News Release
December 9, 1999
MEMPHIS, TN -- David C. Sullivan to Retain Role as Chairman of the Board ResortQuest International, Inc. (NYSE:
RZT), the first brand name and online booking service (ResortQuest.com) in vacation rentals, resort property management
and real estate sales, yesterday announced that company President David L. Levine also will assume the position
of chief executive officer, effective immediately. David C. Sullivan, former chief executive officer, will retain
his position as chairman of the board.
Levine joined ResortQuest as president nearly two years ago prior to the company's May 1998 initial public offering.
Since that time, the company has more than doubled in size, with a vacation rental portfolio now exceeding 17,000
vacation homes and condominiums in 40 premier resort destinations across the United States and in Canada.
According to Sullivan, "I made a commitment two years ago to help create this company and take it public.
Since then, ResortQuest has experienced remarkable growth, more than doubling its operating income. Now is the
time for David Levine to take the company to the next level as its chief executive officer. David and I have worked
together for over 20 years. I have the utmost confidence in his abilities, and tremendous respect for his hands-on
management style and leadership vision."
Levine said, "ResortQuest reinvented the vacation rental industry 18 months ago. I am extremely enthusiastic
about the opportunities ahead and continuing to build a team of leisure and resort professionals who share my passion
for this industry."
According to Michael D. Rose, former chairman of Promus Hotel Corporation and a ResortQuest board member, "David
is an exceptional leader who has the vision and executive strength to position ResortQuest for continued success.
Our board of directors has tremendous confidence in his abilities to lead the company."
Levine has more than 25 years of leadership experience in hospitality management, tourism and travel, and real
estate. Before joining ResortQuest, Levine was president and chief operating officer of Equity Inns, Inc., a real
estate investment trust that specializes in hotel acquisitions. He simultaneously served as president and chief
operating officer of Trust Management, Inc., which operated Equity Inns properties. Prior to that he served as
president of North American Hospitality, Inc., a hotel management and consulting company, which he formed in 1985.
Memphis-based ResortQuest International provides the first one-stop resource for vacation home and condominium
rentals in 40 premier resort destinations in North America. ResortQuest's total portfolio now comprises more than
17,000 vacation rental properties. ResortQuest also is the first branded vacation rental, property management and
real estate sales company to offer online booking through ResortQuest.com.
ResortQuest's locations include Gulf Shores, Ala.; Scottsdale/Phoenix 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 and Sanibel Island, Vanderbilt Beach, 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.
CONTACT: ResortQuest International
Jeff Jarvis, 901/762-0600
jjarvis@resortquest.com
or
Fleishman-Hillard Inc.
Robert Martin/Annette Rogers, 214/665-1300
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this
press release regarding ResortQuest International Inc.'s business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which
could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors"
in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.