ResortQuest Announces New Travel Marketing Agreement With America Online; ResortQuest To Become A Premier Sponsor Of Vacation Rentals Area Across Several America Online Brands

Business Wire, Jan 16, 2001

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 16, 2001

ResortQuest International, Inc. (NYSE: RZT), a leading `click and mortar' brand name in vacation condominium and home rentals and sales, property management services and online booking service, today announced a travel marketing agreement with America Online, Inc. (NYSE: AOL), the world's leading interactive services company, under which ResortQuest will become a premier sponsor of a new Vacation Rentals area on the Travel Channels of several America Online brands.

ResortQuest's newly formed technology division, ResortQuest Technologies, will create a special version of its on-line central reservations site for vacation rental properties throughout North America for use by AOL and CompuServe members and visitors to AOL.COM, Netscape.com, and AOL Digital City. The co-branded online reservations site will offer "virtual tours" of individual rental units and real-time, state-of-the-art online booking capability.

Through this agreement, ResortQuest will present their 18,000 plus rental inventory to the more than 29 million AOL and CompuServe members and tens of millions of additional users of America Online's Web brands. ResortQuest already has begun a marketing campaign under the "Packages and Cruises-Family" and "Packages and Cruises-Ski" areas of America Online's Travel Channels; AOL members also may access ResortQuest through AOL Keyword: ResortQuest.

"We are one of the only vacation rental companies in the industry with a broad-based, real-time booking capability and the technological capability to deliver inventory to the major travel portals, and we view this new agreement as a breakthrough for ResortQuest," said David Levine, ResortQuest chairman, president and chief executive officer. "This alliance with America Online significantly widens the distribution reach of our on-line inventory, and we view this relationship as an excellent growth opportunity."

"Going online has become an essential part of making travel plans, and we are always looking for new ways to make the process easier and more convenient," said Mayo Stuntz, chief operating officer, AOL Interactive Services. "Through our new agreement with ResortQuest, the users of our brands will be able to research locations, take 360-degree virtual tours of properties, comparison shop and book on-line."

About ResortQuest

ResortQuest International provides a one-stop resource for vacation home and condominium rentals in 42 premier resort destinations in North America. ResortQuest's total portfolio now comprises more than 18,000 vacation rental properties. ResortQuest is the first branded vacation rental, property management and real estate sales company to offer online booking through www.resortquest.com.

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.

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 informations should not be regarded as a representation by ResortQuest or any other person that the objectives and plans of the company will be achieved.