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Press Release: ResortQuest International
December 11, 2002
MEMPHIS, TN -- ResortQuest International (NYSE:RZT), one of the world's largest vacation rental property management
companies, has signed a new management agreement on a $60 million development project with Sunrise Beach Associates
LLC continuing its expansion along Florida's Emerald Coast.
ResortQuest International has been named the exclusive on-site manager and vacation rental marketer for the new
213-unit upscale Sunrise Beach condominium project on the Gulf of Mexico in Panama City.
"We're proud to have this new management agreement to continue our expansion on the Emerald Coast. These new
high-end units will give vacationers great new opportunities to stay in comfort in Panama City," said ResortQuest
International President and CEO James S. Olin. "Northwest Florida is a tremendous growth market for us and
we will continue to pursue high-quality projects.''
Sunrise Beach will feature spacious one, two and three-bedroom units priced from $214,900 to $386,900, all facing
the Gulf of Mexico. Sunrise Beach has approximately 346 feet of beachfront property and will include such amenities
as a gulf front exercise room, covered parking, two gulf side swimming pools, two spas, and meeting space. Construction
will begin this spring with completion slated for mid 2005.
Sunrise Beach Condominiums is the latest in a string of property and vacation rental management assignments for
ResortQuest. Earlier this year, Celadon Beach Development also signed a management deal with ResortQuest for the
193-unit Celadon Beach Project in Panama City.
"ResortQuest is a valued partner," said Frank Rushing with Sunrise Beach Associates LLC. "ResortQuest
and its local operating company, Abbott Resorts, are the leaders on the Emerald Coast in professional vacation
condo and home sales and rental management. Their services are a real plus for the homeowners and investors. We
are proud to extend our relationship."
ResortQuest currently manages more than 3,000 vacation condos, homes and villas along the Emerald Coast. ResortQuest's
inventory is expected to grow to more than 4,500 units along the beaches of Northwest Florida in the next three
years.
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 over 20,000
vacation rental properties with a combined real estate value estimated in excess of $7.0 billion.
All of ResortQuest's vacation rental 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
Allison Pope, 407/838-1719
Allison_Pope@ypbr.com
Source: ResortQuest International