RESORTQUEST.COM AND VACATIONSPOT.COM FORM ONLINE VACATION RENTAL RESOURCE PARTNERSHIP
Alliance Enhances ResortQuest.com's Internet Presence and Expands VacationSpot.com's Selection of Lodging Accommodations

Press Release: ResortQuest International

August 23, 1999
MEMPHIS, TN-- ResortQuest.com (http://www.resortquest.com), the first nationally branded vacation rental resource offering "up-to-the-minute'' Internet bookings for privately owned homes and condominiums, operated by ResortQuest International, Inc. (NYSE:RZT), and VacationSpot.com® (http://www.vacationspot.com), the premier vacation lodging directory for Microsoft® Expedia(TM) and a leading provider of vacation accommodations, Friday announced that the two vacation rental resources have formed a strategic partnership offering consumers access to information on ResortQuest.com's 16,000 vacation rentals through the VacationSpot.com Internet site.

As a result of this new alliance, VacationSpot.com's total vacation lodging inventory will increase by more than 25 percent, to approximately 75,000 total units worldwide.

ResortQuest's rentals will be incorporated into the VacationSpot.com Web site on a market-by-market basis over the next several months.

The partnership between ResortQuest.com, which offers vacationers an impressive selection of quality rental homes, cottages and condominiums in 35 premier resort destinations, and VacationSpot.com, which provides travelers with an extensive inventory of private homes, villas, condominiums, cabins and bed & breakfasts worldwide, will result in one of the most comprehensive vacation rental information and booking services on the Internet.

Both ResortQuest.com and VacationSpot.com allow consumers to search for vacation rentals by location, amenities and vacation activities. Web site users also may view photography and floor plans of rentals, check rates and obtain rental availability information online.

"Through this powerful online marketing alliance, VacationSpot.com's high-quality distribution network expands ResortQuest.com's online presence, enabling our company to further capitalize on the Web as an essential distribution channel, which in the future is expected to be the primary booking channel for vacation rentals,'' said David C. Sullivan, chairman and chief executive officer of ResortQuest. "Consumers will benefit from VacationSpot.com's extensive Internet presence and ResortQuest.com's premium collection of rentals, which together offer travelers an efficient, easily accessible online travel planning experience for vacation rentals -- all from the comforts of home.''

According to Forrester Research, consumers are adopting online travel faster than any other retail segment, making it one of the fastest growing areas in the burgeoning e-commerce field. In 1999, online travel is expected to surpass all other forms of e-commerce purchases, and is projected to reach nearly $3 billion by the end of the year and $8.9 billion by 2002. In addition, the vacation lodging market, which includes short-term rental homes, condominiums, villas, cabins, inns and bed & breakfasts, represents a virtually untapped segment of the hospitality industry with significant future growth potential, generating more than $130 billion in revenue per year.

"With consumers embracing online travel at a pace that exceeds all other Internet-related commerce, VacationSpot.com provides a great way for properties to enhance their exposure and increase occupancy,'' said Steve Murch, president and chief executive officer of Rezworks, the operator of VacationSpot.com. "ResortQuest.com's rapidly growing brand reputation for quality, combined with its extensive selection of vacation rentals, greatly expands VacationSpot.com's collection of lodging options for travelers.''

ResortQuest.com is the online booking service of Memphis, Tenn.- based ResortQuest International, which provides the first one-stop resource for vacation home and condominium rentals in 35 premier resort destinations throughout the United States and Canada. ResortQuest's total portfolio now comprises nearly 16,000 vacation rental properties. ResortQuest also is the first branded vacation rental company to offer property management services and real estate sales in premier resort destinations in North America, and the first to offer online booking capabilities through its Web site ResortQuest.com.

ResortQuest's current locations include Gulf Shores, Ala.; Phoenix, Scottsdale and Tucson, Ariz.; Palm Desert and Palm Springs, Calif.; Aspen, Breckenridge, Crested Butte, Dillon, Snowmass Village and Telluride, Colo.; Bethany Beach, Del.; Captiva Island, Destin, Ft. Myers, Ft. Walton Beach, Okaloosa Island, Orlando and Sanibel Island, Fla.; St. Simons Island, Ga.; Hawaii, Maui, Oahu and Kauai, Hawaii; 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.

VacationSpot.com is a service of Seattle-based Rezworks Corp. (www.rezworks.com). Rezworks is dedicated to delivering e-commerce technology to the travel industry - with a vision of making every getaway, instantly reservable with a click of the mouse. In April 1998, Microsoft invested in Rezworks, and VacationSpot.com became the premier accommodations directory for the Microsoft® Expedia(TM) Travel Network (www.expedia.com). VacationSpot.com offers more than 50,000 leisure lodging units worldwide and carries a wide selection of vacation lodging options including villas, condominiums, homes, B&Bs, inns and more. It also is a featured provider of information to Travelocity.com, Yahoo! Lodging, InfoSpace, MetaCrawler, Rent.Net, 1Travel and SmarterLiving.com, and has been selected as an Ask Jeeves Silver Platter site. In addition to VacationSpot.com, Rezworks owns Rent-a-Holiday, which features more than 24,000 rentals in 44 countries. Rezworks was nominated as one of the three finalists for "Most Promising Company of 1998'' by the Washington Software Alliance.

The matters in this press release include "forward looking statements'' within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are qualified by cautionary statements contained herein and in ResortQuest International's filings with the Securities and Exchange Commission.

Contact:

Fleishman-Hillard, Inc. for ResortQuest.com
Margo Isbell and Rob Martin, 214/665-1315
isbellm@fleishman.com
or
Rezworks for VacationSpot.com
Alex Chang, 206/256-0504 x 425
alex@rezworks.com