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 Sand and Sea, Inc., its second management company in the Outer Banks, N.C., a chain of barrier islands along the East Coast. The company also said that it had increased it presence in the fast-growing Pensacola, Fla. resort market with the purchase of Langford Realty, Inc. The two acquisitions are expected to be immediately accretive to 2000 earnings. Sand and Sea, Inc.
Established in 1978, Sand and Sea provides property management services for more than 200 vacation rental properties in the northern Outer Banks. Together with ResortQuest`s B&B on the Beach resort operations, the company now manages more than 800 units in the highly popular northern Outer Banks.
“The Sand and Sea acquisition gives us critical mass in the Outer Banks, particularly in Corolla and Duck,” said David L. Levine, chairman, president and chief executive officer. “Sand and Sea expands our Outer Banks rental inventory by more than 35 percent and increases the number of units under management to more than twice the number of our nearest competitor. This kind of presence enables us to market more effectively to attract the greatest number of guests and owners and should represent a sustainable competitive advantage. Additionally, the Sand and Sea operations are ideal for integration into B&B on the Beach, and we expect additional cost synergies to be realized.”
“We`re delighted to be joining ResortQuest International,” said Debby Garcia, Sand and Seas principal. “ResortQuest is the one company that can offer our employees, owners and guests advanced technology, unique services and leadership in the premier vacation industry while embracing each individual`s needs.” Langford Realty, Inc.
“We also acquired Langford Realty in Perdido Key, a resort area with significant development potential that is part of the Pensacola, Fla. market,” said Levine. “Langford Realty was established in 1987 and is a well-known property management operation with approximately 100 rental units, which expands our presence in the Florida panhandle to more than 2,700 units.”
“Both our homeowners and our guests will benefit from ResortQuest`s web site, ResortQuest.com, which allows guests to research their destination in advance and book their reservations online and in real time,” said Cecilia and Hurley Langford, Langford Realty principals. “We see our association with ResortQuest as a great opportunity to gain a competitive edge through more national exposure and rental opportunities for our owners, growth opportunities for our employees and a continuity of management skills for the homeowner associations that we represent.”
“These are ideal acquisitions, both strategically and from a timing standpoint,” said James S. Olin, ResortQuest`s chief operating officer. “The completion of these purchases prior to their high season means that both will be immediately accretive to 2000 earnings. We will continue to selectively seek strategic tuck-in and new market acquisitions.”
Including Sand and Sea and Langford Realty, ResortQuest now offers more than 17,500 vacation rentals in 40 premier resort destinations across the U.S. and in Canada.