Press Release: ResortQuest International, Inc.
December 12, 2001
MEMPHIS, TN -- ResortQuest International, Inc. (NYSE:RZT), the world's largest vacation rental property management
company, yesterday announced an agreement with the leading leisure travel agency group Vacation.com that makes
ResortQuest the preferred provider of vacation rental homes to approximately 10,000 travel agencies, representing
50,000 travel agents.
``We are very excited to partner with the vacation industry's leading travel agency consortium,'' said David Levine,
chairman, president and chief executive officer of ResortQuest. ``This agreement is a powerful way to increase
distribution channels, build on brand awareness and drive bookings at our over 20,000 vacation rental properties.
Despite challenging times in our industry we continue to see demand for our unique vacation offerings, and we are
exploring other deals similar to today's announcement that will increase our customer base of both property owners
and vacationers, grow the company, and ultimately provide positive return to our investor base.''
Vacation.com represents approximately 33 percent of the leisure travel agents in the industry, providing ResortQuest
with a large opportunity to increase its already industry-leading market share in the vacation home rental management
business. ResortQuest will work with the travel agent group to develop product knowledge of agents, on the vacation
condo and home rental business. In addition, agents will gain knowledge on ResortQuest's differentiated offerings,
including numerous properties in drive-to markets across the country, as well as the industry's first accommodations
rating system.
``We chose to partner with ResortQuest because the company represents the highest quality experience for both homeowners
and vacationers in the vacation condo, home and villa rental management market,'' commented Dick Knodt, CTC, president
and CEO of Vacation.com. ``We are pleased with this alliance and fully expect it to be a partnership that benefits
both companies by better serving the leisure vacation market.''
Terms of the partnership were not disclosed. ResortQuest will become the preferred supplier to the Vacation.com
network of travel agents beginning January 1st, 2002.
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
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 with a combined real estate
value estimated in excess of $7.0 billion.
About Vacation.com
Vacation.com is a travel services marketing company currently serving a network of some 10,000 travel agency locations
in the U.S. and Canada. Its membership network is focused on leisure travel distribution, accounting for approximately
33 percent of all travel agencies in North America. With more than $25 billion in annual sales, Vacation.com -
``Powered By Real Travel Agents'' - is North America's largest vacation selling network.
Vacation.com is a subsidiary of Amadeus Global Travel Distribution and maintains its headquarters in Alexandria,
VA and a Toronto office serving its member agents in Canada.
For further information, contact Vacation.com at 1650 King Street, Suite 450, Alexandria, VA 22314; tel: 800-843-0733.
This filing 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. Investors are cautioned that all forward-looking statements involve risks and uncertainties,
including but not limited to the risks associated with: successful integration of the Founding Companies and additional
required companies factors affecting internal growth and management of growth, ResortQuest's acquisition strategy
and 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 in the Registration Statement.
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. Indeed, actual results may differ materially from
those expressed or implied in these statements. 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.
-------------------------------------------------------------------
Contact:
ResortQuest International
Investor Relations Contacts:
Mitch Collins or David Selberg, 901/762-0600
or
Sloane & Co.
Jennifer Ritter, 212/446-1889
or
Media Contact:
Dan O'Connor, 212/446-1865