ResortQuest Signs Management for New Florida Resort; Vacation Rental Deal Boosts Luxury Inventory In Perdido Key

Business Wire, Oct 29, 2003

Business Editors/Travel Writers

DESTIN, Fla.--(BUSINESS WIRE)--Oct. 29, 2003

ResortQuest International (NYSE:RZT) has been named the exclusive onsite manager for the new Indigo Resort now under construction on Perdido Key on the northwest Florida Emerald Coast.

ResortQuest will handle all the rental marketing and front desk operations for the $109 million Indigo resort, a 177-unit project whose first phase opens in the fall of 2004. Indigo offers two, three and four bedroom condominiums in two 20-story towers.

"Perdido Key is a very attractive area that draws visitors from throughout the South and Midwest. We are very pleased to increase our number of high quality condominium rentals in this growing market," said Ed Seymour, head of ResortQuest's Florida operations. ResortQuest and its local operating company Abbott Resorts manage more than 3,500 vacation condominiums, homes and villas on Florida's Northwest Coast stretching from Perdido Key to Panama City.

Indigo's developers, Head Companies of Point Clear, Alabama and W. G. Yates & Sons Construction Company of Philadelphia, Mississippi, selected ResortQuest because of its strong local name and the company's ability to market the project across the globe. ResortQuest provides integrated marketing that supports its local companies. The company also has the industry's leading reservation website, http://www.resortquest.com.

"We have heard great things about ResortQuest and received recommendations from other developers," said Head Companies Richard Ogburn. "ResortQuest has a strong presence all along the gulf coast of Florida, and the company understands how to meet the needs of the homeowners, full-time residents, and vacation guests."

Indigo Resort will include spacious condominiums with gulf views, private elevator access, private pool cabanas, SMARTRESORT technology features, covered parking, a movie theater, social room, fitness center, pool, and tennis courts. For more information on the resort visit http://www.myindigohome.com.

About ResortQuest International

Florida-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 in more than 50 premier resort destinations in the U.S. and Canada. ResortQuest is the nation's leading vacation rental property management company, based on a portfolio of approximately 20,000 vacation rental properties with a combined real estate value estimated in excess of $7.0 billion.