ResortQuest International Adds Two New Resorts in Gatlinburg, Tennessee

Business Wire, Feb 12, 2003

Business Editors/Travel Writers

MEMPHIS, Tenn.--(BUSINESS WIRE)--Feb. 12, 2003

ResortQuest International (NYSE:RZT), the nation's leading property manager of vacation condos, homes and villas, has been named the property manager for two new luxury resorts in the Gatlinburg, Tennessee area - the Big Bear Lodge & Resort and the Golf View Resort, which represent a $35 million combined project.

The new management assignments will add a total of approximately 100 new vacation cabins and condos to the ResortQuest vacation rental inventory in the Smoky Mountains. Under the agreement, ResortQuest will offer professional on-site management and national marketing for both Big Bear Lodge & Resort and Golf View Resort. ResortQuest now has nearly 300 vacation cabins and condominiums in Gatlinburg and Pigeon Forge.

"We are pleased to take on these two new resorts in Tennessee. We want to continue to examine opportunities to grow in this great year-round destination," said Jim Olin, president and CEO of ResortQuest. "With 13 million visitors to the Gatlinburg area each year, there is a high demand for mountain cabins."

Big Bear Lodge & Resort offers log cabin homes with sizes ranging from one to four bedrooms. Each home is furnished with the finest interiors, hardwood floors, ceramic tiles, gas fireplaces, a hot tub and private deck. Weekly rentals range from $700 to $3,000. The resort is less than five minutes away from Tennessee's top tourist attraction, Dollywood.

"ResortQuest is the most highly respected manager of vacation properties in the industry. The company is a perfect match for our high-end product," said Ardavan Afrakhteh, developer of both projects. "With its national scope, ResortQuest has the marketing power that other local companies cannot come close to matching. I think this partnership is going to be a tremendous benefit to our homeowners."

Vacation rental prices for the condos start at $89 per night while the log cabin home rentals are $129-$500 per night. Golf View's property includes Jacuzzi baths, fireplaces, barbecue grills and an outdoor heated swimming pool, Jacuzzi and snack area.

For additional information go to http://www.resortquest/gatlinburg or call 1-800-Go Relax.

About ResortQuest International

Memphis-based ResortQuest International (NYSE:RZT), the first brand name and "real-time" online booking service (http://www.resortquest.com) in vacation condominium, home and villa rentals and sales, provides a one-stop resource for 52 premier resort destinations in the U.S. and Canada. ResortQuest manages more than 20,000 vacation condos, homes and villas with a combined real estate value estimated in excess of $7.0 billion.

All of ResortQuest's vacation rental accommodations include spacious, well-appointed condos or homes with a full kitchen. ResortQuest also maintains a portfolio of hotel properties in Hawaii and Florida. To make reservations or view special offers, visit http://www.ResortQuest.com or call 800-GO-RELAX.