vacation home and condominium rentals in 34 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; Port Clinton, Ohio; 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.

 

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