ResortQuest.com: New Online Vacation Rental Booking Service; ResortQuest International is First National Brand to Offer Internet Booking for Vacation Rentals

Business Wire, Jan 11, 1999

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 11, 1999--ResortQuest International, Inc. (NYSE: RZT), the first branded vacation rental and property management company offering vacation rentals in premier resort destinations throughout North America, today announced a new, powerful Internet booking service, ResortQuest.com, for its more than 14,000 privately owned rental homes and condominiums. ResortQuest.com is the first nationally branded online booking resource in the vacation rental industry to offer an "up-to-the-minute" online booking feature. ResortQuest.com (www.resortquest.com) allows consumers worldwide to book reservations online, check availability and rental rates for the vacation rental of their choice, as well as view interior and exterior photography and floor plans for most of the lodging accommodations located throughout its resort destinations. Consumers also are able to obtain information and book online "Special Offers" offered by ResortQuest, such as special packages, seasonal offers and last-minute deals.

ResortQuest.com Offers Vacation Rental Real Estate Listings

In addition, for individuals who may be interested in buying or selling a vacation rental, the ResortQuest.com Web site offers multiple location real estate listings for homes and condominiums in its beach, mountain and tennis destination resort markets. Consumers may search for their vacation property by the desired resort market, and have access to photographs, prices and detailed property descriptions quickly and conveniently.

"The dramatic rise in the use of the Internet by consumers to purchase travel, particularly lodging accommodations, demonstrates the key role of technology in contributing to the future growth of our company," said David Sullivan, chairman and chief executive officer of ResortQuest. "Within the next few years, ResortQuest anticipates that the Internet will drive more than one-third of the company's revenues. We plan to remain in the on-line forefront by continuing to provide worldwide access to our vacation rentals, while continuing to invest our resources in this growing distribution channel."

Vacation Rental Process Simplified with ResortQuest.com's Search Functions

ResortQuest.com is now making it easier and more convenient for consumers to search the Internet for the condominium or vacation home that meets their desired travel destination and criteria for amenities. Users simply enter the destination of their choice, along with their lodging accommodation requirements, and a menu of the properties offered by ResortQuest that meet the users' request appears, with detailed descriptions of the specific amenities, features, locations and views for each rental.

For example, a consumer who wants to go to Captiva Island, Fla., and stay in a three-bedroom, two-bath oceanfront home, will receive a list of all the ResortQuest properties in Captiva Island that meet these criteria, and then may view photographs and floor plans of each home offered before making a reservation.

Frequent ResortQuest travelers who may be familiar with the company's vacation rental offerings can skip the resort listing and obtain immediate availability information by entering the specific name of the unit they are interested in renting, and proceeding with the reservations process for their lodging accommodations.

In addition, users can find out about ResortQuest's rental units based on the type of activity they may be interested in pursuing during their trip -- golf, fishing, tennis or skiing. After choosing one of the four activity icons, a list of vacation resorts featuring the selected sport will appear for viewing and booking.

David Levine, president and chief operating officer of ResortQuest, added, "As the first nationally branded vacation rental company to offer online booking services to consumers, ResortQuest.com features comprehensive details about our lodging accommodations, yet with a simple booking procedure that makes the vacation rental search process easy and convenient. ResortQuest is dedicated to ensuring that it offers travelers the most complete online booking portal in the industry, and is committed to enhancing its Web site on an ongoing basis with the most advanced technology available to promote the use of the Internet for travel-related purchases."

Consumers also may make reservations at any ResortQuest property by calling the company's toll-free reservations number at 1-877-588-5800.

According to Forrester Research, consumers are adopting on-line travel faster than any other on-line retail segment, and the Internet travel market is expected to grow from $3 billion in 1998 to $29 billion in 2003. The hotel industry is expected to derive 12 percent of all total revenues from Internet purchases by 2003, and the vacation rental lodging segment will grow to command more than a 5 percent share of the lodging market in the next four years.

"As we developed the ResortQuest.com Web site, we utilized the most innovative Internet technology to build a flexible platform that positions the company well to capitalize on the future opportunities of a growing technological society," said Levine.