Press Release
March 7, 2001
MEMPHIS, TN & DALLAS, TX -- ResortQuest International, Inc. (NYSE: RZT), the first brand name and online booking
service (www.resortquest.com) in vacation condominium and home rentals,
sales and property management services, and Hotel Reservations Network (HRN), the Internet's number one provider
of discount hotel accommodations worldwide, today announced a new alliance. The agreement will add vacation rental
units from ResortQuest's 42 resort locations to the product offerings of Hotel Reservation Networks' Condosaver.com,
resulting in a net addition of 20 new resort destinations. The alliance also will significantly broaden ResortQuest's
Internet presence. ResortQuest's inventory will be phased in to the Condosaver web site, beginning immediately,
with the remainder added over a period of time.
``Condosaver.com is targeted directly to our core customer,'' said David Levine, ResortQuest chairman and chief
executive officer. ``It reaches millions of leisure travelers who regularly book vacation rental homes and condos.
We view this as a very important relationship as we continue to aggressively expand our marketing efforts to create
awareness of our North American vacation home rental inventory. HRN's vast e-distribution through its websites
Condosaver.com, Hoteldiscount.com, 180096hotel.com, and Travelnow.com, plus its 16,000 Internet affiliates, will
significantly increase our reach as we continue to build brand awareness.''
Commenting on the new alliance, Bob Diener, president of Hotel Reservations Network, said, ``ResortQuest is the
leading supplier in the vacation rental industry. The addition of their high-quality lodging properties will greatly
enhance our lodging database, enabling us to expand our Condosaver.com product offerings in such popular destinations
as Western ski resorts, the Carolina Outer Banks, and the Hawaiian Islands,'' said Diener. ``Leisure travelers
increasingly are using the Internet to research and book their vacations, and we view this relationship as an excellent
growth opportunity for both companies.''
Visitors to the Condosaver.com web site will be able to select a ResortQuest vacation rental unit by a number of
variables, including size and type of unit, resort destination, and date of travel and will be able to book a reservation
in real time, online. In addition to being listed on the web site, ResortQuest properties will be included in Condosaver.com's
blast e-mails to more than 1 million families who have requested notification of special offers.
About ResortQuest
ResortQuest International provides a one-stop resource for vacation home and condominium rentals in 42 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 approximately 18,000 vacation rental units, with a combined real estate value estimated
at $6.5 billion. ResortQuest is the first branded vacation rental, property management and real estate sales company
to offer online booking through resortquest.com/AOL Keyword: ResortQuest.
ResortQuest's locations include Gulf Shores, Ala.; Scottsdale and Tucson, Ariz.; Palm Desert and Palm Springs,
Calif.; Aspen, Breckenridge, Crested Butte, Dillon, Snowmass Village and Telluride, Colo.; Bethany Beach, Del.;
Beaches of South Walton, Bonita Springs, Captiva Island, Destin, Ft. Myers, Ft. Myers Beach, Marco Island, Naples,
Navarre Beach, Okaloosa Island/Ft. Walton Beach, Orlando, Pensacola, Sanibel Island and Vanderbilt Beach, Fla.;
St. Simons Island, Ga.; Hawaii, Maui, Oahu, and Kauai, Hawaii; Sun Valley, Idaho; Nantucket, Mass.; Big Sky, Mont.;
the Outer Banks of North Carolina; Lake Erie Islands, Ohio; Sunriver, Ore.; Hilton Head Island, S.C.; Deer Valley,
Park City and The Canyons, Utah; and Whistler, British Columbia.
About Hotel Reservations Network
Hotel Reservations Network, Inc. is the Internet's #1 provider of discount hotel accommodations and supplier of
room availability during sold out periods. In addition, HRN provides travelers with access to vacation rental properties,
including condominiums, vacation timeshare properties and other managed vacation properties. Through its wholly
owned subsidiary, TravelNow.com, HRN also provides travelers with access to online booking capabilities for hotels,
car rentals, airline tickets, cruises and rail passes. HRN provides access to these travel products through its
own Websites (www.hoteldiscount.com, www.180096hotel.com, www.condosaver.com,
and www.travelnow.com), its toll-free 24x7 call centers (1-800-96 HOTEL),
and over 16,000 Internet and call center affiliates. HRN provides discount hotel accommodations at over 2,600 hotels
in more than 103 major markets in North America, the Caribbean, Western Europe and Asia, and vacation rentals at
approximately 113 properties in 17 markets in North America and the Caribbean. For more information about HRN,
visit the Company's websites at http://www.hoteldiscount.com and http://www/180096hotel.com. Located in Dallas, Texas, HRN is a majority-owned
subsidiary of USA Networks, Inc.'s (NASDAQ: USAI) Information and Services Unit.
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. Investors are cautioned that all forward-looking statements regarding ResortQuest
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 ResortQuest 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.
This news release also contains ``forward-looking statements'' regarding HRN. HRN has based these forward-looking
statements on its current expectations and projections about future events, based on the information currently
available to it. The forward-looking statements include among other things, statements relating to HRN's anticipated
financial performance, business prospects, new developments, new strategies and similar matters. These forward-looking
statements are subject to risks, uncertainties and assumptions that may affect the operations, performance, development
and results of HRN's business and include, but are not limited to, the risk factors described under the section
``Risk Factors'' in HRN's prospectus filed with the SEC on February 25, 2000 (which is available upon request from
HRN or on HRN's websites, www.hoteldiscount.com and www.180096hotel.com, under the heading ``Investor Relations'')
and the following: 1) material adverse changes in the economic conditions in HRN's markets; 2) future regulatory
actions and conditions in HRN's operating areas; 3) competition from others; 4) product demand and market acceptance;
5) the ability to protect proprietary information and technology or to obtain necessary licenses on commercially
reasonable terms; and 6) the ability to obtain and retain key executives and employees. HRN undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events
or any other reason. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed
in this press release may not prove correct.
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Contact:
ResortQuest International
Mitch Collins and David Selberg, 901/762-0600
or
Daly Gray Public Relations
Jerry Daly and Carol McCune, 703/435-6293 (Media)
or
For Hotel Reservations Network:
Fuhr & Associates
Lois Fuhr, 425/788-7878 (Media Relations)
lfuhr@fuhrassoc.com
or
Hotel Reservations Network
Mel Robinson, 214/361-7311 ext. 1034 (Investor Relations)
mrobinson@hoteldiscount.com