ResortQuest International, Inc. (NYSE:RZT), the first brand name and “real-time” online booking service (resortquest.com) in vacation condominium and home rentals, sales and property management services, today announced that Colin V. Reed, chief financial officer and a member of the three-executive Office of the President of Harrah`s Entertainment, Inc. (NYSE:HET), has been elected to ResortQuest`s board of directors.

“Colin Reed`s experience at Harrah`s, with its focus on strong customer relations and customer loyalty initiatives like the award-winning Harrah`s Total Reward program, will give us additional expert counsel in this important area of our business,” said David L. Levine, ResortQuest chairman, president and CEO. “We also will benefit from his substantial background in finance and development, as we continue to execute our strategies of internal growth, selective acquisitions and e-commerce.”

A native of Great Britain, Reed joined a predecessor company to Harrah`s in 1977 as financial controller for its former Holiday Inn International Division, with accounting responsibility for hotel operations in the United Kingdom. In 1987, he moved to the company`s corporate headquarters as executive assistant to the chairman. He held a series of increasingly important senior-level management positions, culminating in his promotion to executive vice president in 1995 and his appointment as chief financial officer in 1997.

“ResortQuest has founded and is successfully exploiting the last frontier in the lodging industry—vacation home rentals,” said Reed. “ResortQuest is in a unique position, given its size and competitive advantage, Internet inventory distribution and branding initiatives. The company has taken a commanding leadership position and has significant upside, considering its new hands-on management team.”

Prior to joining Harrah`s, Reed held various financial and accounting positions with several British firms, including Crest Hotels.

Reed is a fellow in the British Association of Hotel Accountants and is a member of the boards of directors of National Airlines, JCC Holdings and Harrah`s Entertainment, Inc.

ResortQuest International provides a one-stop resource for vacation home and condominium rentals in 42 premier resort destinations in North America. ResortQuest`s total portfolio now comprises more than 18,000 vacation rental properties. ResortQuest is the first branded vacation rental, property management and real estate sales company to offer “real-time” online booking through resortquest.com.

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