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Press Release: ResortQuest International
December 4, 2002
MEMPHIS, TN -- ResortQuest International (NYSE:RZT), one of the world's leading managers and marketers of vacation
rental properties, and Mirage Homes, one of Arizona's leading developers of resort residential communities, announced
a new joint venture of upscale single-family homes in Scottsdale, Arizona.
Under the agreement, ResortQuest will provide real estate sales, property management and vacation rental management
to the Golf Casitas at Troon North community. The $23 million Mirage project in the prestigious Troon North development
will include homes ranging in size from almost 1,600 square feet to 2,400 square feet. Prices will range from $275,000
to $375,000.
The joint venture continues the trend of ResortQuest strategy of expanding within its existing markets. ResortQuest
currently manages more than 250 homes, condos and villas in Arizona, through its local company ResortQuest Arizona.
"We are pleased to be associated with a highly-respected company such as Mirage that has a long-standing reputation
of building first-class products," said James S. Olin, president and CEO of ResortQuest. "This development
will offer a key expansion in the growing Arizona market and will offer our guests a new standard of luxury.''
For Mirage, the partnership brings extensive marketing power to the development, both for real estate sales and
vacation rental management.
"Our company, which has built 1,800 new homes in Arizona since the early 1980s, takes great pride in our association
with one of the leading companies in the industry," said Gary A. Martinson, principal and CEO of Mirage Homes.
"Our partnership with ResortQuest offers us the expertise to drive sales. We expect this project to draw investors
and guests from across the country.''
Amenities for the community will include a swimming pool and exercise room. Luxury features of the homes will include
built-in entertainment centers, designer light fixtures, gourmet kitchens, and luxurious master bathrooms that
include double vanity sinks. All homes will be pre-wired for security systems, along with fire sprinklers and smoke
detectors throughout.
ResortQuest is the first brand name and online booking service in vacation rentals, property management and resort
real estate sales. Launched in May of 1998, the Memphis, TN-based company has revolutionized the vacation rental
industry by providing:
"Vacationers and second home owners trust the name ResortQuest, to deliver quality, convenience and choice,
as well as to protect the assets of the vacation home owner. With our thousands of privately owned vacation residences,
we make travel planning simple and easy because of online booking capabilities, toll-free reservations and the
rest of our many hassle-free features," said Olin.
Arizona-based Mirage Homes is a family-owned operation that traces its roots to North Dakota, where Gary Martinson
learned about construction from his father, a carpenter. Gary Martinson has over 30 years of experience in real
estate development.
Mirage specializes in quality resort condominiums and other residential properties. Since 1980, Mirage has also
undertaken various other real estate opportunities including office developments, a retail center, a luxury rental
community, a health and fitness club, unimproved land investments and turnkey development and construction services
for third party clients.
"We anticipate a continuing strong market as we remain committed to our strategic objectives, which are designing
and delivering the ultimate in Arizona resort lifestyle to each of our buyers," Martinson said.
Sales of the Golf Casitas at Troon North will start this winter. Build out is set for Spring 2004.
About ResortQuest International
Memphis-based ResortQuest International (NYSE:RZT), the first brand name and "real-time" online booking
service (http://www.resortquest.com) in vacation condominium
and home rentals and sales, provides a one-stop resource for 52 premier resort destinations in the U.S. and Canada.
ResortQuest is the world's leading vacation rental property management company, based on a portfolio of approximately
20,000 vacation rental properties with a combined real estate value estimated in excess of $7.0 billion.
All of ResortQuest's accommodations include spacious, well-appointed condos or homes with a full kitchen. ResortQuest
also maintains a portfolio of hotel properties in Florida and Hawaii. To make reservations or view all special
offers, visit http://www.ResortQuest.com or call 800-GO-RELAX.
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Contact:
Yesawich, Pepperdine Brown & Russell Public Relations,
Orlando, Fla.
Will Wellons, 407/838-1794
Will_Wellons@ypbr.com
or
Yesawich, Pepperdine Brown & Russell Public Relations,
Orlando, Fla.
Allison Pope, 407/838-1719
Allison_Pope@ypbr.com
Source: ResortQuest International