David C. Sullivan to Retain Role as Chairman of the Board ResortQuest International, Inc. (NYSE: RZT), the first brand name and online booking service (ResortQuest.com) in vacation rentals, resort property management and real estate sales, today announced that company President David L. Levine also will assume the position of chief executive officer, effective immediately. David C. Sullivan, former chief executive officer, will retain his position as chairman of the board.
Levine joined ResortQuest as president nearly two years ago prior to the company`s May 1998 initial public offering. Since that time, the company has more than doubled in size, with a vacation rental portfolio now exceeding 17,000 vacation homes and condominiums in 40 premier resort destinations across the United States and in Canada.
According to Sullivan, “I made a commitment two years ago to help create this company and take it public. Since then, ResortQuest has experienced remarkable growth, more than doubling its operating income. Now is the time for David Levine to take the company to the next level as its chief executive officer. David and I have worked together for over 20 years. I have the utmost confidence in his abilities, and tremendous respect for his hands-on management style and leadership vision.”
Levine said, “ResortQuest reinvented the vacation rental industry 18 months ago. I am extremely enthusiastic about the opportunities ahead and continuing to build a team of leisure and resort professionals who share my passion for this industry.”
According to Michael D. Rose, former chairman of Promus Hotel Corporation and a ResortQuest board member, “David is an exceptional leader who has the vision and executive strength to position ResortQuest for continued success. Our board of directors has tremendous confidence in his abilities to lead the company.”
Levine has more than 25 years of leadership experience in hospitality management, tourism and travel, and real estate. Before joining ResortQuest, Levine was president and chief operating officer of Equity Inns, Inc., a real estate investment trust that specializes in hotel acquisitions. He simultaneously served as president and chief operating officer of Trust Management, Inc., which operated Equity Inns properties. Prior to that he served as president of North American Hospitality, Inc., a hotel management and consulting company, which he formed in 1985.