ResortQuest International Acquires Major Management Company on Florida Gulf Coast

3rd Apr 2001

ResortQuest International, Inc. (NYSE: RZT), the first brand name and “real-time” online booking service ( Keyword: ResortQuest) in vacation condominium and home rentals, sales and property management services, today announced that it had acquired Florida Vacation Accommodations (FVA). FVA manages more than 1,200 short- and long-term rental properties from offices located in the Naples and Sarasota areas on Florida`s Gulf Coast. The acquisition is expected to be accretive to both the first quarter and year-end 2001 earnings.

The transaction brings ResortQuest`s portfolio to more than 6,150 vacation rental units in Florida, the nation`s number one leisure destination. ResortQuest`s total portfolio of vacation homes and condominiums in North America now comprises more than 19,000 units.

“This acquisition solidifies ResortQuest`s position as the dominant leader in vacation rental management on the Florida west coast and within the state,” said David Levine, ResortQuest chairman, president and chief executive officer. “At the same time, ResortQuest brings property owner benefits and guest services to a whole new level not achievable by locally owned operations. FVA has been experiencing phenomenal growth during the last few years. This transaction should accelerate that growth substantially.

“While 2001 will be a transition year for FVA due to its integration into our company, we still expect FVA to add $0.02 to $0.03 to our first quarter earnings per share and $0.01 for the year. However, once they are fully integrated into our existing operations, we expect FVA to contribute at least $0.03 in annual earnings per share in 2002,” said Levine.

Founded as Longboat Accommodations in 1988 by Larry Starr, who was later joined by partner Don Bevins, FVA today provides property management services from seven rental offices-four in the Naples area (Naples, Marco Island, Naples Cay and Lely Resort) and three in and around Sarasota (Longboat Key, Siesta Key and Sarasota). Properties consist primarily of privately owned homes, beachfront condominiums and villas.


“ResortQuest is the future of the vacation rental business, from their global marketing capabilities to QuestPerks, their homeowner benefits program,” said Larry Starr. “FVA has always been a leader and innovator in the marketplace, and this is just the next logical step to continue that tradition.”

“No one in the industry offers the benefits of ResortQuest—highly sophisticated marketing, a state-of-the-industry web site, strategic marketing alliances, operating efficiencies and synergies, and management and forecasting systems, all of which will helps owners maximize their rental income streams,” said Don Bevins.

ResortQuest International provides a one-stop resource for vacation home and condominium rentals in 45 premier resort destinations in the U.S. and Canada. ResortQuest is the world`s largest vacation rental property management company based on a portfolio of more than 19,000 vacation rental properties, with a combined real estate value estimated at $7.0 billion. ResortQuest is the first branded vacation rental, property management and real estate sales company to offer online booking through Keyword: ResortQuest.



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