Press Release: ResortQuest International
April 3, 2002
ORLANDO, FL -- ResortQuest International (NYSE: RZT), the world's largest vacation rental property management company,
is expanding in Central Florida adding nearly 500 luxury vacation rental condominiums due to a new management contract
with developers of the Bahama Bay Resort.
Maesbury Homes, Inc. has selected ResortQuest Orlando as the property manager and vacation rental marketer for
its new Bahama Bay project. The 116-unit initial development, now under construction, will be the first vacation
condos that ResortQuest has opened in the Orlando market. Bahama Bay is just minutes away from Walt Disney World.
The total development is expected to encompass 498 units.
``The Bahama Bay Resort will double the size of our Orlando-area presence and give us critical luxury condos near
the attractions,'' said ResortQuest Chairman, President and CEO David L. Levine. ``Our vacation home rentals in
Orlando have been popular, but the Bahama Bay development will give us a new dimension.''
Levine added, ``We are committed to growing our market share in the premier destinations where we already have
a presence. We have just recently announced new management contracts in Hawaii and we are equally excited about
our growth in Central Florida.''
Paul Oxley, President of Maesbury Homes, said he is delighted that ResortQuest has agreed to manage and market
the 98-acre Bahama Bay resort. ``We are confident that ResortQuest's expertise in global marketing and resort management,
working in partnership with Maesbury Homes, will provide facilities that vacationers will return to year-after-year.''
Maesbury Homes is introducing an exciting concept to Central Florida: fee-simple vacation resort condominiums.
Nestled on the banks of Lake Davenport, Bahama Bay will offer owners and guests an opportunity to sample the luxury
of resort living in this gated community located only ten minutes west of Disney and the other major attractions
for which Central Florida is famous.
The resort will boast a 17,000 square-foot clubhouse with exceptional facilities, four swimming pools with spas
and a lakeside beach with a fishing dock.
Maesbury Homes is presently marketing the resort to buyers from Europe and the United States.
ResortQuest Orlando's newly signed agreement to manage the property and market the condos as vacation rental accommodations
will expand its Central Florida inventory to more than 900 vacation rentals.
Maesbury expects the first 116 condos, the clubhouse, and two of the resort swimming pools will be completed by
the end of the year. The luxury two- and three-bedroom condos range from 1,200 to 1,700 sq. ft. and have exceptional
facilities including large, screened balconies overlooking Lake Davenport.
``Our goal is to have a our first guests in time for the Christmas holidays,'' Oxley said. ``Sales have gone well
with the project, and we have every confidence that these will be popular rentals when they open.''
About Maesbury Homes, Inc.
Orlando-based Maesbury Homes is a development company specializing in large-scale mix-used projects. It is currently
developing the Bahama Bay Resort. For information on the Bahama Bay Resort, call (407) 518-7433 or go online at
www.maesburyhomes.com .
About ResortQuest International
ResortQuest International, the first brand name and ``real-time'' online booking service (www.resortquest.com /
AOL Keyword: ResortQuest) in vacation condominium and home rentals and sales, provides a one-stop resource in over
50 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 over 20,000 vacation rental properties at an estimated value of over
$7.0 billion. To make reservations or view all special offers, visit: www.resortquest.com
or call 877-588-5800.
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the
safe harbors created thereby. These forward-looking statements involve risks and uncertainties, as well as assumptions
that, if they never materialize or prove incorrect, could cause the results of ResortQuest and its consolidated
subsidiaries to differ materially from those expressed or implied by such forward looking statements. In addition
to the factors discussed above, other factors that could cause actual results to differ materially include the
risks associated with successful integration of additional acquired companies factors affecting internal growth
and management of growth, ResortQuest's acquisition strategy and the availability of financing, the tour and travel
industry, seasonality, quarterly fluctuations and general economic conditions, dependence on technology and travel
providers, and other factors discussed from time to time in ResortQuest's Securities and Exchange Commission reports,
including its annual report on Form 10-K for the year ended December 31, 2000.
Although the Company believes that the assumptions underlying the forward- looking statements contained herein
are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the
forward-looking statements included in this filing will prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded
as a representation by ResortQuest or any other person that the objectives and plans of the Company will be achieved.
SOURCE: ResortQuest International