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, today announced that the company has acquired Shoreline Rentals, Inc. in Hilton Head, S.C.
Shoreline Rentals, Inc. is ResortQuest`s 16th acquisition since its May 1998 IPO and the fourth announced in the past month. The 16 acquisitions, aggregating approximately 5,500 units, represent a 53 percent increase in ResortQuest`s initial portfolio of vacation rental units. Including Shoreline Rentals, ResortQuest now offers nearly 16,000 vacation rentals in 34 premier resort destinations across the U.S. and in Canada. The Hilton Head acquisition is expected to be immediately accretive to 1999 earnings.
Established in 1982, Shoreline Rentals provides property management services for more than 300 premium condominiums/villas, single homes and townhouses in Sea Pines Plantation, Hilton Head`s most recognized gated community, Forest Beach, Shipyard Plantation and Palmetto Dunes Plantation.
“Hilton Head is widely recognized as one of the nation`s most exclusive resort locations, and we`re pleased to have the opportunity to expand our presence there,” said David Sullivan, ResortQuest chairman and chief executive officer. “Shoreline is one of the most experienced rental property managers in the area, which when coupled with our other Hilton Head property management company, Worthy Rentals, doubles our share of rental units there. With Hilton Head`s pool of 15,000 completed residential units and a projected total of 23,000 units, we expect to add to the significant base we`ve established there.”
“Shoreline is a well-known and highly respected rental management company that has established strong relationships within the community,” said David Levine, president and chief operating officer. “Hilton Head is a high-demand golf and beach vacation resort that enjoys year-round appeal. Nearly 3 million visitors come to Hilton Head annually from major feeder markets in South Carolina, Ohio, Georgia, North Carolina and New York, providing us with additional cross-selling opportunities.”
“By joining ResortQuest, we can greatly increase our reach well beyond our traditional feeder markets and accelerate our rate of growth,” said Charles Taylor, Shoreline Rentals` chairman. “Our homeowners will benefit from ResortQuest`s increased marketing strength, as well as the sophistication and capabilities of its web site, ResortQuest.com. They also will benefit from ResortQuest`s proprietary property rating system, which increases the confidence level of vacationers reserving accommodations at ResortQuest vacation properties.”
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 nearly 16,000 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.